HB Wealth Management LLC Purchases Shares of 17,275 Block, Inc. $XYZ

HB Wealth Management LLC acquired a new stake in shares of Block, Inc. (NYSE:XYZ) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 17,275 shares of the technology company’s stock, valued at approximately $1,248,000.

A number of other large investors have also added to or reduced their stakes in the company. S Bank Fund Management Ltd acquired a new stake in shares of Block during the second quarter valued at about $92,000. Praxis Investment Management Inc. bought a new position in Block during the 2nd quarter worth approximately $508,000. Nordea Investment Management AB acquired a new stake in shares of Block during the 2nd quarter valued at approximately $3,105,000. SilverOak Wealth Management LLC acquired a new stake in shares of Block during the second quarter worth $218,000. Finally, Private Trust Co. NA bought a new stake in shares of Block during the 2nd quarter valued at about $94,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Price Performance

Shares of Block stock opened at $69.58 on Monday. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $94.25. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. The stock has a market cap of $42.28 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 1.28 and a beta of 2.66. The company’s 50-day moving average price is $65.05 and its two-hundred day moving average price is $71.58.

Block (NYSE:XYZ) last announced its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.29. Block had a net margin of 12.99% and a return on equity of 5.54%. The company had revenue of $6.11 billion for the quarter. During the same period in the prior year, the firm earned $0.53 EPS. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Block, Inc. will post 2.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on XYZ shares. Wells Fargo & Company raised Block to a “strong-buy” rating in a report on Wednesday, October 22nd. The Goldman Sachs Group cut their price objective on shares of Block from $96.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Block in a report on Tuesday, September 23rd. BNP Paribas raised shares of Block from a “hold” rating to an “outperform” rating and set a $83.00 target price on the stock in a research note on Wednesday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Block in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.94.

Insider Buying and Selling

In other news, insider Owen Britton Jennings sold 10,417 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $639,603.80. Following the completion of the sale, the insider owned 243,540 shares in the company, valued at approximately $14,953,356. This represents a 4.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Grassadonia sold 8,085 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $61.96, for a total value of $500,946.60. Following the sale, the insider directly owned 521,352 shares of the company’s stock, valued at approximately $32,302,969.92. This represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 54,796 shares of company stock valued at $3,395,943 in the last three months. Insiders own 10.85% of the company’s stock.

Block Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.