Envestnet Portfolio Solutions Inc. Takes $5.86 Million Position in Block, Inc. $XYZ

Envestnet Portfolio Solutions Inc. bought a new stake in shares of Block, Inc. (NYSE:XYZ) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 81,146 shares of the technology company’s stock, valued at approximately $5,864,000.

Several other hedge funds also recently bought and sold shares of XYZ. Traub Capital Management LLC bought a new stake in Block during the second quarter valued at about $26,000. Nemes Rush Group LLC purchased a new stake in shares of Block during the second quarter worth about $26,000. City Holding Co. bought a new stake in Block during the 3rd quarter valued at approximately $27,000. Cromwell Holdings LLC bought a new stake in Block during the 3rd quarter valued at approximately $27,000. Finally, SouthState Corp purchased a new position in Block in the 2nd quarter worth approximately $29,000. Institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Citigroup raised shares of Block to a “strong-buy” rating in a report on Thursday, October 23rd. Compass Point raised shares of Block from a “strong sell” rating to a “hold” rating in a research note on Friday, November 21st. Jefferies Financial Group boosted their price target on shares of Block from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Wells Fargo & Company raised shares of Block to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, Piper Sandler reduced their target price on Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a report on Wednesday, January 14th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.97.

Insider Activity at Block

In related news, CFO Amrita Ahuja sold 9,959 shares of Block stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $611,482.60. Following the completion of the transaction, the chief financial officer directly owned 272,965 shares of the company’s stock, valued at approximately $16,760,051. The trade was a 3.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arnaud Weber sold 7,095 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $435,633.00. Following the transaction, the insider owned 259,136 shares in the company, valued at $15,910,950.40. The trade was a 2.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 54,796 shares of company stock valued at $3,395,943 over the last three months. Corporate insiders own 10.85% of the company’s stock.

Block Stock Performance

Shares of NYSE:XYZ opened at $66.78 on Friday. The firm has a fifty day simple moving average of $64.66 and a two-hundred day simple moving average of $71.39. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $94.25. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $40.58 billion, a P/E ratio of 13.46, a PEG ratio of 1.40 and a beta of 2.66.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. The firm had revenue of $6.11 billion during the quarter. Block had a net margin of 12.99% and a return on equity of 5.54%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 EPS. On average, analysts expect that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

About Block

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.