Caprock Group LLC Takes Position in Block, Inc. $XYZ

Caprock Group LLC acquired a new stake in Block, Inc. (NYSE:XYZ) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,576 shares of the technology company’s stock, valued at approximately $4,824,000.

Other hedge funds also recently added to or reduced their stakes in the company. Howard Capital Management Inc. lifted its stake in shares of Block by 3.2% in the 3rd quarter. Howard Capital Management Inc. now owns 4,439 shares of the technology company’s stock valued at $321,000 after purchasing an additional 138 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Block by 23.1% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 853 shares of the technology company’s stock valued at $66,000 after buying an additional 160 shares during the period. Jones Financial Companies Lllp lifted its position in Block by 0.8% in the third quarter. Jones Financial Companies Lllp now owns 21,183 shares of the technology company’s stock valued at $1,561,000 after buying an additional 167 shares during the last quarter. Vista Investment Partners II LLC boosted its stake in Block by 3.6% during the third quarter. Vista Investment Partners II LLC now owns 5,334 shares of the technology company’s stock worth $385,000 after buying an additional 184 shares during the period. Finally, Wilmington Savings Fund Society FSB increased its position in shares of Block by 5.4% during the third quarter. Wilmington Savings Fund Society FSB now owns 4,332 shares of the technology company’s stock valued at $313,000 after acquiring an additional 220 shares during the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

XYZ has been the subject of a number of research analyst reports. BTIG Research reaffirmed a “buy” rating and set a $90.00 price objective on shares of Block in a research report on Thursday, November 20th. Zacks Research cut Block from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. KeyCorp reaffirmed an “overweight” rating and issued a $94.00 price objective on shares of Block in a research note on Wednesday, October 22nd. Bank of America boosted their price objective on Block from $86.00 to $88.00 and gave the company a “buy” rating in a report on Friday, November 21st. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $90.00 target price on shares of Block in a report on Thursday, November 20th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.48.

Insider Buying and Selling

In other news, insider Brian Grassadonia sold 8,085 shares of Block stock in a transaction on Monday, November 24th. The shares were sold at an average price of $61.96, for a total transaction of $500,946.60. Following the completion of the sale, the insider directly owned 521,352 shares of the company’s stock, valued at approximately $32,302,969.92. The trade was a 1.53% 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 Owen Britton Jennings sold 10,417 shares of the business’s 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 transaction, the insider owned 243,540 shares of the company’s stock, valued at approximately $14,953,356. The trade was a 4.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 54,796 shares of company stock valued at $3,395,943 over the last ninety days. 10.85% of the stock is currently owned by corporate insiders.

Block Stock Performance

Shares of XYZ opened at $53.78 on Thursday. Block, Inc. has a 1 year low of $44.27 and a 1 year high of $85.55. The stock has a market capitalization of $32.68 billion, a PE ratio of 10.84, a PEG ratio of 1.17 and a beta of 2.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18. The stock has a 50-day simple moving average of $63.84 and a 200-day simple moving average of $70.14.

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.