CI Investments Inc. Has $465,000 Holdings in Block, Inc. $XYZ

CI Investments Inc. cut its holdings in Block, Inc. (NYSE:XYZ) by 57.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,433 shares of the technology company’s stock after selling 8,569 shares during the period. CI Investments Inc.’s holdings in Block were worth $465,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in XYZ. Vanguard Group Inc. acquired a new position in shares of Block during the 2nd quarter valued at about $3,730,489,000. Sands Capital Management LLC acquired a new stake in Block in the 2nd quarter worth approximately $702,446,000. Geode Capital Management LLC acquired a new stake in Block in the 2nd quarter worth approximately $634,721,000. Dragoneer Investment Group LLC bought a new stake in Block during the second quarter worth approximately $627,233,000. Finally, Ameriprise Financial Inc. acquired a new position in Block during the second quarter valued at approximately $535,305,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

XYZ has been the topic of a number of research analyst reports. Stephens reiterated an “overweight” rating and issued a $95.00 target price on shares of Block in a research note on Thursday, November 20th. HSBC raised shares of Block from a “hold” rating to a “buy” rating and boosted their target price for the stock from $70.00 to $77.00 in a research report on Tuesday. Raymond James Financial raised Block to a “moderate buy” rating in a research report on Friday, February 27th. The Goldman Sachs Group dropped their price objective on Block from $96.00 to $82.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $70.00 price objective on shares of Block in a research report on Friday, February 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $82.79.

Block Price Performance

NYSE:XYZ opened at $66.54 on Friday. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26. The firm has a market cap of $40.43 billion, a PE ratio of 31.69, a price-to-earnings-growth ratio of 1.24 and a beta of 2.65. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $82.50. The company’s 50-day moving average price is $61.23 and its two-hundred day moving average price is $67.85.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.39. Block had a net margin of 5.40% and a return on equity of 6.66%. The business had revenue of $6.25 billion for the quarter. During the same quarter last year, the company earned $0.71 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities analysts anticipate that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Transactions at Block

In other Block news, insider Owen Britton Jennings sold 3,555 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $63.41, for a total transaction of $225,422.55. Following the transaction, the insider directly owned 231,262 shares in the company, valued at approximately $14,664,323.42. This represents a 1.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brian Grassadonia sold 10,349 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $517,450.00. Following the completion of the transaction, the insider directly owned 503,784 shares in the company, valued at $25,189,200. This trade represents a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 20,352 shares of company stock valued at $1,165,720. 10.85% of the stock is owned by company insiders.

Block Company 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.