Block (NYSE:XYZ) Now Covered by Loop Capital

Loop Capital assumed coverage on shares of Block (NYSE:XYZ) in a research note published on Tuesday, Marketbeat reports. The firm issued a buy rating and a $75.00 target price on the technology company’s stock.

Other analysts have also issued research reports about the stock. HSBC upgraded shares of Block from a “hold” rating to a “buy” rating and raised their target price for the stock from $70.00 to $77.00 in a research report on Tuesday, March 3rd. Morgan Stanley raised Block from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $72.00 to $93.00 in a research note on Friday, February 27th. Rothschild & Co Redburn upgraded Block from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $45.00 to $55.00 in a report on Wednesday, March 18th. Oppenheimer lifted their price objective on Block from $85.00 to $89.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Finally, Bank of America dropped their target price on Block from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, March 25th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.72.

Block Price Performance

NYSE:XYZ opened at $60.15 on Tuesday. Block has a 12-month low of $44.27 and a 12-month high of $82.50. The firm has a market cap of $36.04 billion, a price-to-earnings ratio of 28.64, a price-to-earnings-growth ratio of 0.98 and a beta of 2.65. The company’s 50-day moving average is $58.94 and its two-hundred day moving average is $65.78. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.26.

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

Insider Transactions at Block

In other news, insider Brian Grassadonia sold 10,349 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $517,450.00. Following 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Amrita Ahuja sold 1,101 shares of Block stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $63.98, for a total value of $70,441.98. Following the completion of the transaction, the chief financial officer directly owned 271,864 shares in the company, valued at $17,393,858.72. This represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 20,352 shares of company stock valued at $1,165,720. Insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

Several institutional investors have recently bought and sold shares of the business. Prudential Financial Inc. acquired a new stake in Block in the second quarter valued at approximately $2,689,000. Global Retirement Partners LLC purchased a new position in shares of Block in the second quarter valued at $227,000. J.W. Cole Advisors Inc. acquired a new stake in Block during the 2nd quarter valued at $500,000. Choreo LLC purchased a new stake in Block during the 2nd quarter worth $372,000. Finally, Quadrant Capital Group LLC acquired a new position in Block in the 2nd quarter worth $239,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.