Cache Advisors LLC Trims Stake in Block, Inc. $XYZ

Cache Advisors LLC lowered its stake in Block, Inc. (NYSE:XYZ) by 66.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 7,830 shares of the technology company’s stock after selling 15,705 shares during the quarter. Cache Advisors LLC’s holdings in Block were worth $510,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of XYZ. Vanguard Group Inc. raised its holdings in Block by 23.1% in the 3rd quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company’s stock valued at $4,887,366,000 after acquiring an additional 12,709,824 shares during the last quarter. Sands Capital Management LLC raised its holdings in Block by 12.2% in the 3rd quarter. Sands Capital Management LLC now owns 11,603,057 shares of the technology company’s stock valued at $838,553,000 after acquiring an additional 1,262,317 shares during the last quarter. Capital World Investors raised its holdings in Block by 192.7% in the 3rd quarter. Capital World Investors now owns 11,296,224 shares of the technology company’s stock valued at $816,378,000 after acquiring an additional 7,436,380 shares during the last quarter. Ameriprise Financial Inc. acquired a new position in Block in the 2nd quarter valued at $535,305,000. Finally, Viking Global Investors LP acquired a new position in Block in the 2nd quarter valued at $368,213,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Analysts Set New Price Targets

XYZ has been the subject of several analyst reports. Arete Research upgraded Block from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. BNP Paribas Exane upgraded Block from a “hold” rating to an “outperform” rating and set a $83.00 price target for the company in a report on Wednesday, January 7th. Bank of America cut their price target on Block from $85.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Wall Street Zen downgraded Block from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Needham & Company LLC upped their price objective on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Block has an average rating of “Moderate Buy” and a consensus target price of $81.72.

Insider Activity

In other Block news, insider Brian Grassadonia sold 1,769 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $60.25, for a total value of $106,582.25. Following the sale, the insider owned 500,763 shares in the company, valued at approximately $30,170,970.75. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Owen Britton Jennings sold 3,555 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $63.41, for a total transaction of $225,422.55. Following the completion of the sale, the insider owned 231,262 shares in the company, valued at $14,664,323.42. The trade was a 1.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 15,806 shares of company stock worth $857,468. 10.85% of the stock is owned by company insiders.

Block Stock Performance

NYSE:XYZ opened at $62.74 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.20 and a quick ratio of 2.20. The firm has a 50-day moving average of $58.38 and a two-hundred day moving average of $65.19. The stock has a market cap of $37.59 billion, a P/E ratio of 29.88, a PEG ratio of 1.03 and a beta of 2.61. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $82.50.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, February 26th. The technology company reported $0.65 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 period in the previous year, the business posted $0.71 EPS. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, research 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.