Block, Inc. $XYZ Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its stake in Block, Inc. (NYSE:XYZ) by 6.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 236,385 shares of the technology company’s stock after selling 16,167 shares during the period. Envestnet Asset Management Inc.’s holdings in Block were worth $17,084,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other news, CFO Amrita Ahuja sold 9,959 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $61.40, for a total value of $611,482.60. Following the completion of the transaction, the chief financial officer owned 272,965 shares of the company’s stock, valued at $16,760,051. The trade was a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Arnaud Weber sold 7,095 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $435,633.00. Following the transaction, the insider directly owned 259,136 shares in the company, valued at approximately $15,910,950.40. This represents a 2.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,796 shares of company stock worth $3,395,943 in the last 90 days. 10.49% of the stock is currently owned by corporate insiders.

Block Stock Up 1.6%

Shares of NYSE XYZ opened at $49.89 on Monday. The firm’s 50-day moving average is $63.35 and its two-hundred day moving average is $69.67. The company has a market capitalization of $30.32 billion, a PE ratio of 10.06, a price-to-earnings-growth ratio of 1.02 and a beta of 2.67. Block, Inc. has a 12-month low of $44.27 and a 12-month high of $85.55. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18.

Wall Street Analyst Weigh In

XYZ has been the topic of several research analyst reports. Bank of America raised their target price on Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. 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 report on Friday, November 7th. Wells Fargo & Company raised Block to a “strong-buy” rating in a research report on Wednesday, October 22nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $90.00 price objective on shares of Block in a research note on Thursday, November 20th. Finally, Jefferies Financial Group lifted their target price on shares of Block from $90.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $82.48.

Block 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.