Amova Asset Management Americas Inc. Sells 943,923 Shares of Block, Inc. $XYZ

Amova Asset Management Americas Inc. reduced its holdings in shares of Block, Inc. (NYSE:XYZ) by 25.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,826,639 shares of the technology company’s stock after selling 943,923 shares during the period. Block accounts for about 2.0% of Amova Asset Management Americas Inc.’s investment portfolio, making the stock its 12th largest holding. Amova Asset Management Americas Inc. owned about 0.46% of Block worth $204,253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of XYZ. Traub Capital Management LLC bought a new stake in shares of Block in the 2nd quarter worth approximately $26,000. Nemes Rush Group LLC purchased a new position in Block during the second quarter valued at $26,000. City Holding Co. bought a new stake in Block in the third quarter worth $27,000. Cromwell Holdings LLC purchased a new stake in shares of Block in the third quarter worth $27,000. Finally, Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Block in the third quarter worth $28,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Transactions at Block

In related news, CAO Ajmere Dale sold 1,173 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $65.09, for a total value of $76,350.57. Following the transaction, the chief accounting officer owned 98,412 shares of the company’s stock, valued at approximately $6,405,637.08. This trade represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brian Grassadonia sold 10,349 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $517,450.00. Following the sale, the insider directly owned 503,784 shares of the company’s stock, valued at approximately $25,189,200. This represents a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 16,797 shares of company stock valued at $940,298. 10.85% of the stock is owned by company insiders.

Block Price Performance

Shares of XYZ opened at $65.31 on Thursday. The firm has a fifty day simple moving average of $61.20 and a two-hundred day simple moving average of $67.92. The firm has a market cap of $39.69 billion, a PE ratio of 31.10, a P/E/G ratio of 1.43 and a beta of 2.65. 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, 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 data on Thursday, February 26th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.26 by $0.39. The company had revenue of $6.25 billion during the quarter. Block had a return on equity of 6.66% and a net margin of 5.40%.The business’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.71 EPS. On average, equities analysts anticipate that Block, Inc. will post 2.54 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on XYZ. Mizuho lifted their price target on Block from $88.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Bank of America lifted their target price on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, November 21st. BTIG Research reiterated a “buy” rating and issued a $90.00 target price on shares of Block in a research note on Friday, February 27th. Morgan Stanley upgraded shares of Block from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $72.00 to $93.00 in a report on Friday, February 27th. Finally, Raymond James Financial upgraded shares of Block to a “moderate buy” rating in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.79.

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.