Block (NYSE:XYZ) Price Target Lowered to $80.00 at Bank of America

Block (NYSE:XYZ) had its price target lowered by Bank of America from $85.00 to $80.00 in a research report report published on Wednesday, Marketbeat Ratings reports. The firm currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently commented on XYZ. BTIG Research reissued a “buy” rating and issued a $90.00 target price on shares of Block in a report on Friday, February 27th. Rothschild & Co Redburn raised shares of Block from a “sell” rating to a “neutral” rating and upped their price target for the company from $45.00 to $55.00 in a research report on Wednesday, March 18th. Truist Financial upgraded shares of Block from a “hold” rating to a “buy” rating and increased their price objective for the stock from $72.00 to $77.00 in a research note on Wednesday, March 18th. Weiss Ratings restated a “hold (c)” rating on shares of Block in a research report on Monday, December 29th. Finally, Oppenheimer upped their target price on shares of Block from $85.00 to $89.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.91.

Block Price Performance

Shares of XYZ stock opened at $59.93 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. The business’s 50 day moving average price is $59.48 and its 200-day moving average price is $66.29. The firm has a market cap of $35.90 billion, a P/E ratio of 28.54, a P/E/G ratio of 1.03 and a beta of 2.65. Block has a fifty-two week low of $44.27 and a fifty-two week high of $82.50.

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

Insider Buying and Selling

In related 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Ajmere Dale sold 1,173 shares of the firm’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $65.09, for a total transaction of $76,350.57. Following the completion of the sale, the chief accounting officer directly owned 98,412 shares of the company’s stock, valued at approximately $6,405,637.08. The trade was a 1.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 20,352 shares of company stock worth $1,165,720. 10.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in XYZ. City Holding Co. purchased a new stake in shares of Block in the third quarter valued at approximately $27,000. Cromwell Holdings LLC purchased a new position in Block during the 3rd quarter worth $27,000. Cary Street Partners Investment Advisory LLC bought a new stake in Block during the 3rd quarter valued at $28,000. Sound Income Strategies LLC raised its position in Block by 57.1% during the 4th quarter. Sound Income Strategies LLC now owns 443 shares of the technology company’s stock valued at $29,000 after purchasing an additional 161 shares in the last quarter. Finally, Quent Capital LLC purchased a new stake in shares of Block in the 3rd quarter worth $30,000. 70.44% of the stock is currently owned by institutional investors.

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.