Bourgeon Capital Management LLC Invests $7.51 Million in Block, Inc. $XYZ

Bourgeon Capital Management LLC purchased a new position in Block, Inc. (NYSE:XYZ) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 115,362 shares of the technology company’s stock, valued at approximately $7,509,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Howard Capital Management Inc. grew its stake in Block by 3.2% in the 3rd quarter. Howard Capital Management Inc. now owns 4,439 shares of the technology company’s stock worth $321,000 after acquiring an additional 138 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Block by 23.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 853 shares of the technology company’s stock valued at $66,000 after acquiring an additional 160 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Block by 0.8% during the third quarter. Jones Financial Companies Lllp now owns 21,183 shares of the technology company’s stock valued at $1,561,000 after acquiring an additional 167 shares in the last quarter. Vista Investment Partners II LLC boosted its holdings in shares of Block by 3.6% in the third quarter. Vista Investment Partners II LLC now owns 5,334 shares of the technology company’s stock valued at $385,000 after purchasing an additional 184 shares during the period. Finally, Rothschild Investment LLC boosted its holdings in shares of Block by 59.7% in the third quarter. Rothschild Investment LLC now owns 495 shares of the technology company’s stock valued at $36,000 after purchasing an additional 185 shares during the period. Institutional investors own 70.44% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Raymond James Financial upgraded Block to a “moderate buy” rating in a report on Friday, February 27th. Morgan Stanley upgraded Block from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $72.00 to $93.00 in a report on Friday, February 27th. Citigroup dropped their price target on Block from $105.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Wall Street Zen lowered Block from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Block in a report on Friday. Three research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Block has a consensus rating of “Moderate Buy” and an average price target of $81.72.

Insiders Place Their Bets

In other news, CFO Amrita Ahuja sold 1,101 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $63.98, for a total transaction of $70,441.98. Following the transaction, the chief financial officer 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Brian Grassadonia sold 10,349 shares of the 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 completion of the transaction, the insider directly owned 503,784 shares of the company’s stock, valued at $25,189,200. The trade was a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,352 shares of company stock worth $1,165,720 in the last three months. Insiders own 10.49% of the company’s stock.

Block Stock Performance

Shares of XYZ stock opened at $60.15 on Wednesday. Block, Inc. has a 12-month low of $44.27 and a 12-month high of $82.50. The business’s fifty day simple moving average is $58.94 and its 200-day simple 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. The company has a market cap of $36.04 billion, a PE ratio of 28.64, a PEG ratio of 0.98 and a beta of 2.65.

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