Magnus Financial Group LLC Takes Position in Block, Inc. (NYSE:SQ)

Magnus Financial Group LLC purchased a new position in shares of Block, Inc. (NYSE:SQ) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,614 shares of the technology company’s stock, valued at approximately $202,000.

Several other large investors also recently bought and sold shares of SQ. Handelsbanken Fonder AB lifted its stake in shares of Block by 2.5% in the third quarter. Handelsbanken Fonder AB now owns 113,235 shares of the technology company’s stock worth $5,012,000 after acquiring an additional 2,713 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Block by 0.3% in the third quarter. Commonwealth Equity Services LLC now owns 276,975 shares of the technology company’s stock worth $12,259,000 after buying an additional 748 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Block by 8.4% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 113,537 shares of the technology company’s stock valued at $5,025,000 after acquiring an additional 8,800 shares in the last quarter. Sweet Financial Partners LLC acquired a new position in Block during the 3rd quarter worth $231,000. Finally, Hexagon Capital Partners LLC increased its position in shares of Block by 89.6% in the 3rd quarter. Hexagon Capital Partners LLC now owns 635 shares of the technology company’s stock worth $28,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Up 1.1 %

Shares of NYSE SQ opened at $75.30 on Tuesday. Block, Inc. has a 52-week low of $38.85 and a 52-week high of $87.52. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. The business has a fifty day moving average of $77.58 and a two-hundred day moving average of $67.61. The stock has a market cap of $46.36 billion, a PE ratio of 438.12, a PEG ratio of 2.06 and a beta of 2.55.

Block (NYSE:SQ) last issued its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%. As a group, equities research analysts expect that Block, Inc. will post 1.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SQ has been the topic of a number of research analyst reports. Citigroup increased their target price on Block from $76.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, February 26th. BTIG Research raised shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Tuesday, January 30th. Wells Fargo & Company upgraded Block from an “equal weight” rating to an “overweight” rating and set a $95.00 target price for the company in a research note on Friday, February 23rd. KeyCorp upped their target price on Block from $80.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, March 27th. Finally, Truist Financial raised their price target on Block from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $85.67.

Insider Activity

In other news, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the completion of the sale, the insider now owns 405,224 shares in the company, valued at approximately $26,521,910.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Block news, insider Brian Grassadonia sold 127,800 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the transaction, the insider now owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Ajmere Dale sold 656 shares of Block stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total transaction of $42,180.80. Following the transaction, the chief accounting officer now directly owns 68,823 shares in the company, valued at approximately $4,425,318.90. The disclosure for this sale can be found here. Insiders have sold 363,801 shares of company stock valued at $27,284,175 over the last 90 days. 10.79% of the stock is owned by company insiders.

Block Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.