Sheets Smith Wealth Management Makes New $354,000 Investment in Block, Inc. (NYSE:SQ)

Sheets Smith Wealth Management bought a new stake in Block, Inc. (NYSE:SQ) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,583 shares of the technology company’s stock, valued at approximately $354,000.

A number of other institutional investors and hedge funds have also modified their holdings of SQ. River Global Investors LLP raised its holdings in shares of Block by 34.9% during the fourth quarter. River Global Investors LLP now owns 18,554 shares of the technology company’s stock valued at $1,435,000 after acquiring an additional 4,803 shares during the last quarter. Avidian Wealth Solutions LLC purchased a new stake in shares of Block during the fourth quarter worth approximately $343,000. TCG Advisory Services LLC acquired a new position in Block in the 4th quarter valued at $1,106,000. Vestmark Advisory Solutions Inc. acquired a new stake in Block during the 4th quarter worth $17,595,000. Finally, Legacy Financial Advisors Inc. purchased a new stake in shares of Block during the fourth quarter worth $248,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. KeyCorp raised their price target on shares of Block from $80.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. BTIG Research upgraded Block from a “neutral” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, January 30th. Royal Bank of Canada lifted their price objective on Block from $77.00 to $88.00 and gave the stock an “outperform” rating in a research report on Friday, February 23rd. Evercore ISI restated an “in-line” rating and issued a $75.00 target price on shares of Block in a report on Tuesday, March 26th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $95.00 price target on shares of Block in a report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.55.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 113,668 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $67.56, for a total transaction of $7,679,410.08. Following the completion of the transaction, the insider now directly owns 603,861 shares in the company, valued at approximately $40,796,849.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Brian Grassadonia sold 113,668 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $67.56, for a total value of $7,679,410.08. Following the sale, the insider now directly owns 603,861 shares in the company, valued at $40,796,849.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $42,180.80. Following the transaction, the chief accounting officer now owns 68,823 shares of the company’s stock, valued at $4,425,318.90. The disclosure for this sale can be found here. Insiders sold 477,469 shares of company stock valued at $34,963,585 in the last 90 days. 10.79% of the stock is currently owned by insiders.

Block Trading Down 0.6 %

Shares of SQ opened at $73.11 on Tuesday. The firm’s 50-day moving average is $77.61 and its two-hundred day moving average is $68.53. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $45.01 billion, a P/E ratio of 95.53, a PEG ratio of 1.66 and a beta of 2.57.

Block (NYSE:SQ) last released its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.69 billion. Block had a return on equity of 2.07% and a net margin of 2.18%. On average, research analysts predict that Block, Inc. will post 1.29 earnings per share for the current fiscal year.

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.