Block (NYSE:XYZ) Given New $67.00 Price Target at Truist Financial

Block (NYSE:XYZ) had its price objective decreased by Truist Financial from $74.00 to $67.00 in a research report released on Thursday,Benzinga reports. Truist Financial currently has a sell rating on the technology company’s stock.

A number of other research analysts also recently weighed in on XYZ. Cowen restated a “buy” rating on shares of Block in a research report on Friday, August 8th. Compass Point reiterated a “sell” rating and set a $65.00 target price (down from $80.00) on shares of Block in a research note on Friday, August 8th. BTIG Research reissued a “buy” rating and set a $90.00 price target on shares of Block in a report on Friday, November 7th. BNP Paribas lowered Block from a “strong-buy” rating to a “hold” rating and set a $86.00 price objective for the company. in a report on Tuesday, September 2nd. Finally, Mizuho increased their target price on Block from $71.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday, August 14th. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.36.

Block Stock Down 3.1%

Shares of NYSE XYZ traded down $1.92 during midday trading on Thursday, hitting $60.38. The stock had a trading volume of 9,147,659 shares, compared to its average volume of 8,997,604. The business’s 50 day moving average is $74.86 and its 200-day moving average is $70.03. Block has a 52 week low of $44.27 and a 52 week high of $99.26. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. The company has a market cap of $36.81 billion, a P/E ratio of 12.17, a PEG ratio of 2.96 and a beta of 2.73.

Block (NYSE:XYZ) last released its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.29. The business had revenue of $6.11 billion for the quarter. Block had a return on equity of 7.41% and a net margin of 12.99%.The business’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. As a group, analysts predict that Block will post 2.54 EPS for the current year.

Insider Buying and Selling at Block

In other Block news, insider Brian Grassadonia sold 35,145 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total value of $2,811,600.00. Following the completion of the sale, the insider owned 535,896 shares in the company, valued at approximately $42,871,680. This represents a 6.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Owen Britton Jennings sold 10,424 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $73.20, for a total value of $763,036.80. Following the sale, the insider directly owned 263,507 shares in the company, valued at approximately $19,288,712.40. This represents a 3.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 115,441 shares of company stock valued at $8,778,247. 10.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Block by 23.1% in the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company’s stock worth $4,887,366,000 after buying an additional 12,709,824 shares in the last quarter. Sands Capital Management LLC grew its position in shares of Block by 12.2% during the third quarter. Sands Capital Management LLC now owns 11,603,057 shares of the technology company’s stock valued at $838,553,000 after purchasing an additional 1,262,317 shares in the last quarter. Capital World Investors increased its holdings in shares of Block by 192.7% in the third quarter. Capital World Investors now owns 11,296,224 shares of the technology company’s stock worth $816,378,000 after purchasing an additional 7,436,380 shares during the last quarter. Geode Capital Management LLC bought a new position in Block during the second quarter valued at approximately $634,721,000. Finally, Dragoneer Investment Group LLC purchased a new position in Block during the 2nd quarter valued at approximately $627,233,000. 70.44% of the stock is currently owned by institutional investors.

About Block

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.