Insight Wealth Strategies LLC Takes Position in Block, Inc. $XYZ

Insight Wealth Strategies LLC purchased a new position in shares of Block, Inc. (NYSE:XYZ) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 58,643 shares of the technology company’s stock, valued at approximately $4,238,000.

A number of other institutional investors and hedge funds have also modified their holdings of XYZ. Traub Capital Management LLC acquired a new stake in Block during the 2nd quarter worth $26,000. Nemes Rush Group LLC bought a new position in shares of Block in the 2nd quarter worth $26,000. SouthState Corp acquired a new stake in shares of Block during the second quarter worth $29,000. First Horizon Advisors Inc. bought a new stake in Block in the second quarter valued at about $30,000. Finally, Comprehensive Financial Planning Inc. PA bought a new position in Block during the second quarter worth about $31,000. 70.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jefferies Financial Group boosted their target price on Block from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, October 21st. BNP Paribas Exane cut shares of Block from an “outperform” rating to a “neutral” rating and set a $86.00 price objective for the company. in a report on Tuesday, September 2nd. Zacks Research lowered shares of Block from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Wells Fargo & Company raised shares of Block to a “strong-buy” rating in a research report on Wednesday, October 22nd. Finally, Morgan Stanley upped their price objective on shares of Block from $71.00 to $72.00 and gave the company an “equal weight” rating in a research report on Friday, November 21st. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.42.

Insider Activity at Block

In related news, insider Owen Britton Jennings sold 10,417 shares of Block stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $639,603.80. Following the sale, the insider owned 243,540 shares of the company’s stock, valued at approximately $14,953,356. This trade represents a 4.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chrysty Esperanza sold 3,608 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $61.40, for a total value of $221,531.20. Following the completion of the sale, the insider owned 123,198 shares in the company, valued at $7,564,357.20. The trade was a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 92,617 shares of company stock valued at $6,474,580 over the last ninety days. Company insiders own 10.85% of the company’s stock.

Block Trading Down 1.1%

Shares of NYSE:XYZ opened at $64.04 on Tuesday. The firm has a market cap of $38.91 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 2.57 and a beta of 2.65. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $95.78. The company’s fifty day simple moving average is $69.14 and its 200 day simple moving average is $71.22. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last announced its earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.29. Block had a net margin of 12.99% and a return on equity of 5.54%. The firm had revenue of $6.11 billion during the quarter. During the same period in the previous year, the company posted $0.53 earnings per share. Block’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts forecast that Block, Inc. will post 2.54 EPS 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.