Block (NYSE:XYZ) Insider Sells $135,875.16 in Stock

Block, Inc. (NYSE:XYZ) insider Brian Grassadonia sold 1,983 shares of Block stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $68.52, for a total value of $135,875.16. Following the sale, the insider directly owned 518,331 shares in the company, valued at $35,516,040.12. This trade represents a 0.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Brian Grassadonia also recently made the following trade(s):

• On Friday, January 2nd, Brian Grassadonia sold 1,038 shares of Block stock. The stock was sold at an average price of $63.98, for a total value of $66,411.24.
• On Monday, November 24th, Brian Grassadonia sold 8,085 shares of Block stock. The stock was sold at an average price of $61.96, for a total transaction of $500,946.60.
• On Friday, November 21st, Brian Grassadonia sold 6,460 shares of Block stock. The stock was sold at an average price of $61.40, for a total transaction of $396,644.00.
• On Wednesday, October 8th, Brian Grassadonia sold 35,145 shares of Block stock. The shares were sold at an average price of $80.00, for a total transaction of $2,811,600.00.

Block Trading Down 1.8%

Shares of Block stock opened at $70.15 on Friday. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $94.25. 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 business has a 50-day moving average price of $65.18 and a 200-day moving average price of $71.45. The firm has a market cap of $42.63 billion, a price-to-earnings ratio of 14.14, a PEG ratio of 1.32 and a beta of 2.66.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. Block had a return on equity of 5.54% and a net margin of 12.99%.The company 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 quarterly revenue was up 2.3% on a year-over-year basis. Equities research analysts anticipate that Block, Inc. will post 2.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

XYZ has been the subject of several recent analyst reports. Bank of America lifted their price objective on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Stephens restated an “overweight” rating and issued a $95.00 target price on shares of Block in a research note on Thursday, November 20th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Block in a research note on Tuesday, September 23rd. Truist Financial upgraded Block from a “sell” rating to a “hold” rating in a report on Monday, November 17th. Finally, Citigroup raised Block to a “strong-buy” rating in a research note on Thursday, October 23rd. Three analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.94.

Hedge Funds Weigh In On Block

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Motley Fool Asset Management LLC acquired a new position in Block during the second quarter valued at $2,055,000. Norges Bank purchased a new position in Block during the second quarter valued at approximately $415,575,000. Y.D. More Investments Ltd acquired a new position in Block in the second quarter valued at approximately $1,628,000. Korea Investment CORP acquired a new position in Block in the second quarter valued at approximately $13,937,000. Finally, Shelton Capital Management purchased a new stake in Block in the 2nd quarter worth approximately $1,562,000. 70.44% of the stock is currently owned by institutional investors.

Block Company Profile

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.