Syon Capital LLC Has $28.37 Million Stock Position in Block, Inc. $XYZ

Syon Capital LLC lessened its position in Block, Inc. (NYSE:XYZ) by 11.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 392,614 shares of the technology company’s stock after selling 49,005 shares during the period. Block accounts for about 1.5% of Syon Capital LLC’s investment portfolio, making the stock its 16th largest holding. Syon Capital LLC’s holdings in Block were worth $28,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Cibc World Market Inc. raised its holdings in shares of Block by 24.0% in the 3rd quarter. Cibc World Market Inc. now owns 179,271 shares of the technology company’s stock worth $12,956,000 after buying an additional 34,678 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Block during the third quarter valued at $5,383,000. New York Life Investment Management LLC acquired a new stake in shares of Block in the 3rd quarter valued at $5,400,000. Motley Fool Asset Management LLC acquired a new stake in shares of Block during the 2nd quarter worth about $2,055,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Block by 2,385.3% in the 3rd quarter. Principal Financial Group Inc. now owns 612,358 shares of the technology company’s stock worth $44,255,000 after acquiring an additional 587,719 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Insider Transactions at Block

In other news, insider Owen Britton Jennings sold 10,417 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $639,603.80. Following the completion of the transaction, the insider directly owned 243,540 shares of the company’s stock, valued at $14,953,356. This represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 9,959 shares of Block 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 $611,482.60. Following the completion of the sale, the chief financial officer directly owned 272,965 shares in the company, valued at approximately $16,760,051. This represents a 3.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 54,796 shares of company stock valued at $3,395,943. 10.85% of the stock is currently owned by insiders.

Block Trading Up 1.9%

NYSE XYZ opened at $50.73 on Wednesday. Block, Inc. has a one year low of $44.27 and a one year high of $85.55. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18. The firm has a market cap of $30.83 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.02 and a beta of 2.67. The stock’s 50-day moving average is $62.91 and its 200-day moving average is $69.32.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. BNP Paribas Exane raised Block from a “hold” rating to an “outperform” rating and set a $83.00 price objective on the stock in a research note on Wednesday, January 7th. Morgan Stanley upped their price objective on Block from $71.00 to $72.00 and gave the stock an “equal weight” rating in a report on Friday, November 21st. Citigroup decreased their price target on Block from $105.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. Keefe, Bruyette & Woods dropped their price objective on Block from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, January 2nd. Finally, Mizuho raised their target price on shares of Block from $88.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.97.

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.