Block, Inc. $XYZ Shares Sold by Gator Capital Management LLC

Gator Capital Management LLC cut its holdings in shares of Block, Inc. (NYSE:XYZ) by 53.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,510 shares of the technology company’s stock after selling 16,890 shares during the quarter. Gator Capital Management LLC’s holdings in Block were worth $1,049,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Sei Investments Co. increased its stake in shares of Block by 1.6% in the third quarter. Sei Investments Co. now owns 463,968 shares of the technology company’s stock worth $33,531,000 after acquiring an additional 7,525 shares during the period. Sands Capital Management LLC lifted its position in 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 during the period. Mackenzie Financial Corp boosted its holdings in Block by 455.9% in the third quarter. Mackenzie Financial Corp now owns 237,631 shares of the technology company’s stock valued at $17,174,000 after purchasing an additional 194,887 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Block by 6.6% in the third quarter. Quadrant Capital Group LLC now owns 3,746 shares of the technology company’s stock valued at $271,000 after purchasing an additional 231 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Block by 4.3% during the 3rd quarter. Van ECK Associates Corp now owns 805,998 shares of the technology company’s stock worth $58,249,000 after purchasing an additional 33,131 shares during the period. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 1,173 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $65.09, for a total transaction of $76,350.57. Following the completion of the transaction, the chief accounting officer directly owned 98,412 shares of the company’s stock, valued at $6,405,637.08. This represents a 1.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Owen Britton Jennings sold 3,555 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $63.41, for a total value of $225,422.55. Following the transaction, the insider owned 231,262 shares in the company, valued at $14,664,323.42. This trade represents a 1.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 20,352 shares of company stock valued at $1,165,720 over the last ninety days. 10.85% of the stock is owned by corporate insiders.

Block Trading Down 7.4%

XYZ stock opened at $59.83 on Friday. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $82.50. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26. The firm has a market cap of $36.35 billion, a P/E ratio of 28.49, a PEG ratio of 1.13 and a beta of 2.65. The company’s 50-day simple moving average is $61.11 and its 200-day simple moving average is $67.53.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.39. The firm had revenue of $6.25 billion during the quarter. Block had a return on equity of 6.66% and a net margin of 5.40%.Block’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.71 EPS. As a group, equities analysts forecast that Block, Inc. will post 2.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

XYZ has been the subject of a number of recent research reports. Citigroup reduced their price objective on Block from $105.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, February 5th. Piper Sandler lowered their target price on Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 14th. BNP Paribas Exane raised Block from a “hold” rating to an “outperform” rating and set a $83.00 target price on the stock in a report on Wednesday, January 7th. Raymond James Financial upgraded Block to a “moderate buy” rating in a research report on Friday, February 27th. Finally, HSBC raised Block from a “hold” rating to a “buy” rating and boosted their price target for the company from $70.00 to $77.00 in a report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Block presently has an average rating of “Moderate Buy” and a consensus price target of $82.79.

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.