Block (NYSE:XYZ) Price Target Raised to $103.00

Block (NYSE:XYZ) had its target price lifted by Royal Bank Of Canada from $95.00 to $103.00 in a report released on Wednesday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the technology company’s stock.

XYZ has been the topic of several other research reports. Weiss Ratings raised shares of Block from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Clear Str upgraded shares of Block to a “hold” rating in a research report on Thursday, July 16th. Morgan Stanley downgraded shares of Block from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $90.00 to $80.00 in a research note on Monday, October 26th. Barclays initiated coverage on shares of Block in a research note on Tuesday, July 7th. They set an “overweight” rating and a $100.00 target price on the stock. Finally, Citigroup raised shares of Block from a “buy” rating to an “outperform” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $98.36.

Block Trading Up 1.8%

NYSE XYZ traded up $1.54 on Wednesday, reaching $85.58. 7,756,635 shares of the company were exchanged, compared to its average volume of 4,670,644. The business’s fifty day moving average price is $77.92 and its 200 day moving average price is $71.50. The stock has a market capitalization of $51.42 billion, a P/E ratio of 115.65, a price-to-earnings-growth ratio of 0.81 and a beta of 2.58. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.26. Block has a fifty-two week low of $48.21 and a fifty-two week high of $88.51.

Block (NYSE:XYZ) last issued its earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.45. Block had a return on equity of 8.10% and a net margin of 1.43%. The company had revenue of $6.72 billion during the quarter. During the same quarter in the previous year, the company earned $0.54 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Analysts forecast that Block will post 2.75 earnings per share for the current year.

Insider Activity

In related news, insider Brian Grassadonia sold 8,173 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $82.42, for a total transaction of $673,618.66. Following the completion of the sale, the insider directly owned 513,981 shares of the company’s stock, valued at approximately $42,362,314.02. This trade represents a 1.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Eisen sold 35,000 shares of the business’s stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $87.50, for a total transaction of $3,062,500.00. Following the completion of the sale, the director owned 1,177,672 shares in the company, valued at approximately $103,046,300. This trade represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 261,686 shares of company stock valued at $20,924,307 in the last quarter. Insiders own 11.37% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Wellington Grp LLC increased its position in shares of Block by 60.9% during the third quarter. Wellington Grp LLC now owns 17,957 shares of the technology company’s stock valued at $1,320,000 after acquiring an additional 6,798 shares during the last quarter. Diversified Trust Co purchased a new stake in shares of Block in the 3rd quarter valued at approximately $399,000. Allworth Financial LP raised its stake in shares of Block by 14.4% in the 3rd quarter. Allworth Financial LP now owns 7,585 shares of the technology company’s stock valued at $576,000 after acquiring an additional 955 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Block by 4.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 782,252 shares of the technology company’s stock worth $57,531,000 after acquiring an additional 35,252 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Block by 0.8% in the 3rd quarter. Fifth Third Bancorp now owns 68,798 shares of the technology company’s stock worth $5,059,000 after acquiring an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block News Roundup

Here are the key news stories impacting Block this week:

• Positive Sentiment: Several firms raised price targets, reinforcing expectations for further gains. UBS lifted its target to $105, Raymond James to $100 while maintaining an “outperform” rating, and BMO to $102 with a “market perform” rating. Wells Fargo raised its target to $110 and Barclays to $105, both with “overweight” ratings; Argus raised its target to $105 and maintained “buy.” UBS rating Raymond James rating BMO target update Wells Fargo rating Barclays rating Argus rating
• Positive Sentiment: Block reported better-than-expected earnings, with quarterly EPS of $1.13 versus the $0.68 consensus and revenue growth of 9.9% year over year. Shares subsequently reached a 52-week high, and traders bought a large volume of call options—signals of favorable investor expectations. Earnings and 52-week high Call options activity
• Neutral Sentiment: Rothschild & Co Redburn raised its target from $75 to $85 but kept a “neutral” rating, putting its estimate close to the recent share price. Redburn target update
• Negative Sentiment: Block reportedly made another round of job cuts this year, affecting employees in its Cash App businesses. The reductions may raise concerns about execution or operating pressures despite the recent earnings beat. Report on Block job cuts

About Block

Block, Inc is a financial technology company that provides payment and commerce tools to businesses and financial services for consumers. Its products include Square, a platform offering payment processing, point-of-sale software and related business services, and Cash App, which provides person-to-person payments and other financial features.

The company also owns Afterpay, a buy-now, pay-later service, and TIDAL, a music and entertainment platform. Block serves businesses and consumers in the United States and other markets, with product availability varying by country.

Founded in 2009 as Square by Jack Dorsey and Jim McKelvey, the company adopted the name Block in 2021.