Block (NYSE:SQ) Price Target Raised to $92.00 at TD Cowen

Block (NYSE:SQ) had its target price upped by stock analysts at TD Cowen from $90.00 to $92.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. TD Cowen’s price target suggests a potential upside of 32.47% from the stock’s current price.

SQ has been the topic of several other reports. Wedbush reaffirmed an “outperform” rating and set a $90.00 price objective on shares of Block in a research report on Friday. Citigroup upped their price target on Block from $76.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Truist Financial boosted their target price on shares of Block from $90.00 to $100.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Susquehanna reissued a “positive” rating and issued a $100.00 price target on shares of Block in a research report on Monday, April 22nd. Finally, Benchmark reiterated a “buy” rating and issued a $99.00 price target on shares of Block in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.42.

Block Trading Down 1.2 %

NYSE:SQ traded down $0.85 during trading hours on Friday, reaching $69.45. The company’s stock had a trading volume of 28,911,495 shares, compared to its average volume of 10,185,580. The firm has a 50-day simple moving average of $77.82 and a 200-day simple moving average of $67.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. Block has a 1 year low of $38.85 and a 1 year high of $87.52. The firm has a market capitalization of $42.76 billion, a price-to-earnings ratio of 393.18, a PEG ratio of 1.85 and a beta of 2.57.

Block (NYSE:SQ) last issued its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. The firm had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%. Research analysts expect that Block will post 1.11 EPS for the current fiscal year.

Insider Activity

In other Block news, CAO Ajmere Dale sold 500 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the sale, the chief accounting officer now owns 68,323 shares in the company, valued at $5,790,374.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Brian Grassadonia sold 113,668 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $67.56, for a total value of $7,679,410.08. Following the transaction, the insider now owns 603,861 shares of the company’s stock, valued at $40,796,849.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the transaction, the chief accounting officer now owns 68,323 shares in the company, valued at $5,790,374.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 477,469 shares of company stock valued at $34,963,585. 10.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Block

Several institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Block during the fourth quarter worth $528,996,000. Baillie Gifford & Co. grew its stake in Block by 3,525.7% in the fourth quarter. Baillie Gifford & Co. now owns 5,935,002 shares of the technology company’s stock valued at $459,072,000 after purchasing an additional 5,771,310 shares during the last quarter. Lone Pine Capital LLC bought a new position in Block in the third quarter worth about $172,001,000. Trivest Advisors Ltd purchased a new stake in shares of Block during the fourth quarter valued at about $157,021,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Block by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock valued at $2,799,505,000 after buying an additional 1,277,043 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Company 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.