Legacy Financial Advisors Inc. Takes Position in Block, Inc. (NYSE:SQ)

Legacy Financial Advisors Inc. purchased a new stake in shares of Block, Inc. (NYSE:SQ) during the 4th quarter, Holdings Channel reports. The fund purchased 3,208 shares of the technology company’s stock, valued at approximately $248,000.

Several other hedge funds have also recently bought and sold shares of the business. Front Row Advisors LLC increased its holdings in shares of Block by 67,500.0% in the 3rd quarter. Front Row Advisors LLC now owns 676 shares of the technology company’s stock valued at $30,000 after purchasing an additional 675 shares during the period. Larson Financial Group LLC increased its stake in Block by 38.4% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock valued at $32,000 after buying an additional 202 shares during the period. Headinvest LLC purchased a new stake in Block in the 3rd quarter worth approximately $44,000. CNB Bank grew its holdings in shares of Block by 40.2% during the 3rd quarter. CNB Bank now owns 1,046 shares of the technology company’s stock valued at $46,000 after acquiring an additional 300 shares in the last quarter. Finally, Valley National Advisers Inc. increased its stake in shares of Block by 72.3% in the fourth quarter. Valley National Advisers Inc. now owns 610 shares of the technology company’s stock worth $47,000 after acquiring an additional 256 shares during the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Price Performance

Block stock traded down $0.83 during mid-day trading on Friday, hitting $69.47. 28,948,341 shares of the company were exchanged, compared to its average volume of 7,617,495. Block, Inc. has a 1-year low of $38.85 and a 1-year high of $87.52. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. The business has a fifty day moving average of $77.63 and a 200 day moving average of $68.16. The company has a market capitalization of $42.77 billion, a PE ratio of 90.22, a price-to-earnings-growth ratio of 1.92 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 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Block had a net margin of 2.18% and a return on equity of 2.07%. The firm had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.69 billion. As a group, sell-side analysts expect that Block, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Benchmark reaffirmed a “buy” rating and issued a $99.00 target price on shares of Block in a research report on Friday. Canaccord Genuity Group reiterated a “buy” rating and issued a $95.00 target price on shares of Block in a research note on Friday. Monness Crespi & Hardt restated a “neutral” rating on shares of Block in a report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $88.00 price objective (up from $86.00) on shares of Block in a report on Friday, February 23rd. Finally, Wells Fargo & Company raised Block from an “equal weight” rating to an “overweight” rating and set a $95.00 price target for the company in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.42.

Insiders Place Their Bets

In other Block news, insider Brian Grassadonia sold 127,800 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the completion of the transaction, the insider now directly owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Block news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $84.75, for a total transaction of $42,375.00. Following the completion of the sale, the chief accounting officer now directly owns 68,323 shares of the company’s stock, valued at approximately $5,790,374.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the sale, the insider now owns 405,224 shares of the company’s stock, valued at approximately $26,521,910.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 477,469 shares of company stock valued at $34,963,585. 10.79% of the stock is currently owned by corporate insiders.

Block 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.