Procyon Advisors LLC Has $1.89 Million Holdings in Block, Inc. (NYSE:SQ)

Procyon Advisors LLC boosted its stake in shares of Block, Inc. (NYSE:SQ) by 27.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,318 shares of the technology company’s stock after acquiring an additional 4,831 shares during the period. Procyon Advisors LLC’s holdings in Block were worth $1,888,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in Block by 3.6% during the third quarter. LPL Financial LLC now owns 386,427 shares of the technology company’s stock worth $17,103,000 after buying an additional 13,595 shares in the last quarter. Stifel Financial Corp raised its position in Block by 27.7% during the third quarter. Stifel Financial Corp now owns 200,156 shares of the technology company’s stock valued at $8,859,000 after purchasing an additional 43,421 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Block by 45.5% in the 3rd quarter. Federated Hermes Inc. now owns 274,172 shares of the technology company’s stock valued at $12,135,000 after purchasing an additional 85,780 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Block by 2.0% during the 3rd quarter. Northern Trust Corp now owns 3,065,636 shares of the technology company’s stock worth $135,685,000 after buying an additional 59,868 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Block by 5.6% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,507 shares of the technology company’s stock worth $332,000 after buying an additional 400 shares during the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Stock Up 0.1 %

Shares of NYSE:SQ opened at $63.38 on Friday. The stock has a market cap of $39.11 billion, a price-to-earnings ratio of 82.31, a PEG ratio of 1.48 and a beta of 2.54. The business’s 50 day moving average is $68.03 and its 200 day moving average is $71.63. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $87.52. The company has a quick ratio of 1.64, a current ratio of 1.64 and a debt-to-equity ratio of 0.16.

Block (NYSE:SQ) last posted its earnings results on Thursday, May 2nd. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.32. Block had a net margin of 2.18% and a return on equity of 2.04%. The firm had revenue of $5.96 billion during the quarter, compared to analyst estimates of $5.75 billion. On average, sell-side analysts forecast that Block, Inc. will post 1.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on SQ. Wedbush reissued an “outperform” rating and issued a $90.00 price objective on shares of Block in a research note on Friday, May 3rd. Mizuho upped their price objective on Block from $99.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. KeyCorp lifted their target price on shares of Block from $80.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 27th. Citigroup upped their price target on shares of Block from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, May 6th. Finally, Monness Crespi & Hardt reiterated a “neutral” rating on shares of Block in a report on Thursday, May 2nd. One investment 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.13.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 68,323 shares of the company’s stock, valued at $5,790,374.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Block news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Monday, April 1st. The shares were 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 of the company’s stock, valued at $5,790,374.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brian Grassadonia sold 111,666 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $82.73, for a total transaction of $9,238,128.18. Following the sale, the insider now owns 485,645 shares of the company’s stock, valued at approximately $40,177,410.85. The disclosure for this sale can be found here. Insiders have sold a total of 247,739 shares of company stock valued at $18,584,747 in the last 90 days. 10.49% 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.