KRS Capital Management LLC Boosts Stock Position in Block, Inc. (NYSE:SQ)

KRS Capital Management LLC boosted its position in shares of Block, Inc. (NYSE:SQ) by 75.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,487 shares of the technology company’s stock after buying an additional 2,355 shares during the quarter. KRS Capital Management LLC’s holdings in Block were worth $464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in SQ. Montag A & Associates Inc. raised its holdings in shares of Block by 843.2% in the fourth quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock valued at $27,000 after acquiring an additional 312 shares in the last quarter. Riverview Trust Co purchased a new position in Block in the first quarter valued at about $28,000. Front Row Advisors LLC grew its stake in Block by 67,500.0% in the third 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 last quarter. Tidemark LLC purchased a new position in Block in the fourth quarter valued at about $32,000. Finally, Vima LLC purchased a new position in Block in the fourth quarter valued at about $34,000. 70.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SQ. Evercore ISI restated an “in-line” rating and set a $75.00 price target on shares of Block in a research note on Tuesday, March 26th. TD Cowen boosted their price target on Block from $90.00 to $92.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Canaccord Genuity Group restated a “buy” rating and set a $95.00 price target on shares of Block in a research note on Friday, May 3rd. Monness Crespi & Hardt restated a “neutral” rating on shares of Block in a research note on Thursday, May 2nd. Finally, The Goldman Sachs Group restated a “buy” rating and set a $80.00 price target on shares of Block in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Block has an average rating of “Moderate Buy” and an average target price of $87.13.

Block Price Performance

Shares of SQ stock traded up $1.10 during trading hours on Friday, hitting $64.49. 6,802,597 shares of the company’s stock were exchanged, compared to its average volume of 6,686,015. The firm has a 50 day moving average of $67.73 and a two-hundred day moving average of $71.55. Block, Inc. has a fifty-two week low of $38.85 and a fifty-two week 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. The firm has a market cap of $39.79 billion, a P/E ratio of 83.75, a P/E/G ratio of 1.48 and a beta of 2.54.

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

Insider Activity at Block

In related news, insider Brian Grassadonia sold 111,666 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $82.73, for a total value of $9,238,128.18. Following the completion of the transaction, the insider now directly owns 485,645 shares of the company’s stock, valued at approximately $40,177,410.85. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Block news, CAO Ajmere Dale sold 1,278 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $71.26, for a total value of $91,070.28. Following the completion of the sale, the chief accounting officer now directly owns 93,337 shares in the company, valued at approximately $6,651,194.62. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian Grassadonia sold 111,666 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $82.73, for a total value of $9,238,128.18. Following the completion of the sale, the insider now owns 485,645 shares of the company’s stock, valued at $40,177,410.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,739 shares of company stock valued at $18,584,747. 10.49% of the stock is owned by 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.