Block (NYSE:SQ) Reaches New 52-Week High After Analyst Upgrade

Block, Inc. (NYSE:SQ) shares reached a new 52-week high during trading on Monday after Sanford C. Bernstein raised their price target on the stock from $90.00 to $120.00. Sanford C. Bernstein currently has an outperform rating on the stock. Block traded as high as $95.95 and last traded at $94.23, with a volume of 4962168 shares trading hands. The stock had previously closed at $88.55.

A number of other analysts have also issued reports on SQ. UBS Group lowered their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. New Street Research initiated coverage on Block in a report on Monday, September 9th. They issued a “neutral” rating and a $70.00 target price for the company. Canaccord Genuity Group raised their price target on Block from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Oppenheimer started coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating for the company. Finally, Keefe, Bruyette & Woods raised their target price on shares of Block from $71.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $92.45.

Insiders Place Their Bets

In related news, CFO Amrita Ahuja sold 5,935 shares of Block stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total value of $388,920.55. Following the sale, the chief financial officer now owns 255,496 shares of the company’s stock, valued at approximately $16,742,652.88. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $91.18, for a total transaction of $759,347.04. Following the transaction, the insider now owns 563,894 shares of the company’s stock, valued at $51,415,854.92. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,053 shares of company stock worth $2,393,972. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Several institutional investors and hedge funds have recently bought and sold shares of the company. SouthState Corp raised its holdings in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after acquiring an additional 180 shares in the last quarter. True Wealth Design LLC increased its position in shares of Block by 64.7% in the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after purchasing an additional 194 shares during the last quarter. Unique Wealth Strategies LLC acquired a new position in shares of Block during the 2nd quarter worth about $34,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Block during the second quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC acquired a new stake in Block during the third quarter worth approximately $46,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Block Trading Up 5.7 %

The business’s fifty day simple moving average is $76.03 and its two-hundred day simple moving average is $68.70. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The company has a market cap of $58.04 billion, a price-to-earnings ratio of 53.62, a PEG ratio of 1.19 and a beta of 2.48.

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.