Canaccord Genuity Group Issues Positive Forecast for Block (NYSE:SQ) Stock Price

Block (NYSE:SQ) had its price objective raised by Canaccord Genuity Group from $95.00 to $120.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other equities analysts also recently weighed in on the company. Oppenheimer began coverage on Block in a research report on Tuesday, October 1st. They set a “market perform” rating on the stock. Morgan Stanley lowered their price objective on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $88.00 target price on shares of Block in a report on Monday, October 21st. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target on shares of Block in a report on Monday, November 11th. Finally, Benchmark reissued a “buy” rating and issued a $99.00 price objective on shares of Block in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.30.

Block Trading Up 1.1 %

Shares of Block stock opened at $84.30 on Tuesday. Block has a 1-year low of $55.00 and a 1-year high of $90.00. The company’s fifty day simple moving average is $70.94 and its 200-day simple moving average is $67.39. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The stock has a market capitalization of $51.90 billion, a PE ratio of 47.36, a P/E/G ratio of 1.16 and a beta of 2.48.

Insider Transactions at Block

In related news, CAO Ajmere Dale sold 1,000 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total value of $80,000.00. Following the completion of the sale, the chief accounting officer now directly owns 88,791 shares in the company, valued at $7,103,280. This trade represents a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the transaction, the insider now owns 580,086 shares in the company, valued at $37,572,170.22. This trade represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,678 shares of company stock worth $1,924,112 in the last three months. Insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Several institutional investors have recently added to or reduced their stakes in SQ. SouthState Corp grew its stake in shares of Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares during the last quarter. True Wealth Design LLC boosted its holdings in Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after acquiring an additional 194 shares during the period. LRI Investments LLC bought a new position in Block in the 1st quarter valued at $34,000. Unique Wealth Strategies LLC purchased a new stake in Block in the second quarter worth $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Block during the second quarter worth $44,000. 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.