Lazari Capital Management Inc. Sells 150 Shares of Block, Inc. (NYSE:SQ)

Lazari Capital Management Inc. cut its stake in Block, Inc. (NYSE:SQ) by 3.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,787 shares of the technology company’s stock after selling 150 shares during the quarter. Lazari Capital Management Inc.’s holdings in Block were worth $321,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Riverview Trust Co acquired a new stake in Block during the first quarter worth approximately $28,000. LRI Investments LLC acquired a new position in Block in the 1st quarter valued at $34,000. Unique Wealth Strategies LLC bought a new position in Block during the 2nd quarter worth $34,000. Mather Group LLC. bought a new position in Block during the 1st quarter worth $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Block during the second quarter worth $44,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Ratings Changes

SQ has been the topic of several research reports. Wells Fargo & Company decreased their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Morgan Stanley reduced their price target 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 reaffirmed an “outperform” rating and issued a $88.00 price objective on shares of Block in a report on Monday. Needham & Company LLC reduced their target price on Block from $105.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Benchmark restated a “buy” rating and issued a $99.00 price target on shares of Block in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.79.

Block Price Performance

Shares of Block stock opened at $72.82 on Wednesday. The firm has a market capitalization of $44.83 billion, a PE ratio of 56.89, a price-to-earnings-growth ratio of 1.02 and a beta of 2.49. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $87.52. The business’s 50-day moving average price is $66.74 and its 200-day moving average price is $67.08.

Block (NYSE:SQ) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.09. The business had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.27 billion. Block had a net margin of 3.47% and a return on equity of 3.77%. The company’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 earnings per share. Sell-side analysts forecast that Block, Inc. will post 1.71 EPS for the current fiscal year.

Insider Activity at Block

In other Block news, Director Roelof Botha bought 434,405 shares of Block stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average cost of $57.55 per share, with a total value of $25,000,007.75. Following the completion of the purchase, the director now owns 434,405 shares of the company’s stock, valued at approximately $25,000,007.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Roelof Botha purchased 434,405 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $57.55 per share, with a total value of $25,000,007.75. Following the completion of the purchase, the director now directly owns 434,405 shares in the company, valued at approximately $25,000,007.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 5,935 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total value of $388,920.55. Following the transaction, the chief financial officer now owns 255,496 shares in the company, valued at $16,742,652.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,214 shares of company stock worth $1,637,932 in the last 90 days. Company insiders own 10.49% 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.