Block (NYSE:SQ) Price Target Raised to $102.00

Block (NYSE:SQ) had its target price increased by The Goldman Sachs Group from $87.00 to $102.00 in a report published on Monday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the company. Oppenheimer started coverage on Block in a report on Tuesday, October 1st. They issued a “market perform” rating for the company. Piper Sandler reissued an “overweight” rating and issued a $83.00 price target on shares of Block in a report on Monday, November 11th. Canaccord Genuity Group raised their price target on Block from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. New Street Research initiated coverage on Block in a report on Monday, September 9th. They set a “neutral” rating and a $70.00 target price for the company. Finally, UBS Group decreased their target price on Block from $100.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.21.

Block Price Performance

SQ opened at $98.95 on Monday. The business’s 50-day moving average is $77.71 and its two-hundred day moving average is $69.21. Block has a 1 year low of $55.00 and a 1 year high of $98.95. 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 firm has a market capitalization of $61.33 billion, a PE ratio of 55.59, a price-to-earnings-growth ratio of 1.25 and a beta of 2.50.

Insider Buying and Selling

In other Block news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total transaction of $33,500.00. Following the transaction, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Brian Grassadonia sold 1,884 shares of the business’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total value of $123,232.44. Following the transaction, the insider now directly owns 574,914 shares in the company, valued at $37,605,124.74. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,918 shares of company stock worth $2,666,147. 10.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Block

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SQ. Baillie Gifford & Co. boosted its stake in Block by 45.7% during the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock worth $650,396,000 after buying an additional 3,163,975 shares during the last quarter. Southpoint Capital Advisors LP acquired a new position in shares of Block in the 3rd quarter valued at $114,121,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Block by 770.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock valued at $116,719,000 after purchasing an additional 1,538,849 shares during the last quarter. Lone Pine Capital LLC lifted its stake in shares of Block by 13.9% in the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after purchasing an additional 934,588 shares during the last quarter. Finally, D1 Capital Partners L.P. lifted its stake in shares of Block by 76.7% in the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after purchasing an additional 795,000 shares during the last quarter. Institutional investors and hedge funds 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.