Block (NYSE:XYZ) Given New $80.00 Price Target at Bank of America

Block (NYSE:XYZ) had its price target cut by Bank of America from $94.00 to $80.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. Sanford C. Bernstein set a $100.00 price target on shares of Block in a report on Saturday, March 8th. Barclays reduced their target price on Block from $97.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday. BMO Capital Markets upgraded Block from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $100.00 to $89.00 in a research note on Monday, February 24th. UBS Group reduced their price objective on Block from $98.00 to $97.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Canaccord Genuity Group dropped their target price on shares of Block from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Four equities research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $90.14.

Block Stock Up 0.1 %

Shares of NYSE:XYZ opened at $53.83 on Thursday. The stock has a market capitalization of $33.35 billion, a P/E ratio of 11.83, a P/E/G ratio of 0.72 and a beta of 2.77. The firm has a fifty day simple moving average of $61.91. Block has a 52 week low of $46.42 and a 52 week high of $99.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Block (NYSE:XYZ) last posted its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $6.03 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. Sell-side analysts expect that Block will post 2.54 earnings per share for the current fiscal year.

Insider Activity

In other Block news, insider Owen Britton Jennings sold 1,263 shares of Block stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total value of $70,967.97. Following the completion of the transaction, the insider now owns 181,904 shares of the company’s stock, valued at $10,221,185.76. The trade was a 0.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Amrita Ahuja sold 6,345 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $70.32, for a total transaction of $446,180.40. Following the sale, the chief financial officer now directly owns 235,854 shares in the company, valued at $16,585,253.28. This trade represents a 2.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,324 shares of company stock worth $1,297,662. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Block

Several institutional investors and hedge funds have recently bought and sold shares of the business. Key Client Fiduciary Advisors LLC lifted its holdings in shares of Block by 1.4% in the 4th quarter. Key Client Fiduciary Advisors LLC now owns 8,340 shares of the technology company’s stock worth $709,000 after purchasing an additional 115 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after acquiring an additional 136 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Block by 0.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 26,864 shares of the technology company’s stock valued at $2,283,000 after purchasing an additional 145 shares during the last quarter. Rosenberg Matthew Hamilton boosted its stake in Block by 18.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock valued at $83,000 after purchasing an additional 152 shares during the period. Finally, Versant Capital Management Inc grew its position in Block by 67.7% in the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after purchasing an additional 159 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

About Block

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.