Eagle Asset Management Inc. Boosts Stake in Block, Inc. (NYSE:SQ)

Eagle Asset Management Inc. raised its position in shares of Block, Inc. (NYSE:SQ) by 12.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 56,848 shares of the technology company’s stock after acquiring an additional 6,128 shares during the period. Eagle Asset Management Inc.’s holdings in Block were worth $4,239,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in Block by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after acquiring an additional 45,472 shares during the period. Massachusetts Financial Services Co. MA grew its position in Block by 770.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock valued at $116,719,000 after acquiring an additional 1,538,849 shares during the period. Landscape Capital Management L.L.C. purchased a new stake in Block during the third quarter valued at about $2,871,000. Moors & Cabot Inc. grew its position in Block by 3.0% during the third quarter. Moors & Cabot Inc. now owns 6,440 shares of the technology company’s stock valued at $432,000 after acquiring an additional 187 shares during the period. Finally, Darwin Wealth Management LLC purchased a new stake in Block during the third quarter valued at about $74,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Wall Street Analyst Weigh In

SQ has been the subject of a number of research reports. UBS Group lowered their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. New Street Research began coverage on Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 target price for the company. William Blair reaffirmed an “outperform” rating on shares of Block in a research report on Friday, November 15th. Oppenheimer began coverage on Block in a research report on Tuesday, October 1st. They issued a “market perform” rating for the company. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $83.00 target price on shares of Block in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.18.

Block Trading Down 0.5 %

Shares of NYSE SQ opened at $92.26 on Monday. 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 stock’s 50 day moving average price is $73.83 and its two-hundred day moving average price is $68.07. The stock has a market capitalization of $57.18 billion, a P/E ratio of 51.83, a PEG ratio of 1.25 and a beta of 2.48. Block, Inc. has a 52-week low of $55.00 and a 52-week high of $94.12.

Insider Transactions at Block

In other news, CAO Ajmere Dale sold 500 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 90,460 shares in the company, valued at approximately $6,060,820. This represents a 0.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amrita Ahuja sold 5,935 shares of the 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 completion of the transaction, the chief financial officer now directly owns 255,496 shares of the company’s stock, valued at $16,742,652.88. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,283 shares of company stock worth $862,773. 10.49% of the stock is currently owned by company insiders.

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.