Bares Capital Management Inc. Has $198.25 Million Holdings in Block, Inc. (NYSE:SQ)

Bares Capital Management Inc. lowered its holdings in shares of Block, Inc. (NYSE:SQ) by 25.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,953,234 shares of the technology company’s stock after selling 1,013,045 shares during the quarter. Block comprises about 18.0% of Bares Capital Management Inc.’s investment portfolio, making the stock its biggest position. Bares Capital Management Inc.’s holdings in Block were worth $198,251,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. SouthState Corp raised its holdings in Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after acquiring an additional 180 shares during the period. True Wealth Design LLC increased its stake in shares of Block by 64.7% in the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after purchasing an additional 194 shares during the period. Unique Wealth Strategies LLC acquired a new position in shares of Block during the 2nd quarter worth about $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Block during the 2nd quarter valued at approximately $44,000. Finally, V Square Quantitative Management LLC acquired a new stake in Block in the 3rd quarter valued at approximately $46,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Price Performance

Shares of SQ stock opened at $95.46 on Tuesday. Block, Inc. has a 52 week low of $55.00 and a 52 week high of $99.26. The stock has a market capitalization of $59.17 billion, a PE ratio of 53.63, a PEG ratio of 1.31 and a beta of 2.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The stock’s fifty day moving average is $79.49 and its 200-day moving average is $69.77.

Wall Street Analysts Forecast Growth

SQ has been the subject of a number of research analyst reports. The Goldman Sachs Group upped their price target on Block from $87.00 to $102.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. BMO Capital Markets downgraded shares of Block from an “outperform” rating to a “market perform” rating and increased their price target for the company from $94.00 to $100.00 in a report on Monday, November 25th. BNP Paribas downgraded shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a report on Wednesday, November 20th. UBS Group reduced their target price on shares of Block from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Needham & Company LLC boosted their price target on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.86.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the sale, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. This trade represents a 0.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chrysty Esperanza sold 2,865 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total value of $272,175.00. Following the transaction, the insider now directly owns 85,235 shares in the company, valued at $8,097,325. This trade represents a 3.25 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,918 shares of company stock valued at $2,666,147 in the last 90 days. 10.49% of the stock is currently owned by insiders.

Block 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.