Avanza Fonder AB Makes New Investment in Block, Inc. (NYSE:SQ)

Avanza Fonder AB acquired a new position in Block, Inc. (NYSE:SQ) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 28,408 shares of the technology company’s stock, valued at approximately $2,414,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SQ. SouthState Corp increased its holdings in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of Block by 67.7% in the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after acquiring an additional 159 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after acquiring an additional 194 shares during the period. V Square Quantitative Management LLC bought a new position in Block during the third quarter worth $46,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Block in the third quarter worth $57,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SQ shares. BNP Paribas cut shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 price objective on the stock. in a research report on Wednesday, November 20th. Monness Crespi & Hardt upgraded Block from a “neutral” rating to a “buy” rating and set a $115.00 price target on the stock in a report on Friday, December 13th. Oppenheimer upgraded Block from a “market perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $88.00 target price on shares of Block in a report on Monday, October 21st. Finally, Barclays boosted their target price on shares of Block from $100.00 to $112.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.68.

Insiders Place Their Bets

In related news, CFO Amrita Ahuja sold 1,502 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $86.52, for a total transaction of $129,953.04. Following the completion of the transaction, the chief financial officer now directly owns 242,199 shares in the company, valued at $20,955,057.48. The trade was a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Ajmere Dale sold 1,000 shares of Block stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. Following the sale, the chief accounting officer now owns 88,791 shares of the company’s stock, valued at approximately $7,103,280. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,981 shares of company stock worth $2,681,185 over the last 90 days. Corporate insiders own 10.49% of the company’s stock.

Block Stock Performance

NYSE SQ opened at $87.00 on Friday. Block, Inc. has a 12-month low of $55.00 and a 12-month high of $99.26. The firm has a market cap of $53.92 billion, a P/E ratio of 48.88, a price-to-earnings-growth ratio of 0.75 and a beta of 2.51. 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 company’s 50 day moving average is $89.61 and its 200-day moving average is $74.75.

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.