Block, Inc. (NYSE:SQ) Shares Sold by Rakuten Securities Inc.

Rakuten Securities Inc. trimmed its position in shares of Block, Inc. (NYSE:SQ) by 18.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,634 shares of the technology company’s stock after selling 1,045 shares during the period. Rakuten Securities Inc.’s holdings in Block were worth $311,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of Block by 1.5% in the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock worth $686,948,000 after acquiring an additional 147,873 shares during the period. Apollon Wealth Management LLC lifted its stake in shares of Block by 9.0% in the 3rd quarter. Apollon Wealth Management LLC now owns 9,392 shares of the technology company’s stock worth $630,000 after acquiring an additional 773 shares during the period. Nations Financial Group Inc. IA ADV lifted its stake in shares of Block by 1.9% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company’s stock worth $520,000 after acquiring an additional 145 shares during the period. Ashton Thomas Securities LLC lifted its stake in shares of Block by 10.7% in the 3rd quarter. Ashton Thomas Securities LLC now owns 4,608 shares of the technology company’s stock worth $309,000 after acquiring an additional 445 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Block by 1.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 276,836 shares of the technology company’s stock worth $18,584,000 after acquiring an additional 4,525 shares during the period. 70.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now directly owns 580,086 shares in the company, valued at approximately $37,572,170.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at $6,060,820. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the transaction, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,714 shares of company stock worth $1,606,992. Corporate insiders own 10.49% of the company’s stock.

Analyst Ratings Changes

SQ has been the subject of several recent research reports. Piper Sandler reissued an “overweight” rating and set a $83.00 target price on shares of Block in a research note on Monday. Benchmark reaffirmed a “buy” rating and issued a $99.00 price objective on shares of Block in a research note on Friday, August 2nd. William Blair raised shares of Block to a “strong-buy” rating in a research note on Wednesday, July 31st. Needham & Company LLC raised their price objective on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.37.

Block Stock Performance

NYSE SQ opened at $83.41 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.82 and a quick ratio of 1.82. The firm has a market capitalization of $51.35 billion, a price-to-earnings ratio of 46.86, a P/E/G ratio of 1.02 and a beta of 2.48. The company’s fifty day moving average is $69.21 and its two-hundred day moving average is $67.00. Block, Inc. has a 52-week low of $50.86 and a 52-week high of $87.52.

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.