Block (NYSE:SQ) Price Target Raised to $120.00

Block (NYSE:SQ) had its target price upped by analysts at Canaccord Genuity Group from $95.00 to $120.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 39.37% from the stock’s previous close.

Several other analysts also recently weighed in on SQ. Wells Fargo & Company dropped their price objective on Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. UBS Group reduced their price target on shares of Block from $100.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Morgan Stanley lowered their price objective on shares of Block from $60.00 to $55.00 and set an “underweight” rating for the company in a research report on Tuesday, July 30th. Royal Bank of Canada restated an “outperform” rating and set a $88.00 price target on shares of Block in a report on Monday, October 21st. Finally, New Street Research assumed coverage on shares of Block in a research note on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $91.30.

Block Price Performance

NYSE SQ traded up $2.70 on Tuesday, hitting $86.10. 4,800,745 shares of the company’s stock were exchanged, compared to its average volume of 8,076,133. The stock has a 50-day moving average of $69.21 and a 200-day moving average of $67.00. The stock has a market cap of $53.01 billion, a price-to-earnings ratio of 48.66, a P/E/G ratio of 1.02 and a beta of 2.48. Block has a 52 week low of $50.86 and a 52 week high of $87.52. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26.

Insider Activity at Block

In other news, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction on 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 owns 580,086 shares in the company, valued at approximately $37,572,170.22. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was 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 approximately $37,572,170.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Ajmere Dale sold 1,406 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total transaction of $90,968.20. Following the transaction, the chief accounting officer now owns 90,960 shares in the company, valued at $5,885,112. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,714 shares of company stock valued at $1,606,992. Company insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. SouthState Corp boosted its position in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares during the period. LRI Investments LLC bought a new position in Block during the 1st quarter valued at approximately $34,000. Unique Wealth Strategies LLC purchased a new stake in Block in the 2nd quarter worth approximately $34,000. V Square Quantitative Management LLC bought a new stake in shares of Block in the 3rd quarter worth approximately $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Block during the second quarter valued at approximately $44,000. 70.44% of the stock is owned by institutional investors.

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.