Drive Wealth Management LLC Has $1.63 Million Holdings in Block, Inc. (NYSE:SQ)

Drive Wealth Management LLC trimmed its holdings in shares of Block, Inc. (NYSE:SQ) by 8.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,252 shares of the technology company’s stock after selling 2,116 shares during the quarter. Drive Wealth Management LLC’s holdings in Block were worth $1,628,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Orion Portfolio Solutions LLC lifted its stake in shares of Block by 44.8% in the first quarter. Orion Portfolio Solutions LLC now owns 11,482 shares of the technology company’s stock worth $971,000 after buying an additional 3,552 shares during the last quarter. Vanguard Group Inc. lifted its position in Block by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 36,511,250 shares of the technology company’s stock worth $3,088,122,000 after acquiring an additional 318,549 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in Block by 19.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 25,548 shares of the technology company’s stock valued at $2,161,000 after acquiring an additional 4,189 shares during the period. UniSuper Management Pty Ltd grew its position in shares of Block by 95.0% in the first quarter. UniSuper Management Pty Ltd now owns 7,800 shares of the technology company’s stock valued at $660,000 after purchasing an additional 3,800 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Block by 2.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 301,289 shares of the technology company’s stock worth $25,497,000 after purchasing an additional 8,404 shares during the period. 70.44% of the stock is currently owned by institutional investors.

Block Trading Up 1.1 %

Shares of SQ opened at $84.30 on Monday. 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 company has a market cap of $51.90 billion, a price-to-earnings ratio of 47.36, a PEG ratio of 1.14 and a beta of 2.48. The stock has a fifty day moving average price of $70.94 and a two-hundred day moving average price of $67.36. Block, Inc. has a 52-week low of $55.00 and a 52-week high of $90.00.

Analysts Set New Price Targets

SQ has been the subject of several recent analyst reports. Oppenheimer assumed coverage on Block in a research note on Tuesday, October 1st. They set a “market perform” rating for the company. Macquarie reissued an “outperform” rating and issued a $100.00 price objective on shares of Block in a research report on Friday, July 26th. William Blair reaffirmed an “outperform” rating on shares of Block in a research report on Friday. Wells Fargo & Company reduced their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Finally, New Street Research initiated coverage on shares of Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.30.

Insiders Place Their Bets

In related news, insider Chrysty Esperanza sold 2,964 shares of the business’s 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 $237,120.00. Following the completion of the sale, the insider now directly owns 88,607 shares of the company’s stock, valued at $7,088,560. The trade was a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction that occurred on 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 owns 90,460 shares in the company, valued at $6,060,820. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,678 shares of company stock valued at $1,924,112 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.