Independent Advisor Alliance Boosts Stock Holdings in Block, Inc. (NYSE:SQ)

Independent Advisor Alliance raised its stake in shares of Block, Inc. (NYSE:SQFree Report) by 70.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,601 shares of the technology company’s stock after purchasing an additional 5,226 shares during the period. Independent Advisor Alliance’s holdings in Block were worth $846,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Baillie Gifford & Co. grew 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 buying an additional 147,873 shares in the last quarter. Lone Pine Capital LLC raised its position in Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after purchasing an additional 934,588 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Block by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock valued at $147,846,000 after purchasing an additional 45,472 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Block by 17.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock valued at $139,143,000 after buying an additional 326,444 shares during the period. Finally, D1 Capital Partners L.P. lifted its position in Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after buying an additional 795,000 shares during the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Price Performance

Shares of NYSE:SQ opened at $88.77 on Thursday. The stock has a market cap of $55.02 billion, a PE ratio of 49.87, a price-to-earnings-growth ratio of 1.22 and a beta of 2.48. 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 business’s fifty day moving average price is $75.20 and its two-hundred day moving average price is $68.47. Block, Inc. has a one year low of $55.00 and a one year high of $94.12.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.18, for a total value of $759,347.04. Following the completion of the transaction, the insider now directly owns 563,894 shares in the company, valued at $51,415,854.92. This trade represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Amrita Ahuja sold 6,661 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $91.43, for a total transaction of $609,015.23. Following the sale, the chief financial officer now owns 246,967 shares of the company’s stock, valued at approximately $22,580,192.81. This represents a 2.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,053 shares of company stock valued at $2,393,972. 10.49% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SQ has been the topic of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $88.00 price target on shares of Block in a report on Monday, October 21st. New Street Research started coverage on shares of Block in a research note on Monday, September 9th. They set a “neutral” rating and a $70.00 target price for the company. Wells Fargo & Company cut their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Block from $71.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Finally, Oppenheimer assumed coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.46.

View Our Latest Analysis on Block

About Block

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Block (NYSE:SQ)

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