Block, Inc. (NYSE:SQ) Shares Acquired by Prana Capital Management LP

Prana Capital Management LP raised its holdings in Block, Inc. (NYSE:SQ) by 151.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 72,915 shares of the technology company’s stock after purchasing an additional 43,887 shares during the period. Prana Capital Management LP’s holdings in Block were worth $4,895,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. SouthState Corp raised its stake in Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Block by 64.7% during the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after purchasing an additional 194 shares during the period. Unique Wealth Strategies LLC acquired a new position in Block during the 2nd quarter valued at approximately $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Block in the second quarter worth $44,000. Finally, V Square Quantitative Management LLC bought a new stake in Block in the third quarter valued at $46,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Block

In other news, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the transaction, the chief accounting officer now owns 90,460 shares in the company, valued at $6,060,820. This trade represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 1,884 shares of Block stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total transaction of $123,232.44. Following the transaction, the insider now directly owns 574,914 shares in the company, valued at $37,605,124.74. This represents a 0.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,053 shares of company stock worth $2,393,972 over the last ninety days. Insiders own 10.49% of the company’s stock.

Analyst Ratings Changes

SQ has been the subject of several analyst reports. Needham & Company LLC boosted their price objective on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Sanford C. Bernstein lifted their price objective on shares of Block from $90.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday. Canaccord Genuity Group increased their target price on shares of Block from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. BMO Capital Markets downgraded Block from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $94.00 to $100.00 in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods increased their price objective on Block from $71.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $93.21.

Block Trading Up 0.5 %

NYSE SQ opened at $93.21 on Wednesday. The firm has a market capitalization of $57.77 billion, a PE ratio of 52.36, a price-to-earnings-growth ratio of 1.25 and a beta of 2.50. The business’s 50-day moving average price is $77.04 and its two-hundred day moving average price is $69.00. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. Block, Inc. has a 12 month low of $55.00 and a 12 month high of $95.95.

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.