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

Block (NYSE:SQ) had its price objective increased by Canaccord Genuity Group from $95.00 to $120.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other brokerages have also recently issued reports on SQ. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $88.00 target price on shares of Block in a report on Monday, October 21st. Macquarie reiterated an “outperform” rating and set a $100.00 target price on shares of Block in a research note on Friday, July 26th. UBS Group decreased their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Benchmark reaffirmed a “buy” rating and set a $99.00 price target on shares of Block in a report on Friday, August 2nd. Finally, Wells Fargo & Company decreased their target price on Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.30.

Block Price Performance

Shares of NYSE:SQ opened at $83.42 on Tuesday. The business has a fifty day moving average price of $70.11 and a 200-day moving average price of $67.22. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The company has a market capitalization of $51.36 billion, a PE ratio of 46.87, a PEG ratio of 1.16 and a beta of 2.48. Block has a 1-year low of $55.00 and a 1-year high of $90.00.

Insider Buying and Selling at Block

In other Block news, CAO Ajmere Dale sold 1,406 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total transaction of $90,968.20. Following the sale, the chief accounting officer now directly owns 90,960 shares in the company, valued at $5,885,112. This represents a 1.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Chrysty Esperanza sold 2,964 shares of the firm’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 value 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 disclosure for this sale can be found here. Insiders sold 28,678 shares of company stock worth $1,924,112 in the last quarter. 10.49% of the stock is owned by corporate insiders.

Institutional Trading of Block

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SouthState Corp raised its stake in shares of Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after acquiring an additional 180 shares during the period. True Wealth Design LLC grew its holdings in Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after purchasing an additional 194 shares during the last quarter. LRI Investments LLC purchased a new stake in Block in the 1st quarter worth about $34,000. Unique Wealth Strategies LLC bought a new stake in Block in the second quarter worth about $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Block during the second quarter valued at approximately $44,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

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.