Block (NYSE:SQ) Given “Buy” Rating at Benchmark

Benchmark restated their buy rating on shares of Block (NYSE:SQ) in a research note issued to investors on Friday morning, Benzinga reports. They currently have a $99.00 price objective on the technology company’s stock.

Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC increased their target price on shares of Block from $95.00 to $105.00 and gave the stock a buy rating in a research note on Friday. Wells Fargo & Company raised Block from an equal weight rating to an overweight rating and set a $95.00 price objective for the company in a research report on Friday, February 23rd. Morgan Stanley reissued an underweight rating and issued a $60.00 target price (down previously from $62.00) on shares of Block in a report on Thursday, April 4th. Robert W. Baird increased their price target on Block from $98.00 to $100.00 and gave the stock an outperform rating in a report on Friday. Finally, Mizuho boosted their price objective on shares of Block from $99.00 to $106.00 and gave the company a buy rating in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $87.42.

Block Stock Performance

Shares of NYSE SQ traded down $0.83 during trading hours on Friday, reaching $69.47. The stock had a trading volume of 28,948,341 shares, compared to its average volume of 7,617,495. The firm has a 50-day moving average of $77.82 and a 200-day moving average of $67.83. The firm has a market cap of $42.77 billion, a price-to-earnings ratio of 90.20, a PEG ratio of 1.94 and a beta of 2.57. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. Block has a fifty-two week low of $38.85 and a fifty-two week high of $87.52.

Block (NYSE:SQ) last posted its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.69 billion. Block had a return on equity of 2.07% and a net margin of 2.18%. Equities research analysts predict that Block will post 1.11 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Ajmere Dale sold 656 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $42,180.80. Following the sale, the chief accounting officer now directly owns 68,823 shares in the company, valued at $4,425,318.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Ajmere Dale sold 656 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the transaction, the chief accounting officer now owns 68,823 shares of the company’s stock, valued at $4,425,318.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Amrita Ahuja sold 2,581 shares of Block stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total transaction of $165,958.30. Following the completion of the sale, the chief financial officer now directly owns 201,754 shares of the company’s stock, valued at $12,972,782.20. The disclosure for this sale can be found here. Insiders sold 477,469 shares of company stock worth $34,963,585 in the last ninety days. Insiders own 10.79% of the company’s stock.

Institutional Investors Weigh In On Block

Several hedge funds have recently modified their holdings of the stock. Montag A & Associates Inc. grew its position in Block by 843.2% during the fourth quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock valued at $27,000 after acquiring an additional 312 shares during the period. Riverview Trust Co acquired a new stake in Block during the 1st quarter worth approximately $28,000. Front Row Advisors LLC lifted its position in Block by 67,500.0% during the third quarter. Front Row Advisors LLC now owns 676 shares of the technology company’s stock valued at $30,000 after buying an additional 675 shares in the last quarter. Larson Financial Group LLC grew its stake in Block by 38.4% during the third quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock worth $32,000 after buying an additional 202 shares during the period. Finally, Tidemark LLC acquired a new stake in shares of Block in the fourth quarter worth $32,000. 70.44% of the stock is owned by institutional investors and hedge funds.

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.