Tobam Takes $694,000 Position in Block, Inc. $XYZ

Tobam purchased a new position in Block, Inc. (NYSE:XYZ) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,217 shares of the technology company’s stock, valued at approximately $694,000.

A number of other institutional investors and hedge funds also recently modified their holdings of XYZ. SouthState Corp purchased a new stake in Block in the second quarter valued at approximately $29,000. First Horizon Advisors Inc. acquired a new position in shares of Block in the 2nd quarter valued at $30,000. Parkside Financial Bank & Trust purchased a new stake in shares of Block during the 2nd quarter valued at $31,000. Deseret Mutual Benefit Administrators acquired a new stake in shares of Block during the 2nd quarter worth $33,000. Finally, Creative Financial Designs Inc. ADV acquired a new stake in shares of Block during the 2nd quarter worth $41,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Performance

Shares of XYZ stock opened at $65.85 on Wednesday. The company has a market cap of $40.14 billion, a P/E ratio of 13.28, a PEG ratio of 2.75 and a beta of 2.73. The business has a 50 day moving average of $75.33 and a two-hundred day moving average of $70.11. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $99.26. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last released its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. Block had a return on equity of 7.41% and a net margin of 12.99%.The business had revenue of $6.11 billion during the quarter. During the same quarter in the prior year, the firm earned $0.53 EPS. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Block, Inc. will post 2.54 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on XYZ shares. Truist Financial lifted their target price on Block from $70.00 to $74.00 and gave the company a “sell” rating in a report on Friday, October 24th. Wells Fargo & Company raised Block to a “strong-buy” rating in a research note on Wednesday, October 22nd. Zacks Research cut Block from a “strong-buy” rating to a “hold” rating in a report on Monday. BTIG Research reissued a “buy” rating and set a $90.00 target price on shares of Block in a research report on Friday, November 7th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price target on shares of Block in a research report on Tuesday, September 23rd. Three research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $82.58.

Insider Buying and Selling

In other news, CFO Amrita Ahuja sold 1,276 shares of Block stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $76.69, for a total transaction of $97,856.44. Following the sale, the chief financial officer owned 282,924 shares of the company’s stock, valued at approximately $21,697,441.56. The trade was a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Chrysty Esperanza sold 406 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total transaction of $30,356.62. Following the completion of the sale, the insider directly owned 126,806 shares of the company’s stock, valued at $9,481,284.62. The trade was a 0.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 119,041 shares of company stock valued at $9,052,531 in the last ninety days. Insiders own 10.49% of the company’s stock.

About Block

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.