Viawealth LLC Takes Position in Block, Inc. $XYZ

Viawealth LLC acquired a new position in Block, Inc. (NYSE:XYZ) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,592 shares of the technology company’s stock, valued at approximately $448,000.

Several other large investors have also made changes to their positions in the business. Nemes Rush Group LLC acquired a new stake in Block in the 2nd quarter valued at approximately $26,000. Traub Capital Management LLC bought a new stake in shares of Block in the second quarter valued at approximately $26,000. SouthState Corp bought a new stake in shares of Block in the second quarter valued at approximately $29,000. First Horizon Advisors Inc. acquired a new stake in shares of Block in the second quarter worth $30,000. Finally, Comprehensive Financial Planning Inc. PA bought a new position in Block during the second quarter worth $31,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company upgraded shares of Block to a “strong-buy” rating in a research report on Wednesday, October 22nd. BTIG Research reiterated a “buy” rating and issued a $90.00 target price on shares of Block in a research note on Thursday, November 20th. KeyCorp restated an “overweight” rating and set a $94.00 price target on shares of Block 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, November 10th. Finally, BNP Paribas downgraded Block from a “strong-buy” rating to a “hold” rating and set a $86.00 price objective for the company. in a research report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.42.

Insider Activity

In other news, CFO Amrita Ahuja sold 9,959 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $611,482.60. Following the completion of the sale, the chief financial officer owned 272,965 shares of the company’s stock, valued at approximately $16,760,051. This trade represents a 3.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brian Grassadonia sold 35,145 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $80.00, for a total value of $2,811,600.00. Following the completion of the transaction, the insider directly owned 535,896 shares in the company, valued at $42,871,680. The trade was a 6.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 108,958 shares of company stock worth $7,712,257 over the last ninety days. Corporate insiders own 10.49% of the company’s stock.

Block Trading Up 2.9%

XYZ stock opened at $63.64 on Wednesday. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $99.26. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $72.67 and its 200-day moving average is $70.76. The firm has a market cap of $38.67 billion, a P/E ratio of 12.83, a P/E/G ratio of 3.46 and a beta of 2.73.

Block (NYSE:XYZ) last announced its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.25 by $0.29. Block had a return on equity of 5.54% and a net margin of 12.99%.The business had revenue of $6.11 billion for the quarter. During the same period in the prior year, the firm earned $0.53 EPS. Block’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

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.