Harrell Investment Partners LLC Takes $699,000 Position in Block, Inc. $XYZ

Harrell Investment Partners LLC bought a new stake in Block, Inc. (NYSE:XYZ) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,668 shares of the technology company’s stock, valued at approximately $699,000.

A number of other institutional investors have also recently bought and sold shares of XYZ. Vanguard Group Inc. acquired a new position in shares of Block in the 2nd quarter valued at $3,730,489,000. Sands Capital Management LLC bought a new stake in Block in the second quarter valued at about $702,446,000. Geode Capital Management LLC acquired a new position in Block in the second quarter worth about $634,721,000. Dragoneer Investment Group LLC bought a new position in Block during the second quarter worth about $627,233,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Block in the 2nd quarter valued at approximately $535,305,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Insider Buying and Selling

In other Block news, insider Owen Britton Jennings sold 822 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $63.98, for a total transaction of $52,591.56. Following the transaction, the insider directly owned 242,718 shares in the company, valued at approximately $15,529,097.64. This represents a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Amrita Ahuja sold 1,101 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $63.98, for a total transaction of $70,441.98. Following the completion of the transaction, the chief financial officer owned 271,864 shares in the company, valued at $17,393,858.72. This represents a 0.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 54,796 shares of company stock worth $3,395,943. 10.85% of the stock is currently owned by company insiders.

Block Trading Down 1.8%

XYZ opened at $70.15 on Friday. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $94.25. The stock has a market capitalization of $42.63 billion, a PE ratio of 14.14, a PEG ratio of 1.32 and a beta of 2.66. 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 firm has a 50-day moving average price of $65.18 and a two-hundred day moving average price of $71.45.

Block (NYSE:XYZ) last released 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 net margin of 12.99% and a return on equity of 5.54%. The business had revenue of $6.11 billion for the quarter. During the same period last year, the company earned $0.53 earnings per share. Block’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

XYZ has been the subject of several analyst reports. Oppenheimer restated an “outperform” rating and set a $85.00 target price on shares of Block in a research report on Friday, November 7th. Citigroup raised shares of Block to a “strong-buy” rating in a report on Thursday, October 23rd. KeyCorp reissued an “overweight” rating and set a $94.00 price target on shares of Block in a report on Wednesday, October 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $90.00 price target on shares of Block in a research report on Thursday, November 20th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $80.00 price objective on shares of Block in a report on Tuesday, September 23rd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.94.

Block Company Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.