Block, Inc. $XYZ Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S trimmed its holdings in shares of Block, Inc. (NYSE:XYZ) by 32.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 180,872 shares of the technology company’s stock after selling 88,706 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Block were worth $13,072,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Block during the third quarter valued at approximately $5,383,000. Motley Fool Asset Management LLC bought a new stake in shares of Block in the 2nd quarter valued at approximately $2,055,000. Norges Bank acquired a new stake in shares of Block during the 2nd quarter valued at approximately $415,575,000. Y.D. More Investments Ltd bought a new position in Block during the second quarter worth $1,628,000. Finally, Korea Investment CORP acquired a new position in Block in the second quarter worth $13,937,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Block

In other Block news, CFO Amrita Ahuja sold 9,959 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $611,482.60. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chrysty Esperanza sold 3,608 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $221,531.20. Following the sale, the insider owned 123,198 shares in the company, valued at $7,564,357.20. This trade represents a 2.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 54,796 shares of company stock valued at $3,395,943. 10.85% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. BTIG Research reissued a “buy” rating and set a $90.00 target price on shares of Block in a report on Thursday, November 20th. Zacks Research lowered shares of Block from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Wells Fargo & Company raised shares of Block to a “strong-buy” rating in a report on Wednesday, October 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 target price on shares of Block in a report on Monday, November 24th. Finally, Jefferies Financial Group raised their price target on Block from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Block has an average rating of “Moderate Buy” and an average price target of $82.48.

Block Stock Performance

XYZ opened at $53.41 on Friday. 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 $64.40 and its 200-day moving average is $70.86. The stock has a market cap of $32.45 billion, a PE ratio of 10.77, a price-to-earnings-growth ratio of 1.17 and a beta of 2.67. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $88.73.

Block (NYSE:XYZ) last posted its 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. The firm had revenue of $6.11 billion for the quarter. Block had a return on equity of 5.54% and a net margin of 12.99%.The firm’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 earnings per share. On average, analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

About Block

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.