Insider Selling: Block (NYSE:XYZ) Insider Sells 10,349 Shares of Stock

Block, Inc. (NYSE:XYZ) insider Brian Grassadonia sold 10,349 shares of Block stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total value of $517,450.00. Following the completion of the transaction, the insider owned 503,784 shares of the company’s stock, valued at approximately $25,189,200. The trade was a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Brian Grassadonia also recently made the following trade(s):

• On Tuesday, January 6th, Brian Grassadonia sold 1,983 shares of Block stock. The shares were sold at an average price of $68.52, for a total value of $135,875.16.
• On Friday, January 2nd, Brian Grassadonia sold 1,038 shares of Block stock. The stock was sold at an average price of $63.98, for a total value of $66,411.24.

Block Stock Performance

Shares of NYSE XYZ traded up $0.18 during mid-day trading on Tuesday, hitting $50.93. The company had a trading volume of 9,917,059 shares, compared to its average volume of 7,727,401. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $82.50. The stock has a market cap of $30.95 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 1.09 and a beta of 2.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18. The firm’s 50 day simple moving average is $61.73 and its two-hundred day simple moving average is $68.50.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

XYZ has been the subject of several analyst reports. Cantor Fitzgerald reduced their price target on shares of Block from $87.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, February 17th. Stephens reiterated an “overweight” rating and issued a $95.00 price objective on shares of Block in a research report on Thursday, November 20th. Compass Point upgraded shares of Block from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target on shares of Block in a research note on Monday, November 24th. Finally, Morgan Stanley boosted their price objective on Block from $71.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Friday, November 21st. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $81.50.

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.