Block (NYSE:XYZ) Price Target Raised to $110.00

Block (NYSE:XYZ) had its price target upped by Sanford C. Bernstein from $95.00 to $110.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

A number of other brokerages have also commented on XYZ. Morgan Stanley increased their price objective on shares of Block from $80.00 to $82.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 4th. Cantor Fitzgerald raised their price objective on shares of Block from $95.00 to $102.00 and gave the company an “overweight” rating in a research report on Monday, November 9th. Daiwa Securities Group boosted their target price on shares of Block from $80.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. TD Cowen upped their target price on shares of Block from $105.00 to $109.00 and gave the stock a “buy” rating in a research report on Wednesday, November 4th. Finally, Robert W. Baird upped their target price on shares of Block from $105.00 to $106.00 and gave the stock an “outperform” rating in a research report on Friday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $100.67.

Block Price Performance

Shares of XYZ stock opened at $84.43 on Wednesday. The stock’s fifty day moving average is $78.26 and its 200-day moving average is $72.00. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.23 and a current ratio of 2.23. The stock has a market capitalization of $50.73 billion, a PE ratio of 23.57, a PEG ratio of 0.81 and a beta of 2.58. Block has a 52 week low of $48.21 and a 52 week high of $89.39.

Block (NYSE:XYZ) last announced its earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.45. Block had a return on equity of 9.63% and a net margin of 1.80%. The company had revenue of $6.72 billion during the quarter. During the same quarter last year, the business posted $0.54 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. Equities research analysts expect that Block will post 2.86 EPS for the current fiscal year.

Insider Activity at Block

In other news, Director Anthony Eisen sold 100,000 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $89.00, for a total value of $8,900,000.00. Following the transaction, the director owned 1,077,672 shares of the company’s stock, valued at $95,912,808. This represents a 8.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 343,686 shares of company stock worth $28,384,547. Insiders own 11.37% of the company’s stock.

Institutional Investors Weigh In On Block

Institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP increased its holdings in Block by 30.0% in the third quarter. Marshall Wace LLP now owns 595,141 shares of the technology company’s stock valued at $43,761,000 after purchasing an additional 137,396 shares during the last quarter. Empowered Funds LLC lifted its stake in Block by 32.0% in the third quarter. Empowered Funds LLC now owns 135,090 shares of the technology company’s stock valued at $9,933,000 after buying an additional 32,777 shares during the period. Advisory Alpha LLC acquired a new position in Block in the third quarter valued at about $201,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Block by 0.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 33,752 shares of the technology company’s stock valued at $2,482,000 after buying an additional 292 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Block by 5.1% during the third quarter. Steward Partners Investment Advisory LLC now owns 14,690 shares of the technology company’s stock worth $1,080,000 after buying an additional 716 shares during the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

About Block

Block, Inc. is a financial technology company that provides payment and commerce tools to businesses and financial services for consumers. Its products include Square, a platform offering payment processing, point-of-sale software and related business services, and Cash App, which provides person-to-person payments and other financial features. The company also owns Afterpay, a buy-now, pay-later service, and TIDAL, a music and entertainment platform. Block serves businesses and consumers in the United States and other markets, with product availability varying by country.