Legacy Financial Advisors Inc. Purchases 232 Shares of Block, Inc. (NYSE:SQ)

Legacy Financial Advisors Inc. increased its holdings in Block, Inc. (NYSE:SQ) by 7.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,557 shares of the technology company’s stock after acquiring an additional 232 shares during the period. Legacy Financial Advisors Inc.’s holdings in Block were worth $229,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SQ. Riverview Trust Co purchased a new stake in Block during the first quarter worth about $28,000. YHB Investment Advisors Inc. bought a new stake in shares of Block in the 1st quarter worth approximately $33,000. LRI Investments LLC purchased a new position in Block in the first quarter valued at approximately $34,000. Vima LLC bought a new position in Block during the fourth quarter valued at $34,000. Finally, Mather Group LLC. purchased a new stake in Block in the first quarter worth $35,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Stock Down 1.7 %

SQ opened at $67.46 on Monday. The business’s fifty day simple moving average is $64.24 and its 200 day simple moving average is $68.96. Block, Inc. has a 52 week low of $38.85 and a 52 week high of $87.52. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26. The stock has a market cap of $41.63 billion, a PE ratio of 87.61, a P/E/G ratio of 1.15 and a beta of 2.49.

Block (NYSE:SQ) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.27 billion. Block had a return on equity of 3.77% and a net margin of 3.47%. Block’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $0.40 EPS. As a group, research analysts expect that Block, Inc. will post 1.72 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SQ has been the topic of a number of recent research reports. Benchmark reaffirmed a “buy” rating and set a $99.00 price target on shares of Block in a research report on Friday, August 2nd. Needham & Company LLC cut their target price on shares of Block from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, August 5th. The Goldman Sachs Group reiterated a “buy” rating and issued a $80.00 target price on shares of Block in a research note on Monday, June 24th. Keefe, Bruyette & Woods dropped their price target on shares of Block from $82.00 to $74.00 and set a “market perform” rating on the stock in a research note on Monday, July 8th. Finally, William Blair raised shares of Block to a “strong-buy” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Block currently has a consensus rating of “Moderate Buy” and an average target price of $87.34.

Insiders Place Their Bets

In other news, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Block news, insider Brian Grassadonia sold 8,328 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ajmere Dale sold 471 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total transaction of $30,318.27. Following the sale, the chief accounting officer now owns 92,866 shares of the company’s stock, valued at $5,977,784.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,179 shares of company stock valued at $1,833,962. 10.49% of the stock is currently owned by corporate insiders.

Block Profile

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.