Block (NYSE:XYZ) Given New $85.00 Price Target at Piper Sandler

Block (NYSE:XYZ) had its target price trimmed by Piper Sandler from $101.00 to $85.00 in a research report released on Monday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

Several other brokerages also recently issued reports on XYZ. Wells Fargo & Company boosted their price objective on Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Citigroup lifted their target price on Block from $90.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. The Goldman Sachs Group decreased their price target on Block from $109.00 to $94.00 and set a “buy” rating for the company in a research note on Friday. Canaccord Genuity Group lowered their price target on Block from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Friday. Finally, William Blair reaffirmed an “outperform” rating on shares of Block in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $96.31.

Block Trading Down 3.5 %

XYZ stock opened at $65.93 on Monday. Block has a 1 year low of $55.00 and a 1 year high of $99.26. The firm has a market capitalization of $40.86 billion, a price-to-earnings ratio of 14.49, a P/E/G ratio of 0.72 and a beta of 2.53. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The firm had revenue of $6.03 billion during the quarter, compared to the consensus estimate of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. Equities analysts anticipate that Block will post 2.54 earnings per share for the current year.

Insider Buying and Selling at Block

In other Block news, insider Chrysty Esperanza sold 2,865 shares of Block stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total value of $272,175.00. Following the completion of the sale, the insider now directly owns 85,235 shares in the company, valued at $8,097,325. The trade was a 3.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Owen Britton Jennings sold 2,836 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $89.38, for a total transaction of $253,481.68. Following the transaction, the insider now owns 195,449 shares in the company, valued at approximately $17,469,231.62. This trade represents a 1.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,247 shares of company stock valued at $832,865 in the last quarter. Company insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Institutional investors and hedge funds have recently made changes to their positions in the stock. SouthState Corp raised its holdings in Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after acquiring an additional 180 shares during the period. True Wealth Design LLC grew its holdings in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after purchasing an additional 194 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Block by 67.7% during the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after purchasing an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in shares of Block by 48.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after purchasing an additional 136 shares in the last quarter. Finally, Morton Brown Family Wealth LLC bought a new position in Block in the third quarter worth $67,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

About Block

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.