Moors & Cabot Inc. Sells 1,020 Shares of Block, Inc. (NYSE:SQ)

Moors & Cabot Inc. cut its position in Block, Inc. (NYSE:SQ) by 14.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,253 shares of the technology company’s stock after selling 1,020 shares during the period. Moors & Cabot Inc.’s holdings in Block were worth $403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of SQ. Dimensional Fund Advisors LP lifted its stake in Block by 17.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock worth $139,143,000 after purchasing an additional 326,444 shares in the last quarter. Angeles Investment Advisors LLC grew its holdings in Block by 2.4% during the 2nd quarter. Angeles Investment Advisors LLC now owns 7,377 shares of the technology company’s stock valued at $476,000 after buying an additional 176 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in Block by 54.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 14,168 shares of the technology company’s stock worth $914,000 after acquiring an additional 5,000 shares during the last quarter. Plato Investment Management Ltd raised its holdings in shares of Block by 6.8% during the 2nd quarter. Plato Investment Management Ltd now owns 15,531 shares of the technology company’s stock worth $1,002,000 after acquiring an additional 984 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Block by 5.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 266,067 shares of the technology company’s stock valued at $17,159,000 after acquiring an additional 13,649 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors.

Block Stock Performance

NYSE SQ opened at $68.64 on Friday. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52. The business’s 50-day moving average price is $64.27 and its 200 day moving average price is $69.11. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $42.26 billion, a PE ratio of 89.14, a price-to-earnings-growth ratio of 1.15 and a beta of 2.49.

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

Insider Activity

In related news, insider Brian Grassadonia sold 1,889 shares of the company’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total value of $121,594.93. Following the sale, the insider now directly owns 590,761 shares of the company’s stock, valued at $38,027,285.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Ajmere Dale sold 471 shares of Block stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $64.37, for a total value of $30,318.27. Following the completion of the transaction, the chief accounting officer now owns 92,866 shares in the company, valued at approximately $5,977,784.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Brian Grassadonia sold 1,889 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total value of $121,594.93. Following the sale, the insider now directly owns 590,761 shares in the company, valued at $38,027,285.57. The disclosure for this sale can be found here. Insiders sold 28,179 shares of company stock worth $1,833,962 over the last ninety days. Corporate insiders own 10.49% of the company’s stock.

Wall Street Analyst Weigh In

SQ has been the topic of several research reports. Morgan Stanley reduced their price target on shares of Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 30th. William Blair raised shares of Block to a “strong-buy” rating in a research report on Wednesday, July 31st. Needham & Company LLC lowered their target price on shares of Block from $105.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $80.00 price target on shares of Block in a research note on Monday, June 24th. Finally, Wells Fargo & Company dropped their target price on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.34.

Block Company 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.