Nippon Life Global Investors Americas Inc. Has $5 Million Holdings in Block, Inc. (NYSE:SQ)

Nippon Life Global Investors Americas Inc. trimmed its stake in shares of Block, Inc. (NYSE:SQ) by 30.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 77,510 shares of the technology company’s stock after selling 33,360 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Block were worth $4,999,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wealthcare Advisory Partners LLC increased its position in Block by 1.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 10,618 shares of the technology company’s stock worth $898,000 after purchasing an additional 139 shares during the period. Financial Perspectives Inc boosted its stake in shares of Block by 7.2% in the 1st quarter. Financial Perspectives Inc now owns 2,300 shares of the technology company’s stock valued at $195,000 after purchasing an additional 155 shares during the last quarter. Valley National Advisers Inc. grew its position in shares of Block by 25.4% during the 1st quarter. Valley National Advisers Inc. now owns 765 shares of the technology company’s stock worth $64,000 after buying an additional 155 shares during the period. Aaron Wealth Advisors LLC raised its stake in shares of Block by 3.4% during the first quarter. Aaron Wealth Advisors LLC now owns 4,831 shares of the technology company’s stock worth $409,000 after buying an additional 157 shares during the last quarter. Finally, CAP Partners LLC raised its stake in shares of Block by 3.5% during the first quarter. CAP Partners LLC now owns 4,765 shares of the technology company’s stock worth $403,000 after buying an additional 163 shares during the last quarter. 70.44% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Ajmere Dale sold 471 shares of the company’s stock in a transaction dated Tuesday, July 2nd. The stock was 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 in the company, valued at $5,977,784.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Ajmere Dale sold 471 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total transaction of $30,318.27. Following the transaction, the chief accounting officer now directly owns 92,866 shares in the company, valued at $5,977,784.42. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Amrita Ahuja sold 1,147 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $66.57, for a total transaction of $76,355.79. Following the sale, the chief financial officer now directly owns 271,394 shares in the company, valued at $18,066,698.58. The disclosure for this sale can be found here. Insiders sold 28,179 shares of company stock worth $1,833,962 in the last quarter. Corporate insiders own 10.49% of the company’s stock.

Analyst Upgrades and Downgrades

SQ has been the subject of a number of analyst reports. BMO Capital Markets lifted their target price on shares of Block from $92.00 to $93.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 price objective on shares of Block in a research note on Friday, August 2nd. Needham & Company LLC dropped their price objective on Block from $105.00 to $80.00 and set a “buy” rating for the company in a report on Monday, August 5th. New Street Research started coverage on Block in a report on Monday, September 9th. They set a “neutral” rating and a $70.00 target price on the stock. Finally, 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.34.

Block Trading Down 1.7 %

NYSE:SQ opened at $67.46 on Monday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52. The company has a market cap of $41.63 billion, a P/E ratio of 87.61, a price-to-earnings-growth ratio of 1.15 and a beta of 2.49. The business has a 50 day moving average price of $64.24 and a two-hundred day moving average price of $68.96.

Block (NYSE:SQ) last released its earnings results 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. Block had a net margin of 3.47% and a return on equity of 3.77%. The business had revenue of $6.16 billion during the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, analysts expect that Block, Inc. will post 1.72 EPS for the current fiscal year.

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.