The Goldman Sachs Group Lowers Block (NYSE:XYZ) Price Target to $94.00

Block (NYSE:XYZ) had its price target reduced by equities researchers at The Goldman Sachs Group from $109.00 to $94.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 37.55% from the stock’s previous close.

A number of other analysts have also commented on the stock. StockNews.com started coverage on shares of Block in a research report on Saturday, February 15th. They issued a “hold” rating on the stock. Sanford C. Bernstein boosted their price target on shares of Block from $90.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Barclays lifted their target price on Block from $100.00 to $112.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Morgan Stanley upped their target price on Block from $60.00 to $65.00 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company raised their price target on Block from $85.00 to $95.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $97.23.

Block Price Performance

XYZ opened at $68.34 on Friday. The stock has a market capitalization of $42.36 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 0.72 and a beta of 2.52. Block has a 1 year low of $55.00 and a 1 year high of $99.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

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

Insider Activity at Block

In other Block news, insider Chrysty Esperanza sold 2,865 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total transaction of $272,175.00. Following the sale, the insider now owns 85,235 shares of the company’s stock, valued at approximately $8,097,325. The trade was a 3.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 2,044 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $86.72, for a total value of $177,255.68. Following the completion of the transaction, the chief accounting officer now owns 83,966 shares of the company’s stock, valued at $7,281,531.52. The trade was a 2.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,247 shares of company stock valued at $832,865 over the last ninety days. 10.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Block

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. SouthState Corp lifted its holdings in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after buying an additional 180 shares during the period. Versant Capital Management Inc grew its holdings in Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after acquiring an additional 136 shares in the last quarter. True Wealth Design LLC raised its position in shares of Block by 64.7% in the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after acquiring an additional 194 shares in the last quarter. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Block by 18.3% in the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock valued at $83,000 after purchasing an additional 152 shares during the period. 70.44% of the stock is currently owned by institutional investors and hedge funds.

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.