Flagship Harbor Advisors LLC boosted its position in shares of Block, Inc. (NYSE:SQ – Free Report) by 2.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,833 shares of the technology company’s stock after buying an additional 450 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Block were worth $1,121,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. ARK Investment Management LLC raised its stake in shares of Block by 2.4% during the second quarter. ARK Investment Management LLC now owns 10,726,935 shares of the technology company’s stock valued at $714,092,000 after acquiring an additional 256,004 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Block by 14.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,733,484 shares of the technology company’s stock valued at $668,204,000 after purchasing an additional 1,243,014 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Block by 17.8% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 8,205,524 shares of the technology company’s stock worth $551,252,000 after buying an additional 1,237,427 shares during the period. Geode Capital Management LLC grew its position in shares of Block by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 5,685,675 shares of the technology company’s stock worth $389,576,000 after buying an additional 189,718 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Block during the fourth quarter valued at approximately $353,954,000. Hedge funds and other institutional investors own 61.17% of the company’s stock.
Block Stock Down 3.0 %
SQ opened at $51.25 on Tuesday. The stock has a market capitalization of $31.27 billion, a price-to-earnings ratio of -116.47 and a beta of 2.34. The firm has a 50 day moving average price of $64.25 and a 200-day moving average price of $64.72. Block, Inc. has a twelve month low of $51.24 and a twelve month high of $89.97. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.23.
Insiders Place Their Bets
In other news, insider Alyssa Henry sold 2,357 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $56.49, for a total value of $133,146.93. Following the transaction, the insider now owns 479,708 shares in the company, valued at approximately $27,098,704.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Block news, insider Alyssa Henry sold 2,357 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $56.49, for a total transaction of $133,146.93. Following the completion of the sale, the insider now owns 479,708 shares of the company’s stock, valued at $27,098,704.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Henry Summers sold 3,668 shares of the firm’s stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $66.09, for a total value of $242,418.12. Following the completion of the transaction, the director now directly owns 22,280 shares in the company, valued at approximately $1,472,485.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,200 shares of company stock valued at $2,310,864. Insiders own 10.79% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on SQ. Needham & Company LLC raised their price target on Block from $80.00 to $82.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $90.00 target price on shares of Block in a research note on Tuesday, August 29th. Berenberg Bank assumed coverage on shares of Block in a research note on Monday, September 11th. They issued a “buy” rating and a $75.00 price target for the company. UBS Group cut Block from a “buy” rating to a “neutral” rating and cut their price objective for the company from $102.00 to $65.00 in a research report on Wednesday, September 6th. Finally, Wolfe Research decreased their target price on Block from $90.00 to $85.00 in a research report on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $86.32.
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.
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