Los Angeles Capital Management LLC Acquires 50,294 Shares of Block, Inc. (NYSE:SQ)

Los Angeles Capital Management LLC boosted its holdings in Block, Inc. (NYSE:SQFree Report) by 24.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 255,560 shares of the technology company’s stock after purchasing an additional 50,294 shares during the period. Los Angeles Capital Management LLC’s holdings in Block were worth $21,615,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Montag A & Associates Inc. increased its stake in shares of Block by 843.2% in the fourth quarter. Montag A & Associates Inc. now owns 349 shares of the technology company’s stock worth $27,000 after buying an additional 312 shares during the period. Tidemark LLC bought a new stake in shares of Block in the 4th quarter worth approximately $32,000. Vima LLC purchased a new stake in Block in the fourth quarter worth $34,000. Creekmur Asset Management LLC purchased a new position in Block during the 4th quarter valued at $36,000. Finally, Cape Investment Advisory Inc. boosted its stake in shares of Block by 419.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 519 shares of the technology company’s stock valued at $40,000 after purchasing an additional 419 shares in the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Robert W. Baird lifted their price objective on Block from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Citigroup upped their target price on shares of Block from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. Piper Sandler reissued an “overweight” rating and set a $88.00 price objective (up previously from $86.00) on shares of Block in a research note on Friday, February 23rd. Mizuho raised their target price on shares of Block from $99.00 to $106.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Finally, Benchmark reiterated a “buy” rating and set a $99.00 target price on shares of Block in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.59.

Get Our Latest Stock Report on SQ

Insider Transactions at Block

In related news, insider Brian Grassadonia sold 111,666 shares of Block stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $82.73, for a total transaction of $9,238,128.18. Following the completion of the transaction, the insider now directly owns 485,645 shares in the company, valued at $40,177,410.85. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Block news, CFO Amrita Ahuja sold 4,170 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $78.84, for a total transaction of $328,762.80. Following the completion of the transaction, the chief financial officer now owns 193,192 shares of the company’s stock, valued at $15,231,257.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 111,666 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $82.73, for a total value of $9,238,128.18. Following the completion of the transaction, the insider now owns 485,645 shares in the company, valued at approximately $40,177,410.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 247,739 shares of company stock valued at $18,584,747. Corporate insiders own 10.49% of the company’s stock.

Block Trading Down 1.0 %

Shares of NYSE:SQ traded down $0.60 during trading on Wednesday, reaching $61.90. The company’s stock had a trading volume of 7,176,711 shares, compared to its average volume of 7,278,238. The stock has a market capitalization of $38.19 billion, a PE ratio of 80.39, a price-to-earnings-growth ratio of 1.46 and a beta of 2.54. The company has a current ratio of 1.64, a quick ratio of 1.64 and a debt-to-equity ratio of 0.16. The firm’s 50 day simple moving average is $69.55 and its two-hundred day simple moving average is $71.83. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $87.52.

Block (NYSE:SQGet Free Report) last announced its earnings results on Thursday, May 2nd. The technology company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.32. Block had a net margin of 2.18% and a return on equity of 2.04%. The business had revenue of $5.96 billion for the quarter, compared to the consensus estimate of $5.75 billion. On average, research analysts predict that Block, Inc. will post 1.28 EPS for the current fiscal year.

About Block

(Free Report)

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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Institutional Ownership by Quarter for Block (NYSE:SQ)

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