Block, Inc. (NYSE:SQ) Forecasted to Earn Q2 2024 Earnings of $0.40 Per Share

Block, Inc. (NYSE:SQ) – Research analysts at William Blair issued their Q2 2024 earnings per share (EPS) estimates for shares of Block in a research note issued to investors on Wednesday, July 31st. William Blair analyst A. Jeffrey expects that the technology company will post earnings per share of $0.40 for the quarter. William Blair has a “Strong-Buy” rating on the stock. The consensus estimate for Block’s current full-year earnings is $1.30 per share. William Blair also issued estimates for Block’s Q3 2024 earnings at $0.41 EPS, Q4 2024 earnings at $0.46 EPS, FY2024 earnings at $1.64 EPS, Q1 2025 earnings at $0.60 EPS, Q2 2025 earnings at $0.68 EPS, Q3 2025 earnings at $0.70 EPS, Q4 2025 earnings at $0.74 EPS and FY2025 earnings at $2.70 EPS.

Other research analysts have also issued reports about the company. Macquarie reiterated an “outperform” rating and issued a $100.00 price objective on shares of Block in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their price objective on Block from $90.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Keefe, Bruyette & Woods reduced their price target on Block from $82.00 to $74.00 and set a “market perform” rating on the stock in a research report on Monday, July 8th. The Goldman Sachs Group restated a “buy” rating and issued a $80.00 price target on shares of Block in a research report on Monday, June 24th. Finally, Wells Fargo & Company reduced their price target on Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Block presently has an average rating of “Moderate Buy” and an average target price of $87.22.

Block Stock Up 0.8 %

Shares of SQ opened at $60.38 on Friday. The firm has a market capitalization of $37.26 billion, a price-to-earnings ratio of 78.42, a PEG ratio of 1.38 and a beta of 2.52. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.64 and a current ratio of 1.64. The business’s fifty day moving average price is $64.52 and its two-hundred day moving average price is $70.21. Block has a 52 week low of $38.85 and a 52 week high of $87.52.

Block (NYSE:SQ) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 3.81% and a net margin of 3.47%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.40 EPS.

Hedge Funds Weigh In On Block

A number of hedge funds and other institutional investors have recently bought and sold shares of SQ. Norges Bank bought a new position in Block during the fourth quarter worth about $528,996,000. Baillie Gifford & Co. boosted its holdings in shares of Block by 3,525.7% during the fourth quarter. Baillie Gifford & Co. now owns 5,935,002 shares of the technology company’s stock worth $459,072,000 after acquiring an additional 5,771,310 shares during the period. Lone Pine Capital LLC boosted its holdings in shares of Block by 70.0% during the fourth quarter. Lone Pine Capital LLC now owns 6,606,269 shares of the technology company’s stock worth $510,995,000 after acquiring an additional 2,720,123 shares during the period. Trivest Advisors Ltd bought a new stake in shares of Block during the fourth quarter worth approximately $157,021,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Block by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock worth $2,799,505,000 after acquiring an additional 1,277,043 shares during the period. Institutional investors own 70.44% of the company’s stock.

Insider Buying and Selling at Block

In related news, insider Chrysty Esperanza sold 2,500 shares of Block stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $70.00, for a total value of $175,000.00. Following the sale, the insider now owns 92,048 shares of the company’s stock, valued at $6,443,360. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Chrysty Esperanza sold 2,500 shares of Block stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $70.00, for a total value of $175,000.00. Following the sale, the insider now owns 92,048 shares of the company’s stock, valued at $6,443,360. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ajmere Dale sold 1,278 shares of Block stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.26, for a total value of $91,070.28. Following the completion of the sale, the chief accounting officer now directly owns 93,337 shares in the company, valued at approximately $6,651,194.62. The disclosure for this sale can be found here. Insiders have sold 24,505 shares of company stock valued at $1,683,811 in the last 90 days. 10.49% of the stock is currently owned by company insiders.

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.