Cinctive Capital Management LP Decreases Stake in Block, Inc. (NYSE:SQ)

Cinctive Capital Management LP cut its holdings in shares of Block, Inc. (NYSE:SQ) by 70.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,864 shares of the technology company’s stock after selling 165,507 shares during the quarter. Cinctive Capital Management LP’s holdings in Block were worth $4,556,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Baillie Gifford & Co. raised its holdings in shares of Block by 45.7% during the 2nd quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock worth $650,396,000 after acquiring an additional 3,163,975 shares during the period. Southpoint Capital Advisors LP acquired a new stake in Block during the third quarter worth about $114,121,000. Massachusetts Financial Services Co. MA increased its position in Block by 770.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock worth $116,719,000 after purchasing an additional 1,538,849 shares during the last quarter. Lone Pine Capital LLC raised its stake in Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after purchasing an additional 934,588 shares during the period. Finally, D1 Capital Partners L.P. boosted its holdings in Block by 76.7% in the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after purchasing an additional 795,000 shares during the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Sanford C. Bernstein raised their price target on shares of Block from $90.00 to $120.00 and gave the stock an “outperform” rating in a report on Monday. BNP Paribas cut Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price for the company. in a research note on Wednesday, November 20th. Needham & Company LLC upped their price target on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler reissued an “overweight” rating and set a $83.00 price objective on shares of Block in a research report on Monday, November 11th. Finally, William Blair restated an “outperform” rating on shares of Block in a report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $93.21.

Block Price Performance

Block stock opened at $92.77 on Tuesday. The stock has a market cap of $57.50 billion, a P/E ratio of 52.12, a price-to-earnings-growth ratio of 1.19 and a beta of 2.50. The company has a fifty day simple moving average of $76.53 and a 200-day simple moving average of $68.85. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. Block, Inc. has a 12-month low of $55.00 and a 12-month high of $95.95.

Insiders Place Their Bets

In related news, CFO Amrita Ahuja sold 6,661 shares of Block stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.43, for a total transaction of $609,015.23. Following the sale, the chief financial officer now directly owns 246,967 shares in the company, valued at $22,580,192.81. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the transaction, the chief accounting officer now owns 90,460 shares of the company’s stock, valued at $6,060,820. This represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,053 shares of company stock valued at $2,393,972 in the last ninety days. Insiders own 10.49% of the company’s stock.

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.