Block (NYSE:SQ) Given New $112.00 Price Target at Barclays

Block (NYSE:SQ) had its price target lifted by investment analysts at Barclays from $100.00 to $112.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s target price would suggest a potential upside of 17.68% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Piper Sandler restated an “overweight” rating and set a $83.00 price target on shares of Block in a research report on Monday, November 11th. The Goldman Sachs Group boosted their price objective on Block from $87.00 to $102.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Sanford C. Bernstein boosted their price objective on Block from $90.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 price target on shares of Block in a research note on Monday, October 21st. Finally, BMO Capital Markets lowered Block from an “outperform” rating to a “market perform” rating and upped their price target for the company from $94.00 to $100.00 in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.34.

Block Price Performance

NYSE SQ traded up $1.39 during trading on Tuesday, reaching $95.17. 3,405,607 shares of the company traded hands, compared to its average volume of 8,245,487. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The stock’s 50 day moving average price is $82.35 and its two-hundred day moving average price is $70.77. The company has a market cap of $58.99 billion, a price-to-earnings ratio of 53.62, a P/E/G ratio of 1.23 and a beta of 2.50. Block has a 1-year low of $55.00 and a 1-year high of $99.26.

Insider Activity at Block

In other news, insider Brian Grassadonia sold 1,884 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total value of $123,232.44. Following the completion of the sale, the insider now directly owns 574,914 shares of the company’s stock, valued at $37,605,124.74. This trade represents a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the sale, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,918 shares of company stock valued at $2,666,147. Insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Hedge funds have recently made changes to their positions in the business. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Block by 36.3% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,468 shares of the technology company’s stock worth $611,000 after buying an additional 2,521 shares in the last quarter. Blue Trust Inc. increased its holdings in Block by 2,230.1% in the 2nd quarter. Blue Trust Inc. now owns 2,167 shares of the technology company’s stock worth $140,000 after purchasing an additional 2,074 shares in the last quarter. Atria Wealth Solutions Inc. increased its holdings in Block by 34.1% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 21,779 shares of the technology company’s stock worth $1,405,000 after purchasing an additional 5,536 shares in the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in Block in the 2nd quarter worth about $200,000. Finally, RMR Wealth Builders increased its holdings in Block by 27.7% in the 2nd quarter. RMR Wealth Builders now owns 3,391 shares of the technology company’s stock worth $219,000 after purchasing an additional 736 shares in the last quarter. 70.44% of the stock is 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.