Wells Fargo & Company Lowers Block (NYSE:SQ) Price Target to $99.00

Block (NYSE:SQGet Rating) had its target price decreased by Wells Fargo & Company from $110.00 to $99.00 in a report published on Thursday, MarketBeat Ratings reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on SQ. Piper Sandler decreased their price objective on shares of Block from $105.00 to $84.00 and set a neutral rating for the company in a research report on Wednesday, July 6th. Truist Financial dropped their price objective on shares of Block from $145.00 to $105.00 and set a buy rating on the stock in a research note on Thursday, June 30th. Robert W. Baird dropped their price target on shares of Block from $120.00 to $78.00 in a research note on Wednesday, July 20th. Susquehanna dropped their price target on shares of Block from $160.00 to $100.00 in a research note on Tuesday, July 19th. Finally, William Blair restated a market perform rating on shares of Block in a research report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirty-five have given a buy rating to the company’s stock. According to MarketBeat, Block has a consensus rating of Moderate Buy and an average price target of $150.73.

Block Trading Up 4.1 %

SQ opened at $70.59 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.80 and a quick ratio of 1.80. The company’s 50 day simple moving average is $73.28 and its two-hundred day simple moving average is $90.82. Block has a 1-year low of $56.01 and a 1-year high of $270.16. The firm has a market capitalization of $40.95 billion, a price-to-earnings ratio of -77.57 and a beta of 2.45.

Block (NYSE:SQGet Rating) last posted its earnings results on Thursday, August 4th. The technology company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.01. Block had a negative net margin of 3.00% and a negative return on equity of 2.52%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the firm earned $0.38 EPS. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. Analysts expect that Block will post -0.73 EPS for the current fiscal year.

Insider Activity at Block

In other news, CFO Amrita Ahuja sold 4,029 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $62.63, for a total transaction of $252,336.27. Following the completion of the sale, the chief financial officer now directly owns 155,649 shares of the company’s stock, valued at approximately $9,748,296.87. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Block news, CFO Amrita Ahuja sold 4,029 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $62.63, for a total value of $252,336.27. Following the completion of the transaction, the chief financial officer now owns 155,649 shares in the company, valued at approximately $9,748,296.87. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alyssa Henry sold 30,769 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $86.18, for a total value of $2,651,672.42. Following the completion of the sale, the insider now directly owns 428,058 shares in the company, valued at approximately $36,890,038.44. The disclosure for this sale can be found here. In the last three months, insiders sold 330,043 shares of company stock valued at $23,561,860. 11.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Block

Large investors have recently bought and sold shares of the stock. Arlington Partners LLC boosted its holdings in Block by 200.0% in the first quarter. Arlington Partners LLC now owns 234 shares of the technology company’s stock worth $32,000 after acquiring an additional 156 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Block during the fourth quarter valued at about $36,000. Heritage Wealth Management LLC bought a new position in shares of Block in the second quarter worth about $36,000. Thompson Siegel & Walmsley LLC bought a new position in shares of Block in the first quarter worth about $41,000. Finally, Ronald Blue Trust Inc. bought a new position in shares of Block in the second quarter worth about $43,000. 62.26% of the stock is owned by hedge funds and other institutional investors.

Block Company Profile

(Get Rating)

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.

Read More

Analyst Recommendations for Block (NYSE:SQ)

Receive News & Ratings for Block Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Block and related companies with MarketBeat.com's FREE daily email newsletter.