Block (NYSE:SQ) Stock Rating Lowered by Sumitomo Mitsui Financial Group

Sumitomo Mitsui Financial Group cut shares of Block (NYSE:SQGet Rating) from an outperform rating to a neutral rating in a research note published on Wednesday, MarketBeat Ratings reports. Sumitomo Mitsui Financial Group currently has $70.00 price objective on the technology company’s stock, down from their prior price objective of $120.00.

Other equities analysts also recently issued research reports about the stock. Evercore ISI downgraded shares of Block from an outperform rating to an underperform rating and decreased their target price for the company from $120.00 to $55.00 in a research note on Wednesday, September 14th. Mizuho decreased their target price on shares of Block from $135.00 to $125.00 and set a buy rating for the company in a research note on Monday, August 8th. Truist Financial decreased their target price on shares of Block from $145.00 to $105.00 and set a buy rating for the company in a research note on Thursday, June 30th. The Goldman Sachs Group decreased their target price on shares of Block from $152.00 to $134.00 and set a buy rating for the company in a research note on Monday, August 8th. Finally, William Blair reaffirmed a market perform rating on shares of Block in a research note on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $137.41.

Block Stock Performance

Shares of SQ opened at $59.45 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.80 and a quick ratio of 1.80. Block has a one year low of $56.01 and a one year high of $270.16. The company has a 50-day simple moving average of $73.65 and a two-hundred day simple moving average of $88.11. The firm has a market capitalization of $34.48 billion, a PE ratio of -65.33 and a beta of 2.45.

Block (NYSE:SQGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The technology company reported ($0.19) EPS for the quarter, topping 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 business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the business posted $0.38 earnings per share. Block’s quarterly revenue was down 5.8% compared to the same quarter last year. On average, analysts anticipate that Block will post -0.72 EPS for the current fiscal year.

Insider Activity at Block

In related news, CFO Amrita Ahuja sold 8,130 shares of Block stock in a transaction on Monday, August 8th. The shares were sold at an average price of $88.13, for a total transaction of $716,496.90. Following the transaction, the chief financial officer now owns 151,829 shares in the company, valued at approximately $13,380,689.77. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Block news, insider Alyssa Henry sold 30,770 shares of Block stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $63.47, for a total value of $1,952,971.90. Following the sale, the insider now directly owns 433,543 shares in the company, valued at approximately $27,516,974.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Amrita Ahuja sold 8,130 shares of Block stock in a transaction on Monday, August 8th. The shares were sold at an average price of $88.13, for a total transaction of $716,496.90. Following the completion of the sale, the chief financial officer now owns 151,829 shares in the company, valued at $13,380,689.77. The disclosure for this sale can be found here. In the last quarter, insiders have sold 330,041 shares of company stock worth $23,850,966. 11.52% of the stock is owned by corporate insiders.

Institutional Trading of Block

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sands Capital Management LLC increased its holdings in Block by 7.7% in the 2nd quarter. Sands Capital Management LLC now owns 16,450,950 shares of the technology company’s stock valued at $1,011,075,000 after acquiring an additional 1,179,222 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Block by 5.7% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 12,702,025 shares of the technology company’s stock valued at $780,667,000 after acquiring an additional 686,870 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Block by 12.4% in the 2nd quarter. Loomis Sayles & Co. L P now owns 7,221,371 shares of the technology company’s stock worth $443,826,000 after buying an additional 796,675 shares during the last quarter. Bares Capital Management Inc. increased its holdings in shares of Block by 6.9% in the 2nd quarter. Bares Capital Management Inc. now owns 6,637,074 shares of the technology company’s stock worth $407,915,000 after buying an additional 426,204 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Block by 9.2% in the 2nd quarter. Legal & General Group Plc now owns 2,870,448 shares of the technology company’s stock worth $176,418,000 after buying an additional 240,666 shares during the last quarter. 62.26% of the stock is currently owned by institutional investors.

About Block

(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.

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Analyst Recommendations for Block (NYSE:SQ)

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