Block, Inc. (NYSE:SQ) Shares Sold by Profit Investment Management LLC

Profit Investment Management LLC cut its holdings in shares of Block, Inc. (NYSE:SQ) by 2.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,117 shares of the technology company’s stock after selling 218 shares during the period. Profit Investment Management LLC’s holdings in Block were worth $607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Inceptionr LLC acquired a new position in shares of Block in the first quarter worth about $239,000. M&T Bank Corp raised its position in shares of Block by 23.0% in the first quarter. M&T Bank Corp now owns 58,733 shares of the technology company’s stock worth $4,032,000 after acquiring an additional 10,985 shares during the period. Freestone Capital Holdings LLC increased its stake in shares of Block by 6.1% during the first quarter. Freestone Capital Holdings LLC now owns 5,223 shares of the technology company’s stock worth $359,000 after purchasing an additional 301 shares in the last quarter. Procyon Advisors LLC increased its stake in shares of Block by 10.1% during the first quarter. Procyon Advisors LLC now owns 5,152 shares of the technology company’s stock worth $354,000 after purchasing an additional 473 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in shares of Block by 1.1% during the first quarter. State of New Jersey Common Pension Fund D now owns 320,444 shares of the technology company’s stock worth $21,998,000 after purchasing an additional 3,552 shares in the last quarter. 61.17% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Block news, CFO Amrita Ahuja sold 3,369 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $56.49, for a total transaction of $190,314.81. Following the sale, the chief financial officer now directly owns 230,723 shares in the company, valued at approximately $13,033,542.27. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Block news, insider Alyssa Henry sold 2,357 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $56.49, for a total transaction of $133,146.93. Following the sale, the insider now directly owns 479,708 shares in the company, valued at approximately $27,098,704.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Amrita Ahuja sold 3,369 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $56.49, for a total transaction of $190,314.81. Following the completion of the sale, the chief financial officer now owns 230,723 shares in the company, valued at $13,033,542.27. The disclosure for this sale can be found here. Insiders have sold a total of 34,200 shares of company stock worth $2,310,864 in the last ninety days. 10.79% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. UBS Group cut shares of Block from a “buy” rating to a “neutral” rating and cut their target price for the stock from $102.00 to $65.00 in a research note on Wednesday, September 6th. Jefferies Financial Group boosted their target price on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, July 24th. Truist Financial cut their target price on shares of Block from $90.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, August 4th. Credit Suisse Group reaffirmed an “outperform” rating and set a $100.00 price objective on shares of Block in a research note on Friday, August 4th. Finally, Morgan Stanley dropped their price objective on shares of Block from $70.00 to $69.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and an average target price of $86.32.

Block Stock Performance

Shares of SQ stock opened at $52.83 on Friday. The firm’s 50 day moving average price is $64.61 and its 200-day moving average price is $64.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.92 and a current ratio of 1.92. Block, Inc. has a one year low of $51.34 and a one year high of $89.97. The firm has a market cap of $32.23 billion, a P/E ratio of -120.07 and a beta of 2.34.

Block (NYSE:SQ) last released its earnings results on Thursday, August 3rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The company had revenue of $5.53 billion for the quarter, compared to analyst estimates of $5.10 billion. Block had a negative net margin of 1.38% and a negative return on equity of 0.61%. The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.19) EPS. As a group, equities research analysts predict that Block, Inc. will post -0.27 EPS for the current year.

About Block

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.