IVY Lane Capital Management LLC Makes New Investment in Block, Inc. (NYSE:SQ)

IVY Lane Capital Management LLC purchased a new stake in shares of Block, Inc. (NYSE:SQ) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 54,000 shares of the technology company’s stock, valued at approximately $3,595,000. Block makes up about 2.7% of IVY Lane Capital Management LLC’s investment portfolio, making the stock its 14th biggest position.

Several other institutional investors and hedge funds have also modified their holdings of the business. Howard Wealth Management LLC raised its position in shares of Block by 4.4% in the second quarter. Howard Wealth Management LLC now owns 3,058 shares of the technology company’s stock valued at $204,000 after purchasing an additional 130 shares during the period. Capital Impact Advisors LLC boosted its holdings in Block by 2.6% during the fourth quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company’s stock valued at $339,000 after acquiring an additional 138 shares during the period. DAVENPORT & Co LLC grew its position in shares of Block by 1.9% in the first quarter. DAVENPORT & Co LLC now owns 9,447 shares of the technology company’s stock valued at $649,000 after purchasing an additional 180 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Block by 1.5% in the second quarter. HB Wealth Management LLC now owns 12,872 shares of the technology company’s stock worth $857,000 after purchasing an additional 194 shares during the period. Finally, Kistler Tiffany Companies LLC lifted its position in shares of Block by 15.5% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 1,527 shares of the technology company’s stock worth $102,000 after purchasing an additional 205 shares during the last quarter. Institutional investors and hedge funds own 61.17% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 629 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $56.49, for a total value of $35,532.21. Following the transaction, the chief accounting officer now owns 72,981 shares of the company’s stock, valued at approximately $4,122,696.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Ajmere Dale sold 629 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $56.49, for a total value of $35,532.21. Following the transaction, the chief accounting officer now directly owns 72,981 shares in the company, valued at approximately $4,122,696.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Amrita Ahuja sold 3,369 shares of Block stock in a transaction on Monday, August 21st. The stock was sold at an average price of $56.49, for a total value of $190,314.81. Following the sale, the chief financial officer now directly owns 230,723 shares of the company’s stock, valued at $13,033,542.27. The disclosure for this sale can be found here. In the last three months, insiders bought 534,234 shares of company stock valued at $27,185,614 and sold 21,222 shares valued at $1,006,326. Company insiders own 10.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SQ shares. Truist Financial dropped their price target on Block from $85.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, October 17th. Wells Fargo & Company started coverage on shares of Block in a report on Tuesday, October 31st. They issued an “equal weight” rating and a $45.00 price target for the company. Morgan Stanley decreased their price target on shares of Block from $70.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. Citigroup cut their price objective on shares of Block from $90.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, October 4th. Finally, Piper Sandler decreased their target price on Block from $77.00 to $67.00 and set an “overweight” rating on the stock in a research report on Friday, November 3rd. Nine research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, Block currently has an average rating of “Moderate Buy” and a consensus price target of $76.84.

Block Trading Up 2.9 %

Shares of SQ traded up $1.58 during trading hours on Wednesday, hitting $56.68. 2,698,593 shares of the stock traded hands, compared to its average volume of 12,665,150. The business has a fifty day moving average of $46.96 and a 200-day moving average of $58.13. The firm has a market capitalization of $34.81 billion, a PE ratio of -117.28 and a beta of 2.34. Block, Inc. has a 1-year low of $38.85 and a 1-year high of $89.97. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

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.