Intech Investment Management LLC Sells 18,504 Shares of Block, Inc. (NYSE:SQ)

Intech Investment Management LLC trimmed its position in Block, Inc. (NYSE:SQ) by 37.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,466 shares of the technology company’s stock after selling 18,504 shares during the period. Intech Investment Management LLC’s holdings in Block were worth $2,095,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Howard Wealth Management LLC increased its holdings in Block by 4.4% during the 2nd quarter. Howard Wealth Management LLC now owns 3,058 shares of the technology company’s stock worth $204,000 after purchasing an additional 130 shares in the last quarter. Capital Impact Advisors LLC increased its holdings in shares of Block by 2.6% in the fourth quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company’s stock worth $339,000 after purchasing an additional 138 shares during the period. DAVENPORT & Co LLC increased its holdings 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 worth $649,000 after purchasing an additional 180 shares during the period. HB Wealth Management LLC increased its holdings 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 increased its holdings in shares of Block by 15.5% in the second 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 period. 61.17% of the stock is owned by institutional investors.

Block Stock Performance

Shares of SQ opened at $56.28 on Thursday. The company has a 50-day simple moving average of $46.94 and a two-hundred day simple moving average of $58.11. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.91 and a quick ratio of 1.91. The firm has a market capitalization of $34.56 billion, a PE ratio of -119.74 and a beta of 2.34. Block, Inc. has a one year low of $38.85 and a one year high of $89.97.

Insider Buying and Selling at Block

In other news, Director Roelof Botha acquired 495,539 shares of the business’s stock in a transaction on Wednesday, November 8th. The shares were acquired at an average cost of $50.88 per share, with a total value of $25,213,024.32. Following the transaction, the director now owns 495,539 shares in the company, valued at approximately $25,213,024.32. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Ajmere Dale sold 629 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly 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 SEC, which is accessible through the SEC website. Also, Director Roelof Botha purchased 495,539 shares of the company’s stock in a transaction dated Wednesday, November 8th. The stock was bought at an average cost of $50.88 per share, for a total transaction of $25,213,024.32. Following the completion of the transaction, the director now owns 495,539 shares in the company, valued at $25,213,024.32. The disclosure for this purchase can be found here. In the last three months, insiders have bought 534,234 shares of company stock valued at $27,185,614 and have sold 21,222 shares valued at $1,006,326. Insiders own 10.79% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on SQ. TD Cowen began coverage on shares of Block in a report on Friday, October 6th. They issued an “outperform” rating and a $59.00 price target on the stock. BMO Capital Markets decreased their price target on shares of Block from $88.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. HSBC began coverage on shares of Block in a report on Friday, October 13th. They issued a “hold” rating and a $46.00 price target on the stock. KeyCorp reduced their target price on Block from $85.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 18th. Finally, Wells Fargo & Company began coverage on Block in a research note on Tuesday, October 31st. They issued an “equal weight” rating and a $45.00 target price on the stock. Nine investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.84.

Block 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.