RPG Investment Advisory LLC Trims Stock Position in Block, Inc. (NYSE:SQ)

RPG Investment Advisory LLC trimmed its stake in Block, Inc. (NYSE:SQ) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,907 shares of the technology company’s stock after selling 1,102 shares during the period. RPG Investment Advisory LLC’s holdings in Block were worth $3,322,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich grew its holdings in shares of Block by 77,283.6% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 11,698,072 shares of the technology company’s stock worth $778,741,000 after acquiring an additional 11,682,955 shares during the period. Norges Bank bought a new stake in Block during the fourth quarter worth about $353,954,000. Nikko Asset Management Americas Inc. lifted its holdings in shares of Block by 17.8% during the first quarter. Nikko Asset Management Americas Inc. now owns 8,205,524 shares of the technology company’s stock valued at $551,252,000 after purchasing an additional 1,237,427 shares during the last quarter. Scge Management L.P. bought a new stake in shares of Block in the 1st quarter worth approximately $62,506,000. Finally, Brown Advisory Inc. grew its stake in shares of Block by 26.6% in the 1st quarter. Brown Advisory Inc. now owns 3,745,890 shares of the technology company’s stock worth $257,155,000 after buying an additional 786,230 shares during the last quarter. Institutional investors own 61.17% of the company’s stock.

Block Stock Performance

Block stock traded up $0.46 during midday trading on Monday, hitting $58.65. The stock had a trading volume of 3,740,051 shares, compared to its average volume of 12,662,362. 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, Inc. has a 52-week low of $38.85 and a 52-week high of $89.97. The company has a market capitalization of $36.02 billion, a PE ratio of -123.81 and a beta of 2.34. The firm’s fifty day moving average is $47.04 and its two-hundred day moving average is $58.08.

Insiders Place Their Bets

In other Block news, Director Roelof Botha purchased 23,433 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were acquired at an average cost of $50.97 per share, with a total value of $1,194,380.01. Following the completion of the acquisition, the director now directly owns 540,646 shares in the company, valued at $27,556,726.62. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Brian Grassadonia sold 5,438 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $44.29, for a total value of $240,849.02. Following the completion of the sale, the insider now directly owns 297,914 shares of the company’s stock, valued at approximately $13,194,611.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Roelof Botha bought 23,433 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were bought at an average cost of $50.97 per share, for a total transaction of $1,194,380.01. Following the transaction, the director now owns 540,646 shares in the company, valued at approximately $27,556,726.62. The disclosure for this purchase can be found here. Over the last three months, insiders bought 534,234 shares of company stock worth $27,185,614 and sold 14,867 shares worth $647,332. Company insiders own 10.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SQ shares. Wedbush restated a “neutral” rating and set a $70.00 price target on shares of Block in a report on Tuesday, September 19th. Monness Crespi & Hardt initiated coverage on shares of Block in a report on Monday, October 2nd. They issued a “buy” rating and a $70.00 target price for the company. HSBC assumed coverage on shares of Block in a research note on Friday, October 13th. They issued a “hold” rating and a $46.00 target price on the stock. Credit Suisse Group restated an “outperform” rating and issued a $100.00 price objective on shares of Block in a report on Friday, August 4th. Finally, BNP Paribas raised Block from an “underperform” rating to an “outperform” rating and set a $95.00 price objective on the stock in a research report on Friday, July 28th. Nine equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company 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.