FY2024 Earnings Forecast for Block, Inc. (NYSE:SQ) Issued By Seaport Res Ptn

Block, Inc. (NYSE:SQ) – Equities researchers at Seaport Res Ptn decreased their FY2024 earnings estimates for shares of Block in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now forecasts that the technology company will post earnings per share of $0.23 for the year, down from their prior forecast of $0.25. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for Block’s current full-year earnings is $1.02 per share.

Block (NYSE:SQ) last posted its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%.

A number of other equities analysts also recently weighed in on the stock. KeyCorp boosted their price target on shares of Block from $80.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, March 27th. Citigroup boosted their price objective on Block from $76.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Wolfe Research boosted their price objective on Block from $95.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. TheStreet upgraded Block from a “d+” rating to a “c-” rating in a research note on Tuesday, December 19th. Finally, BTIG Research upgraded Block from a “neutral” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-seven have assigned a buy rating to the company. According to MarketBeat, Block currently has an average rating of “Moderate Buy” and a consensus target price of $84.41.

Block Price Performance

Shares of NYSE:SQ opened at $73.52 on Tuesday. The company’s 50-day moving average is $76.39 and its 200 day moving average is $65.55. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $45.27 billion, a P/E ratio of 452.88, a price-to-earnings-growth ratio of 2.27 and a beta of 2.55. Block has a fifty-two week low of $38.85 and a fifty-two week high of $87.52.

Insider Transactions at Block

In other news, CFO Amrita Ahuja sold 4,170 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $78.84, for a total value of $328,762.80. Following the completion of the sale, the chief financial officer now owns 193,192 shares in the company, valued at approximately $15,231,257.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Ajmere Dale sold 656 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the transaction, the chief accounting officer now owns 68,823 shares of the company’s stock, valued at approximately $4,425,318.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Amrita Ahuja sold 4,170 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $78.84, for a total transaction of $328,762.80. Following the transaction, the chief financial officer now directly owns 193,192 shares in the company, valued at approximately $15,231,257.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 363,801 shares of company stock worth $27,284,175. 10.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Block by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock worth $2,799,505,000 after purchasing an additional 1,277,043 shares in the last quarter. Capital World Investors lifted its stake in Block by 1.7% during the 4th quarter. Capital World Investors now owns 12,513,788 shares of the technology company’s stock valued at $967,942,000 after acquiring an additional 212,218 shares during the period. ARK Investment Management LLC lifted its stake in Block by 9.2% during the 4th quarter. ARK Investment Management LLC now owns 11,887,628 shares of the technology company’s stock valued at $919,508,000 after acquiring an additional 1,000,514 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Block by 0.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,377,973 shares of the technology company’s stock valued at $802,736,000 after acquiring an additional 75,161 shares during the period. Finally, Nikko Asset Management Americas Inc. lifted its stake in Block by 0.8% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 8,982,862 shares of the technology company’s stock valued at $694,735,000 after acquiring an additional 71,735 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

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.