Beacon Pointe Advisors LLC Trims Stock Position in Block, Inc. (NYSE:SQ)

Beacon Pointe Advisors LLC lessened its holdings in shares of Block, Inc. (NYSE:SQ) by 26.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,452 shares of the technology company’s stock after selling 1,992 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Block were worth $422,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hexagon Capital Partners LLC boosted its stake in shares of Block by 26.8% in the fourth quarter. Hexagon Capital Partners LLC now owns 805 shares of the technology company’s stock worth $62,000 after acquiring an additional 170 shares during the period. Washington Trust Advisors Inc. lifted its holdings in shares of Block by 38.7% in the fourth quarter. Washington Trust Advisors Inc. now owns 616 shares of the technology company’s stock worth $48,000 after buying an additional 172 shares in the last quarter. Dynamic Advisor Solutions LLC boosted its position in shares of Block by 2.9% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 6,328 shares of the technology company’s stock worth $489,000 after acquiring an additional 180 shares during the last quarter. WP Advisors LLC grew its stake in Block by 3.9% during the fourth quarter. WP Advisors LLC now owns 5,381 shares of the technology company’s stock valued at $416,000 after acquiring an additional 200 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Block by 38.4% in the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock valued at $32,000 after acquiring an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 5,155 shares of Block stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $71.26, for a total value of $367,345.30. Following the sale, the insider now owns 599,150 shares in the company, valued at $42,695,429. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Block news, insider Brian Grassadonia sold 5,155 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $71.26, for a total value of $367,345.30. Following the sale, the insider now owns 599,150 shares of the company’s stock, valued at $42,695,429. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the transaction, the chief accounting officer now owns 68,323 shares of the company’s stock, valued at $5,790,374.25. The disclosure for this sale can be found here. Insiders have sold a total of 359,653 shares of company stock worth $27,333,065 in the last quarter. Company insiders own 10.49% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. TD Cowen increased their price target on Block from $90.00 to $92.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Truist Financial increased their price objective on Block from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $88.00 target price (up previously from $86.00) on shares of Block in a research report on Friday, February 23rd. Evercore ISI restated an “in-line” rating and set a $75.00 target price on shares of Block in a research note on Tuesday, March 26th. Finally, William Blair reiterated a “market perform” rating on shares of Block in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.59.

Block Stock Down 0.5 %

Shares of SQ opened at $66.30 on Friday. The stock has a 50 day moving average price of $75.19 and a 200 day moving average price of $70.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.64 and a current ratio of 1.64. The stock has a market capitalization of $40.91 billion, a price-to-earnings ratio of 86.11, a PEG ratio of 1.58 and a beta of 2.57. Block, Inc. has a one year low of $38.85 and a one year high of $87.52.

Block (NYSE:SQ) last issued its earnings results on Thursday, May 2nd. The technology company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.32. The business had revenue of $5.96 billion during the quarter, compared to analysts’ expectations of $5.75 billion. Block had a net margin of 2.18% and a return on equity of 2.04%. Equities research analysts forecast that Block, Inc. will post 1.26 earnings per share for the current fiscal year.

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.