Bank of America Cuts Block (NYSE:XYZ) Price Target to $80.00

Block (NYSE:XYZ) had its target price cut by Bank of America from $94.00 to $80.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other analysts have also weighed in on XYZ. StockNews.com assumed coverage on Block in a report on Saturday, February 15th. They issued a “hold” rating on the stock. Oppenheimer raised shares of Block from a “market perform” rating to an “outperform” rating and set a $115.00 price target for the company in a research report on Thursday, December 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price target on shares of Block in a report on Friday, February 21st. UBS Group cut their price target on Block from $98.00 to $97.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Robert W. Baird reduced their price objective on shares of Block from $105.00 to $80.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, Block has a consensus rating of “Moderate Buy” and an average price target of $90.14.

Block Trading Up 0.1 %

Shares of XYZ opened at $53.83 on Thursday. Block has a twelve month low of $46.42 and a twelve month high of $99.26. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The firm has a market cap of $33.35 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 0.72 and a beta of 2.77. The firm has a fifty day moving average price of $61.34.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $6.03 billion during the quarter, compared to analysts’ expectations of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. On average, analysts predict that Block will post 2.54 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $54.48, for a total transaction of $27,240.00. Following the sale, the chief accounting officer now directly owns 81,999 shares of the company’s stock, valued at approximately $4,467,305.52. The trade was a 0.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Amrita Ahuja sold 6,345 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $70.32, for a total transaction of $446,180.40. Following the transaction, the chief financial officer now owns 235,854 shares of the company’s stock, valued at $16,585,253.28. This trade represents a 2.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,324 shares of company stock worth $1,297,662. 10.49% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Block

Several large investors have recently modified their holdings of the company. Versant Capital Management Inc grew its holdings in Block by 67.7% during the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after buying an additional 159 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Block by 48.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after acquiring an additional 136 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in Block by 18.3% in the fourth quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock worth $83,000 after purchasing an additional 152 shares during the last quarter. Ulland Investment Advisors LLC raised its stake in shares of Block by 92.3% during the 4th quarter. Ulland Investment Advisors LLC now owns 2,135 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,025 shares during the period. Finally, Simon Quick Advisors LLC purchased a new stake in Block during the fourth quarter worth about $203,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

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.