Block, Inc. (NYSE:SQ) Shares Sold by CNB Bank

CNB Bank lowered its holdings in Block, Inc. (NYSE:SQ) by 28.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 746 shares of the technology company’s stock after selling 300 shares during the period. CNB Bank’s holdings in Block were worth $58,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Decatur Capital Management Inc. increased its position in shares of Block by 11.1% in the first quarter. Decatur Capital Management Inc. now owns 3,783 shares of the technology company’s stock worth $513,000 after acquiring an additional 378 shares in the last quarter. Eudaimonia Partners LLC purchased a new position in shares of Block in the first quarter worth approximately $387,000. NewEdge Advisors LLC purchased a new position in shares of Block in the second quarter worth approximately $228,000. Prudential Financial Inc. increased its position in shares of Block by 31.3% in the second quarter. Prudential Financial Inc. now owns 25,320 shares of the technology company’s stock worth $1,616,000 after acquiring an additional 6,038 shares in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new position in shares of Block in the second quarter worth approximately $516,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Upgrades and Downgrades

SQ has been the topic of several analyst reports. BTIG Research raised shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Tuesday, January 30th. Canaccord Genuity Group boosted their price objective on shares of Block from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Benchmark boosted their price objective on shares of Block from $89.00 to $99.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Robert W. Baird boosted their price objective on shares of Block from $95.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Truist Financial boosted their target price on shares of Block from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-seven have given a buy rating to the company’s stock. According to data from MarketBeat, Block has a consensus rating of “Moderate Buy” and an average price target of $85.22.

Insiders Place Their Bets

In other Block news, insider Brian Grassadonia sold 127,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the sale, the insider now directly owns 405,224 shares in the company, valued at approximately $26,521,910.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Amrita Ahuja sold 2,581 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total transaction of $165,958.30. Following the completion of the transaction, the chief financial officer now directly owns 201,754 shares of the company’s stock, valued at approximately $12,972,782.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 127,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the transaction, the insider now directly owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 363,801 shares of company stock worth $27,284,175. Company insiders own 10.79% of the company’s stock.

Block Price Performance

NYSE:SQ traded down $1.64 during mid-day trading on Friday, reaching $70.42. 7,071,572 shares of the company were exchanged, compared to its average volume of 6,380,691. The stock has a market cap of $43.36 billion, a PE ratio of 423.88, a PEG ratio of 2.13 and a beta of 2.55. The company has a fifty day moving average of $76.75 and a 200 day moving average of $66.04. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. Block, Inc. has a 12 month low of $38.85 and a 12 month high of $87.52.

Block (NYSE:SQ) last announced its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business 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%. On average, research analysts anticipate that Block, Inc. will post 1.02 EPS for the current fiscal year.

About Block

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.