Block (NYSE:SQ) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Block (NYSE:SQ) had its price objective upped by stock analysts at Wells Fargo & Company from $85.00 to $95.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 9.20% from the company’s previous close.

A number of other equities analysts also recently issued reports on the stock. Citigroup increased their price objective on shares of Block from $90.00 to $108.00 and gave the company a “buy” rating in a research note on Tuesday. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price on shares of Block in a research report on Monday, November 11th. Oppenheimer upgraded Block from a “market perform” rating to an “outperform” rating and set a $115.00 price target on the stock in a report on Thursday, December 19th. Macquarie upped their price objective on Block from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 10th. Finally, Barclays lifted their target price on Block from $100.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $97.68.

Block Stock Up 0.7 %

Shares of Block stock opened at $87.00 on Thursday. 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 stock has a market cap of $53.92 billion, a price-to-earnings ratio of 48.88, a PEG ratio of 0.75 and a beta of 2.51. The firm’s 50-day moving average is $89.61 and its two-hundred day moving average is $74.68. Block has a 1 year low of $55.00 and a 1 year high of $99.26.

Insider Buying and Selling

In other news, CFO Amrita Ahuja sold 6,661 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $91.43, for a total value of $609,015.23. Following the completion of the transaction, the chief financial officer now owns 246,967 shares of the company’s stock, valued at $22,580,192.81. The trade was a 2.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 1,000 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $80.00, for a total value of $80,000.00. Following the completion of the sale, the chief accounting officer now owns 88,791 shares in the company, valued at $7,103,280. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,981 shares of company stock worth $2,681,185. 10.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Southpoint Capital Advisors LP acquired a new stake in shares of Block during the 3rd quarter worth approximately $114,121,000. Massachusetts Financial Services Co. MA boosted its holdings in Block by 770.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock worth $116,719,000 after buying an additional 1,538,849 shares in the last quarter. Lone Pine Capital LLC grew its position in Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after buying an additional 934,588 shares during the period. D1 Capital Partners L.P. increased its holdings in Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after buying an additional 795,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Block by 1,061.0% in the second quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock worth $42,413,000 after acquiring an additional 601,020 shares during the period. 70.44% of the stock is owned by institutional investors and hedge funds.

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.