Barclays Cuts Block (NYSE:XYZ) Price Target to $97.00

Block (NYSE:XYZ) had its target price trimmed by Barclays from $112.00 to $97.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other research analysts have also recently commented on XYZ. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price on shares of Block in a report on Monday, November 11th. Wells Fargo & Company raised their target price on shares of Block from $85.00 to $95.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. BMO Capital Markets upgraded Block from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $100.00 to $89.00 in a report on Monday. Raymond James decreased their price objective on Block from $115.00 to $103.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Finally, Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of Block in a research report on Friday, February 21st. Six research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $96.31.

Block Trading Up 3.9 %

Shares of XYZ opened at $65.29 on Monday. 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 company has a market capitalization of $40.47 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 0.72 and a beta of 2.53. Block has a 52-week low of $55.00 and a 52-week high of $99.26.

Block (NYSE:XYZ) last announced its 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 for the quarter, compared to analyst estimates of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. As a group, equities research analysts anticipate that Block will post 2.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 1,467 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $103,159.44. Following the completion of the transaction, the chief accounting officer now directly owns 82,499 shares of the company’s stock, valued at $5,801,329.68. This represents a 1.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Grassadonia sold 3,253 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $68.01, for a total value of $221,236.53. Following the transaction, the insider now directly owns 548,597 shares in the company, valued at $37,310,081.97. This represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,832 shares of company stock valued at $1,921,288. Corporate insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Key Client Fiduciary Advisors LLC raised its holdings in shares of Block by 1.4% in the 4th quarter. Key Client Fiduciary Advisors LLC now owns 8,340 shares of the technology company’s stock valued at $709,000 after acquiring an additional 115 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Block by 48.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after purchasing an additional 136 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Block by 1.9% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company’s stock worth $520,000 after purchasing an additional 145 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Block by 0.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 26,864 shares of the technology company’s stock valued at $2,283,000 after purchasing an additional 145 shares during the last quarter. Finally, Rosenberg Matthew Hamilton raised its holdings in shares of Block by 18.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock valued at $83,000 after buying an additional 152 shares in the last quarter. 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.