Sumitomo Mitsui Trust Group Inc. Reduces Stake in Block, Inc. (NYSE:SQ)

Sumitomo Mitsui Trust Group Inc. lowered its position in Block, Inc. (NYSE:SQ) by 10.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 7,882,071 shares of the technology company’s stock after selling 907,670 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Block were worth $529,123,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Block by 53.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,947 shares of the technology company’s stock worth $588,000 after purchasing an additional 2,432 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Block by 28.2% during the 1st quarter. Empowered Funds LLC now owns 20,750 shares of the technology company’s stock valued at $1,755,000 after acquiring an additional 4,561 shares during the last quarter. Meeder Advisory Services Inc. boosted its position in shares of Block by 18.4% in the first quarter. Meeder Advisory Services Inc. now owns 4,903 shares of the technology company’s stock worth $415,000 after acquiring an additional 762 shares during the last quarter. Qsemble Capital Management LP acquired a new position in Block during the first quarter worth approximately $464,000. Finally, Avantax Advisory Services Inc. raised its position in shares of Block by 6.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 21,928 shares of the technology company’s stock worth $1,855,000 after buying an additional 1,292 shares during the period. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price objective on Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday. Needham & Company LLC raised their target price on shares of Block from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday. William Blair upgraded Block to a “strong-buy” rating in a research note on Wednesday, July 31st. Morgan Stanley reduced their price target on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 30th. Finally, Macquarie restated an “outperform” rating and set a $100.00 target price on shares of Block in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Block has a consensus rating of “Moderate Buy” and a consensus price target of $90.37.

Block Stock Up 11.9 %

NYSE:SQ opened at $83.41 on Tuesday. Block, Inc. has a 1-year low of $50.86 and a 1-year high of $87.52. The firm has a market capitalization of $51.35 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 1.02 and a beta of 2.48. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $69.21 and its 200 day moving average price is $67.00.

Insider Buying and Selling at Block

In related news, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the completion of the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Block news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the transaction, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 1,406 shares of Block stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total transaction of $90,968.20. Following the completion of the transaction, the chief accounting officer now owns 90,960 shares in the company, valued at $5,885,112. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,714 shares of company stock worth $1,606,992. 10.49% of the stock is currently owned by company insiders.

Block 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.