Block (NYSE:XYZ) Price Target Lowered to $94.00 at The Goldman Sachs Group

Block (NYSE:XYZ) had its price objective reduced by The Goldman Sachs Group from $109.00 to $94.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities analysts have also recently commented on the stock. Morgan Stanley boosted their target price on shares of Block from $60.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Monness Crespi & Hardt upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $115.00 target price for the company in a research report on Friday, December 13th. Keefe, Bruyette & Woods dropped their target price on shares of Block from $100.00 to $87.00 and set a “market perform” rating for the company in a research report on Friday. Citigroup lifted their price target on shares of Block from $90.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target on shares of Block in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $97.23.

Block Trading Down 17.7 %

Shares of Block stock opened at $68.34 on Friday. The stock has a market capitalization of $42.36 billion, a price-to-earnings ratio of 38.39, a price-to-earnings-growth ratio of 0.73 and a beta of 2.52. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a twelve month low of $55.00 and a twelve month high of $99.26.

Block (NYSE:XYZ) last issued 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 firm had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Block had a net margin of 4.73% and a return on equity of 5.24%. Analysts predict that Block will post 1.72 EPS for the current fiscal year.

Insider Transactions at Block

In related news, insider Owen Britton Jennings sold 2,836 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $89.38, for a total transaction of $253,481.68. Following the transaction, the insider now owns 195,449 shares in the company, valued at $17,469,231.62. The trade was a 1.43 % 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 Chrysty Esperanza sold 2,865 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total transaction of $272,175.00. Following the transaction, the insider now owns 85,235 shares in the company, valued at $8,097,325. The trade was a 3.25 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,247 shares of company stock worth $832,865. Company insiders own 10.49% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. SouthState Corp lifted its position in shares of Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after acquiring an additional 180 shares during the period. True Wealth Design LLC lifted its position in shares of Block by 64.7% during the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after acquiring an additional 194 shares during the period. Versant Capital Management Inc lifted its position in shares of Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after acquiring an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in shares of Block by 48.2% during the 4th 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 period. Finally, Morton Brown Family Wealth LLC acquired a new position in shares of Block during the 3rd quarter valued at $67,000. Institutional investors and hedge funds 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.