KeyCorp Cuts Block (NYSE:XYZ) Price Target to $85.00

Block (NYSE:XYZ) had its price objective decreased by KeyCorp from $115.00 to $85.00 in a research note published on Tuesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the technology company’s stock.

XYZ has been the topic of a number of other reports. Morgan Stanley upgraded Block from an “underweight” rating to an “equal weight” rating and set a $65.00 target price on the stock in a research note on Tuesday, February 25th. Macquarie reiterated an “outperform” rating and set a $110.00 target price on shares of Block in a research note on Thursday, March 6th. Barclays decreased their price objective on Block from $112.00 to $97.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Oppenheimer raised Block from a “market perform” rating to an “outperform” rating and set a $115.00 price objective for the company in a report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their price objective on Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Five investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $94.41.

Block Trading Down 0.2 %

Shares of NYSE:XYZ opened at $61.26 on Tuesday. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. The company’s fifty day moving average is $72.43. Block has a 1-year low of $53.54 and a 1-year high of $99.26. The company has a market cap of $37.95 billion, a PE ratio of 13.46, a PEG ratio of 0.72 and a beta of 2.78.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The company had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $6.23 billion. On average, sell-side analysts forecast that Block will post 2.54 earnings per share for the current fiscal year.

Insider Activity

In other Block news, insider Owen Britton Jennings sold 2,836 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 195,449 shares of the company’s stock, valued at approximately $17,469,231.62. This represents a 1.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ajmere Dale sold 1,467 shares of the company’s 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 sale, the chief accounting officer now directly owns 82,499 shares of the company’s stock, valued at approximately $5,801,329.68. This represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,967 shares of company stock valued at $1,649,113 over the last three months. Insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Hedge funds and other institutional investors have recently modified their holdings of the company. SouthState Corp increased its stake in shares of Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Block by 64.7% during the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after acquiring an additional 194 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Block by 67.7% during the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of 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 acquiring an additional 136 shares during the last quarter. Finally, Darwin Wealth Management LLC bought a new position in shares of Block during the third quarter worth $74,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.