Block (NYSE:XYZ) Insider Sells $106,582.25 in Stock
by Sarita Garza · The Markets DailyBlock, Inc. (NYSE:XYZ – Get Free Report) insider Brian Grassadonia sold 1,769 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $60.25, for a total value of $106,582.25. Following the completion of the transaction, the insider owned 500,763 shares in the company, valued at approximately $30,170,970.75. This trade represents a 0.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Brian Grassadonia also recently made the following trade(s):
- On Tuesday, February 24th, Brian Grassadonia sold 10,349 shares of Block stock. The shares were sold at an average price of $50.00, for a total value of $517,450.00.
Block Price Performance
Shares of NYSE XYZ traded up $2.77 during midday trading on Wednesday, hitting $62.74. The stock had a trading volume of 7,028,481 shares, compared to its average volume of 8,327,290. The company has a market capitalization of $37.59 billion, a PE ratio of 29.88, a P/E/G ratio of 1.03 and a beta of 2.61. The stock has a 50 day simple moving average of $58.41 and a 200-day simple moving average of $65.21. Block, Inc. has a 1 year low of $44.27 and a 1 year high of $82.50. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26.
Block (NYSE:XYZ – Get Free Report) last released its earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.39. Block had a return on equity of 6.66% and a net margin of 5.40%.The business had revenue of $6.25 billion for the quarter. During the same quarter last year, the business earned $0.71 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect that Block, Inc. will post 2.54 EPS for the current fiscal year.
Analyst Ratings Changes
Several equities research analysts recently commented on XYZ shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 price target on shares of Block in a report on Friday, February 27th. Bank of America cut their price target on Block from $85.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Oppenheimer increased their price target on Block from $85.00 to $89.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Loop Capital started coverage on Block in a report on Tuesday, March 31st. They issued a “buy” rating and a $75.00 price target for the company. Finally, Morgan Stanley raised Block from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $72.00 to $93.00 in a report on Friday, February 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $81.72.
View Our Latest Research Report on Block
Institutional Investors Weigh In On Block
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cromwell Holdings LLC acquired a new stake in Block during the third quarter worth $27,000. City Holding Co. acquired a new stake in Block during the third quarter worth $27,000. Cary Street Partners Investment Advisory LLC acquired a new stake in Block during the third quarter worth $28,000. RMG Wealth Management LLC acquired a new stake in Block during the third quarter worth $30,000. Finally, Quent Capital LLC acquired a new stake in Block during the third quarter worth $30,000. Institutional investors and hedge funds own 70.44% of the company’s stock.
About Block
Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.
The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.