Block, Inc. (NYSE:SQ) is ARK Investment Management LLC's 5th Largest Position

ARK Investment Management LLC cut its holdings in Block, Inc. (NYSE:SQ - Free Report) by 20.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,625,470 shares of the technology company's stock after selling 1,667,032 shares during the quarter. Block accounts for 4.1% of ARK Investment Management LLC's investment portfolio, making the stock its 5th largest holding. ARK Investment Management LLC owned about 1.07% of Block worth $444,768,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SQ. Vanguard Group Inc. grew its stake in Block by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 36,511,250 shares of the technology company's stock valued at $3,088,122,000 after purchasing an additional 318,549 shares during the period. Capital World Investors lifted its holdings in Block by 4.7% during the 1st quarter. Capital World Investors now owns 13,096,614 shares of the technology company's stock worth $1,107,712,000 after purchasing an additional 582,826 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Block by 45.7% during the 2nd quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company's stock worth $650,396,000 after purchasing an additional 3,163,975 shares in the last quarter. Lone Pine Capital LLC lifted its holdings in Block by 13.9% during the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company's stock worth $494,672,000 after purchasing an additional 934,588 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Block by 17.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company's stock worth $139,143,000 after purchasing an additional 326,444 shares in the last quarter. Institutional investors own 70.44% of the company's stock.

Wall Street Analyst Weigh In

SQ has been the topic of a number of recent research reports. William Blair raised Block to a "strong-buy" rating in a report on Wednesday, July 31st. UBS Group decreased their target price on Block from $100.00 to $92.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Needham & Company LLC upped their target price on Block from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday. Oppenheimer started coverage on Block in a research note on Tuesday, October 1st. They issued a "market perform" rating on the stock. Finally, Benchmark restated a "buy" rating and issued a $99.00 target price on shares of Block in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $90.56.

Block Trading Down 0.9 %

NYSE:SQ traded down $0.70 on Friday, reaching $74.57. 24,825,392 shares of the company's stock were exchanged, compared to its average volume of 8,031,937. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $45.91 billion, a price-to-earnings ratio of 58.26, a price-to-earnings-growth ratio of 1.06 and a beta of 2.48. The business has a fifty day moving average of $68.86 and a 200-day moving average of $67.03. Block, Inc. has a 52-week low of $50.86 and a 52-week high of $87.52.

Insider Buying and Selling

In related news, CFO Amrita Ahuja sold 5,935 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total transaction of $388,920.55. Following the sale, the chief financial officer now directly owns 255,496 shares in the company, valued at approximately $16,742,652.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Amrita Ahuja sold 5,935 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total value of $388,920.55. Following the completion of the sale, the chief financial officer now directly owns 255,496 shares of the company's stock, valued at approximately $16,742,652.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now directly owns 580,086 shares of the company's stock, valued at $37,572,170.22. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,214 shares of company stock worth $1,637,932. Company insiders own 10.49% of the company's stock.

About Block

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.