Atria Investments Inc Cuts Stake in Block, Inc. (NYSE:SQ)

Atria Investments Inc reduced its stake in shares of Block, Inc. (NYSE:SQ - Free Report) by 43.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,221 shares of the technology company's stock after selling 24,515 shares during the quarter. Atria Investments Inc's holdings in Block were worth $2,163,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Lindbrook Capital LLC lifted its holdings in shares of Block by 6.3% during the third quarter. Lindbrook Capital LLC now owns 2,592 shares of the technology company's stock valued at $174,000 after purchasing an additional 154 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Block during the third quarter valued at approximately $83,000. Portside Wealth Group LLC raised its holdings in Block by 13.8% in the 3rd quarter. Portside Wealth Group LLC now owns 4,100 shares of the technology company's stock worth $275,000 after acquiring an additional 496 shares during the last quarter. Malaga Cove Capital LLC boosted its stake in Block by 3.0% during the 3rd quarter. Malaga Cove Capital LLC now owns 6,893 shares of the technology company's stock valued at $463,000 after purchasing an additional 200 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its holdings in shares of Block by 8.4% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 14,942 shares of the technology company's stock worth $1,003,000 after purchasing an additional 1,158 shares in the last quarter. 70.44% of the stock is currently owned by institutional investors.

Block Stock Down 0.7 %

Shares of SQ traded down $0.56 during midday trading on Friday, hitting $82.86. 3,294,736 shares of the company's stock traded hands, compared to its average volume of 8,127,480. Block, Inc. has a 1 year low of $55.00 and a 1 year high of $90.00. The firm's fifty day moving average is $70.48 and its 200-day moving average is $67.33. 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 stock has a market capitalization of $51.01 billion, a price-to-earnings ratio of 46.47, a price-to-earnings-growth ratio of 1.16 and a beta of 2.48.

Insider Buying and Selling at Block

In other Block news, insider Brian Grassadonia sold 8,328 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 580,086 shares of the company's stock, valued at approximately $37,572,170.22. This trade represents a 1.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Ajmere Dale sold 1,000 shares of the company's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $80,000.00. Following the completion of the sale, the chief accounting officer now directly owns 88,791 shares in the company, valued at $7,103,280. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,678 shares of company stock worth $1,924,112. 10.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SQ has been the topic of several recent analyst reports. Macquarie reaffirmed an "outperform" rating and set a $100.00 price objective on shares of Block in a research report on Friday, July 26th. Morgan Stanley cut their target price on shares of Block from $60.00 to $55.00 and set an "underweight" rating for the company in a research report on Tuesday, July 30th. UBS Group lowered their price target on Block from $100.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, August 27th. Piper Sandler reiterated an "overweight" rating and set a $83.00 price objective on shares of Block in a research report on Monday. Finally, Needham & Company LLC boosted their price target on Block from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, Block presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.30.

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.