Tybourne Capital Management HK Ltd. Sells 9,229 Shares of Block, Inc. (NYSE:SQ)

Tybourne Capital Management HK Ltd. lowered its holdings in Block, Inc. (NYSE:SQ - Free Report) by 23.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,489 shares of the technology company's stock after selling 9,229 shares during the period. Block comprises about 0.6% of Tybourne Capital Management HK Ltd.'s investment portfolio, making the stock its 21st biggest holding. Tybourne Capital Management HK Ltd.'s holdings in Block were worth $2,047,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. SouthState Corp grew its position in Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company's stock worth $26,000 after purchasing an additional 180 shares during the last quarter. LRI Investments LLC bought a new position in Block during the first quarter valued at about $34,000. Unique Wealth Strategies LLC acquired a new position in shares of Block in the 2nd quarter worth approximately $34,000. V Square Quantitative Management LLC bought a new position in shares of Block in the third quarter valued at $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Block during the second quarter valued at $44,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Block Stock Down 0.3 %

Shares of NYSE:SQ traded down $0.23 during midday trading on Thursday, reaching $88.78. 6,646,061 shares of the company were exchanged, compared to its average volume of 8,238,983. The firm has a market cap of $55.03 billion, a PE ratio of 49.87, a P/E/G ratio of 1.22 and a beta of 2.48. 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, Inc. has a fifty-two week low of $55.00 and a fifty-two week high of $94.12. The stock has a fifty day simple moving average of $75.20 and a two-hundred day simple moving average of $68.47.

Insider Activity

In other news, CAO Ajmere Dale sold 500 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 90,460 shares in the company, valued at $6,060,820. This represents a 0.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Amrita Ahuja sold 6,661 shares of Block stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.43, for a total value of $609,015.23. Following the completion of the sale, the chief financial officer now directly owns 246,967 shares in the company, valued at approximately $22,580,192.81. This represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,053 shares of company stock worth $2,393,972 over the last three months. Corporate insiders own 10.49% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SQ. New Street Research started coverage on shares of Block in a research note on Monday, September 9th. They set a "neutral" rating and a $70.00 target price on the stock. Oppenheimer initiated coverage on Block in a research report on Tuesday, October 1st. They set a "market perform" rating for the company. Wells Fargo & Company dropped their target price on Block from $95.00 to $85.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada reiterated an "outperform" rating and set a $88.00 price objective on shares of Block in a report on Monday, October 21st. Finally, 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 report on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $91.46.

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.