Sumitomo Mitsui Trust Group Inc. Has $529.12 Million Stock Holdings in Block, Inc. (NYSE:SQ)

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Block, Inc. (NYSE:SQ - Free Report) by 10.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,882,071 shares of the technology company's stock after selling 907,670 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 1.28% of Block worth $529,123,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. LRI Investments LLC acquired a new position in shares of Block during the first quarter worth $34,000. Unique Wealth Strategies LLC acquired a new position in shares of Block in the 2nd quarter valued at $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Block in the 2nd quarter valued at $44,000. V Square Quantitative Management LLC acquired a new position in shares of Block in the 3rd quarter valued at $46,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Block in the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 70.44% of the company's stock.

Insider Activity at Block

In other Block news, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Block news, CAO Ajmere Dale sold 500 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was 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 owns 90,460 shares in the company, valued at approximately $6,060,820. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Brian Grassadonia sold 8,328 shares of the business's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the transaction, the insider now owns 580,086 shares of the company's stock, valued at $37,572,170.22. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,714 shares of company stock valued at $1,606,992. Insiders own 10.49% of the company's stock.

Block Stock Up 4.2 %

Block stock traded up $3.50 during midday trading on Tuesday, hitting $86.90. 11,036,362 shares of the stock were exchanged, compared to its average volume of 8,104,606. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.82 and a quick ratio of 1.82. The company has a 50 day moving average price of $69.21 and a two-hundred day moving average price of $67.00. The firm has a market cap of $53.50 billion, a P/E ratio of 48.66, a P/E/G ratio of 1.02 and a beta of 2.48. Block, Inc. has a 1 year low of $50.86 and a 1 year high of $87.52.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Benchmark reissued a "buy" rating and issued a $99.00 target price on shares of Block in a research report on Friday, August 2nd. Oppenheimer assumed coverage on Block in a research report on Tuesday, October 1st. They set a "market perform" rating on the stock. Canaccord Genuity Group lifted their price objective on Block from $95.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday. BMO Capital Markets reduced their price target on shares of Block from $93.00 to $92.00 and set an "outperform" rating on the stock in a research report on Thursday, October 3rd. Finally, Macquarie reissued an "outperform" rating and issued a $100.00 target price on shares of Block in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently 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.