Block, Inc. (NYSE:SQ) is Bares Capital Management Inc.'s Largest Position

Bares Capital Management Inc. reduced its holdings in shares of Block, Inc. (NYSE:SQ - Free Report) by 25.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,953,234 shares of the technology company's stock after selling 1,013,045 shares during the period. Block comprises 18.0% of Bares Capital Management Inc.'s investment portfolio, making the stock its largest holding. Bares Capital Management Inc. owned approximately 0.48% of Block worth $198,251,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SQ. Baillie Gifford & Co. raised its stake in Block by 1.5% in the third quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company's stock valued at $686,948,000 after buying an additional 147,873 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Block by 1.6% in the third quarter. Geode Capital Management LLC now owns 8,690,075 shares of the technology company's stock valued at $581,923,000 after purchasing an additional 133,002 shares in the last quarter. Lone Pine Capital LLC increased its stake in Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company's stock valued at $494,672,000 after purchasing an additional 934,588 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Block by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company's stock valued at $147,846,000 after buying an additional 45,472 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Block by 17.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company's stock valued at $139,143,000 after acquiring an additional 326,444 shares during the last quarter. Hedge funds and other institutional investors own 70.44% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SQ. BNP Paribas downgraded Block from an "outperform" rating to a "neutral" rating and set a $88.00 price objective for the company. in a report on Wednesday, November 20th. New Street Research assumed coverage on Block in a research note on Monday, September 9th. They set a "neutral" rating and a $70.00 price objective for the company. Sanford C. Bernstein lifted their price objective on shares of Block from $90.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, December 2nd. Piper Sandler reissued an "overweight" rating and issued a $83.00 target price on shares of Block in a report on Monday, November 11th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $88.00 target price on shares of Block in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.21.

Insider Buying and Selling

In related news, insider Brian Grassadonia sold 1,884 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total value of $123,232.44. Following the completion of the sale, the insider now owns 574,914 shares in the company, valued at $37,605,124.74. The trade was a 0.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the transaction, the chief accounting officer now owns 90,460 shares in the company, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 31,918 shares of company stock valued at $2,666,147 over the last ninety days. 10.49% of the stock is owned by corporate insiders.

Block Price Performance

Shares of SQ traded down $1.38 during trading hours on Tuesday, reaching $94.04. The stock had a trading volume of 6,354,373 shares, compared to its average volume of 8,268,592. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. Block, Inc. has a 12 month low of $55.00 and a 12 month high of $99.26. The company's 50-day moving average is $79.49 and its two-hundred day moving average is $69.77. The stock has a market capitalization of $58.29 billion, a PE ratio of 52.83, a PEG ratio of 1.31 and a beta of 2.50.

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.