Block (NYSE:SQ) Downgraded to "Neutral" Rating by BNP Paribas

BNP Paribas lowered shares of Block (NYSE:SQ - Free Report) from an outperform rating to a neutral rating in a research note published on Wednesday, MarketBeat reports. BNP Paribas currently has $88.00 price target on the technology company's stock.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company lowered their target price on Block from $95.00 to $85.00 and set an "overweight" rating for the company in a report on Friday, August 2nd. Keefe, Bruyette & Woods increased their price objective on Block from $71.00 to $80.00 and gave the company a "market perform" rating in a report on Friday, November 8th. BMO Capital Markets cut their price objective on Block from $93.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, October 3rd. Canaccord Genuity Group raised their target price on Block from $95.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. Finally, Benchmark reaffirmed a "buy" rating and set a $99.00 target price on shares of Block in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $91.18.

Block Stock Performance

Shares of SQ stock traded down $2.72 during trading hours on Wednesday, reaching $89.70. 7,862,082 shares of the company traded hands, compared to its average volume of 8,204,671. Block has a 12-month low of $55.00 and a 12-month high of $93.00. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The company has a market cap of $55.60 billion, a P/E ratio of 51.93, a P/E/G ratio of 1.14 and a beta of 2.48. The firm has a 50-day moving average price of $72.16 and a 200 day moving average price of $67.66.

Insiders Place Their Bets

In related news, insider Chrysty Esperanza sold 2,964 shares of Block stock in a transaction on Monday, November 11th. The shares were sold at an average price of $80.00, for a total value of $237,120.00. Following the completion of the sale, the insider now owns 88,607 shares in the company, valued at approximately $7,088,560. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ajmere Dale sold 500 shares of Block 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 directly owns 90,460 shares of the company's stock, valued at approximately $6,060,820. This represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,283 shares of company stock valued at $862,773 in the last ninety days. Insiders own 10.49% of the company's stock.

Institutional Trading of Block

Institutional investors and hedge funds have recently bought and sold shares of the stock. SouthState Corp increased its holdings in shares of Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company's stock valued at $26,000 after purchasing an additional 180 shares during the period. LRI Investments LLC bought a new stake in shares of Block in the 1st quarter valued at approximately $34,000. True Wealth Design LLC grew its stake in shares of Block by 64.7% in the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company's stock valued at $33,000 after buying an additional 194 shares in the last quarter. Unique Wealth Strategies LLC bought a new stake in shares of Block in the 2nd quarter valued at approximately $34,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Block in the 3rd quarter valued at approximately $46,000. Institutional investors and hedge funds own 70.44% of the company's stock.

Block Company 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.