Canaccord Genuity Group Issues Positive Forecast for Block (NYSE:SQ) Stock Price

Block (NYSE:SQ - Get Free Report) had its price target hoisted by equities researchers at Canaccord Genuity Group from $95.00 to $120.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Canaccord Genuity Group's target price points to a potential upside of 37.62% from the company's previous close.

A number of other equities analysts have also recently issued reports on the stock. William Blair upgraded shares of Block to a "strong-buy" rating in a research report on Wednesday, July 31st. Needham & Company LLC upped their price target on shares of Block from $80.00 to $90.00 and gave the company a "buy" rating in a report on Friday. Benchmark reiterated a "buy" rating and issued a $99.00 price objective on shares of Block in a research note on Friday, August 2nd. Macquarie reiterated an "outperform" rating and set a $100.00 target price on shares of Block in a research report on Friday, July 26th. Finally, Wells Fargo & Company decreased 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. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Block presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.30.

Block Stock Up 4.6 %

NYSE:SQ traded up $3.79 during trading hours on Tuesday, hitting $87.20. 15,164,775 shares of the stock traded hands, compared to its average volume of 8,123,260. The firm has a market cap of $53.68 billion, a price-to-earnings ratio of 48.66, a PEG ratio of 1.02 and a beta of 2.48. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. Block has a fifty-two week low of $50.86 and a fifty-two week high of $87.52. The firm has a 50 day moving average price of $69.21 and a 200 day moving average price of $67.00.

Insider Buying and Selling

In other news, CAO Ajmere Dale sold 500 shares of the business's stock in a transaction on 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. 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 at this link. In related news, insider Brian Grassadonia sold 1,884 shares of the company's stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the sale, the insider now owns 574,914 shares of the company's stock, valued at $37,605,124.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction on 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 sale, the chief accounting officer now directly owns 90,460 shares in the company, valued at approximately $6,060,820. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,714 shares of company stock valued at $1,606,992 over the last 90 days. 10.49% of the stock is owned by insiders.

Institutional Trading of Block

A number of institutional investors and hedge funds have recently bought and sold shares of the business. 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 acquiring an additional 180 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Block in the 1st quarter valued at $34,000. Unique Wealth Strategies LLC bought a new stake in shares of Block in the second quarter valued at about $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Block during the second quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC bought a new stake in Block during the third quarter worth $46,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.