Block (NYSE:SQ) Reaches New 12-Month High on Analyst Upgrade

Block, Inc. (NYSE:SQ - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $95.00 to $120.00. Canaccord Genuity Group currently has a buy rating on the stock. Block traded as high as $89.96 and last traded at $89.35, with a volume of 2729597 shares changing hands. The stock had previously closed at $87.25.

Several other analysts have also weighed in on the stock. Macquarie reiterated an "outperform" rating and set a $100.00 target price on shares of Block in a research report on Friday, July 26th. New Street Research assumed coverage on Block in a research note on Monday, September 9th. They issued a "neutral" rating and a $70.00 price objective on the stock. BMO Capital Markets dropped their target price on Block from $93.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, October 3rd. Oppenheimer initiated coverage on Block in a research report on Tuesday, October 1st. They issued a "market perform" rating on the stock. Finally, Wells Fargo & Company cut their price objective on Block from $95.00 to $85.00 and set an "overweight" rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $91.30.

Insider Activity

In related news, CAO Ajmere Dale sold 1,406 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $90,968.20. Following the transaction, the chief accounting officer now directly owns 90,960 shares in the company, valued at $5,885,112. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Ajmere Dale sold 1,406 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $90,968.20. Following the completion of the sale, the chief accounting officer now owns 90,960 shares in the company, valued at approximately $5,885,112. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Amrita Ahuja sold 6,661 shares of the firm's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $430,966.70. Following the transaction, the chief financial officer now owns 264,697 shares in the company, valued at approximately $17,125,895.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,678 shares of company stock valued at $1,924,112. 10.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Block

Several large investors have recently bought and sold shares of SQ. National Pension Service lifted its holdings in shares of Block by 13.5% during the 3rd quarter. National Pension Service now owns 1,083,113 shares of the technology company's stock valued at $72,709,000 after purchasing an additional 128,832 shares in the last quarter. Baillie Gifford & Co. lifted 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. Lone Pine Capital LLC increased its position in shares of Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company's stock worth $494,672,000 after acquiring an additional 934,588 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Block by 2.7% during the third quarter. DekaBank Deutsche Girozentrale now owns 541,204 shares of the technology company's stock worth $35,969,000 after acquiring an additional 14,163 shares during the period. Finally, Forsta AP Fonden lifted its position in Block by 11.5% in the 3rd quarter. Forsta AP Fonden now owns 115,900 shares of the technology company's stock valued at $7,780,000 after acquiring an additional 12,000 shares in the last quarter. Institutional investors own 70.44% of the company's stock.

Block Stock Down 1.6 %

The firm's 50-day moving average is $69.67 and its 200 day moving average is $67.09. The firm has a market capitalization of $52.84 billion, a P/E ratio of 50.01, a PEG ratio of 1.18 and a beta of 2.48. 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 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.