Block (NYSE:XYZ) Price Target Cut to $85.00 by Analysts at Piper Sandler

Block (NYSE:XYZ - Get Free Report) had its target price reduced by analysts at Piper Sandler from $101.00 to $85.00 in a report released on Monday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. Piper Sandler's price objective indicates a potential upside of 30.85% from the company's previous close.

XYZ has been the topic of several other reports. Sanford C. Bernstein upped their price target on Block from $90.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, December 2nd. Monness Crespi & Hardt raised Block from a "neutral" rating to a "buy" rating and set a $115.00 price target on the stock in a research note on Friday, December 13th. Royal Bank of Canada restated an "outperform" rating and set a $110.00 target price on shares of Block in a report on Thursday, February 20th. Oppenheimer upgraded Block from a "market perform" rating to an "outperform" rating and set a $115.00 price target on the stock in a research note on Thursday, December 19th. Finally, Barclays lowered their price target on Block from $112.00 to $97.00 and set an "overweight" rating on the stock in a report on Monday. Six investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Block currently has an average rating of "Moderate Buy" and a consensus target price of $96.31.

Block Price Performance

NYSE XYZ traded up $2.12 during midday trading on Monday, hitting $64.96. The company had a trading volume of 11,757,969 shares, compared to its average volume of 7,567,021. 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 stock has a market capitalization of $40.26 billion, a PE ratio of 14.28, a P/E/G ratio of 0.72 and a beta of 2.53. Block has a twelve month low of $55.00 and a twelve month high of $99.26.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The firm had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $6.23 billion. As a group, equities analysts predict that Block will post 2.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Block news, insider Chrysty Esperanza sold 2,865 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total transaction of $272,175.00. Following the sale, the insider now directly owns 85,235 shares in the company, valued at approximately $8,097,325. The trade was a 3.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ajmere Dale sold 1,467 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $70.32, for a total transaction of $103,159.44. Following the transaction, the chief accounting officer now directly owns 82,499 shares of the company's stock, valued at approximately $5,801,329.68. This trade represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,832 shares of company stock valued at $1,921,288 over the last quarter. 10.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Block

A number of institutional investors have recently modified their holdings of XYZ. Key Client Fiduciary Advisors LLC grew its position in Block by 1.4% during the fourth quarter. Key Client Fiduciary Advisors LLC now owns 8,340 shares of the technology company's stock valued at $709,000 after acquiring an additional 115 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Block by 48.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company's stock worth $36,000 after buying an additional 136 shares during the period. Nations Financial Group Inc. IA ADV increased its stake in shares of Block by 1.9% in the third quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company's stock valued at $520,000 after purchasing an additional 145 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Block by 0.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 26,864 shares of the technology company's stock worth $2,283,000 after buying an additional 145 shares in the last quarter. Finally, Rosenberg Matthew Hamilton boosted its position in shares of Block by 18.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company's stock valued at $83,000 after purchasing an additional 152 shares in the last quarter. 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.