Block (NYSE:XYZ) Price Target Lowered to $80.00 at Bank of America

Block (NYSE:XYZ - Free Report) had its price objective lowered by Bank of America from $94.00 to $80.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the technology company's stock.

Several other research firms also recently commented on XYZ. Wells Fargo & Company lifted their price objective on Block from $85.00 to $95.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. UBS Group cut their target price on shares of Block from $98.00 to $97.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Canaccord Genuity Group dropped their price target on shares of Block from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Keefe, Bruyette & Woods upgraded shares of Block from a "market perform" rating to an "outperform" rating and decreased their price objective for the company from $87.00 to $80.00 in a research report on Tuesday, March 18th. Finally, Raymond James dropped their target price on shares of Block from $115.00 to $103.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.14.

Block Stock Up 3.8 %

NYSE:XYZ traded up $1.99 during trading hours on Thursday, hitting $54.38. 2,795,320 shares of the company's stock traded hands, compared to its average volume of 8,564,414. Block has a 52 week low of $46.42 and a 52 week high of $99.26. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. The company has a market cap of $33.69 billion, a price-to-earnings ratio of 11.95, a P/E/G ratio of 0.72 and a beta of 2.77. The company has a fifty day moving average of $60.73.

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

Insider Activity at Block

In other news, insider Owen Britton Jennings sold 1,263 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $56.19, for a total value of $70,967.97. Following the completion of the transaction, the insider now owns 181,904 shares in the company, valued at $10,221,185.76. The trade was a 0.69 % 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, April 1st. The shares were sold at an average price of $54.48, for a total value of $27,240.00. Following the sale, the chief accounting officer now directly owns 81,999 shares in the company, valued at $4,467,305.52. This trade represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,324 shares of company stock valued at $1,297,662. 10.49% of the stock is owned by insiders.

Institutional Trading of Block

Institutional investors have recently made changes to their positions in the stock. Diversify Advisory Services LLC bought a new position in Block during the fourth quarter valued at approximately $1,315,000. Perpetual Ltd purchased a new position in shares of Block in the 4th quarter worth $10,779,000. Wealthcare Advisory Partners LLC grew its holdings in shares of Block by 9.8% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company's stock worth $685,000 after acquiring an additional 717 shares during the period. TB Alternative Assets Ltd. bought a new position in Block in the fourth quarter valued at about $3,530,000. Finally, Friedenthal Financial bought a new stake in shares of Block during the 4th quarter valued at about $744,000. Hedge funds and other institutional investors own 70.44% of the company's stock.

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.