Block (NYSE:XYZ) Price Target Lowered to $90.00 at Citigroup

Block (NYSE:XYZ - Free Report) had its target price reduced by Citigroup from $108.00 to $90.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the technology company's stock.

XYZ has been the topic of several other research reports. Keefe, Bruyette & Woods dropped their target price on shares of Block from $100.00 to $87.00 and set a "market perform" rating on the stock in a research report on Friday, February 21st. Oppenheimer raised shares of Block from a "market perform" rating to an "outperform" rating and set a $115.00 target price on the stock in a research report on Thursday, December 19th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Block in a report on Thursday, February 20th. Morgan Stanley raised shares of Block from an "underweight" rating to an "equal weight" rating and set a $65.00 price objective on the stock in a report on Tuesday, February 25th. Finally, William Blair reaffirmed an "outperform" rating on shares of Block in a report on Friday, November 15th. Six research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $95.00.

Remove Ads

Block Price Performance

NYSE:XYZ traded up $3.14 during trading hours on Friday, hitting $57.18. 8,937,554 shares of the company were exchanged, compared to its average volume of 8,542,706. The stock has a market cap of $35.42 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 0.72 and a beta of 2.78. Block has a 52-week low of $53.54 and a 52-week high of $99.26. 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's 50 day moving average is $73.59.

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 the consensus estimate of $0.37 by ($0.11). The company had revenue of $6.03 billion for the quarter, compared to analysts' expectations of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. On average, equities analysts predict that Block will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Brian Grassadonia sold 4,520 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $317,846.40. Following the completion of the sale, the insider now owns 551,850 shares of the company's stock, valued at $38,806,092. This represents a 0.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Owen Britton Jennings sold 2,836 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $89.38, for a total transaction of $253,481.68. Following the completion of the sale, the insider now directly owns 195,449 shares of the company's stock, valued at $17,469,231.62. This represents a 1.43 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,967 shares of company stock worth $1,649,113. Company insiders own 10.49% of the company's stock.

Institutional Investors Weigh In On Block

A number of hedge funds have recently modified their holdings of XYZ. SouthState Corp grew its holdings in shares of Block by 85.3% in the third 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. True Wealth Design LLC grew its holdings in shares of Block by 64.7% in the third quarter. True Wealth Design LLC now owns 494 shares of the technology company's stock valued at $33,000 after purchasing an additional 194 shares during the period. Versant Capital Management Inc boosted its stake in Block by 67.7% during the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company's stock worth $33,000 after buying an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in Block by 48.2% during 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. Finally, Darwin Wealth Management LLC purchased a new position in Block during the third quarter worth about $74,000. Hedge funds and other institutional investors 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.