Block (NYSE:XYZ) Sets New 52-Week Low Following Insider Selling

Block, Inc. (NYSE:XYZ - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $47.60 and last traded at $47.60, with a volume of 137332 shares traded. The stock had previously closed at $50.26.

Specifically, CFO Amrita Ahuja sold 1,976 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total value of $111,031.44. Following the sale, the chief financial officer now directly owns 233,878 shares in the company, valued at $13,141,604.82. This represents a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Owen Britton Jennings sold 1,263 shares of the 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 sale, the insider now owns 181,904 shares in the company, valued at $10,221,185.76. This trade represents a 0.69 % decrease in their position. The disclosure for this sale can be found here. In other Block news, CAO Ajmere Dale sold 500 shares of the company's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $54.48, for a total value of $27,240.00. Following the transaction, the chief accounting officer now directly owns 81,999 shares in the company, valued at $4,467,305.52. This represents a 0.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. BMO Capital Markets raised Block from a "market perform" rating to an "outperform" rating and cut their price objective for the stock from $100.00 to $89.00 in a report on Monday, February 24th. Raymond James cut their target price on shares of Block from $115.00 to $103.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. Wells Fargo & Company increased their price objective on Block from $85.00 to $95.00 and gave the company an "overweight" rating in a research report on Thursday, January 16th. Evercore ISI initiated coverage on shares of Block in a research note on Wednesday. They set an "in-line" rating and a $52.00 price target on the stock. Finally, Macquarie reaffirmed an "outperform" rating and set a $110.00 target price on shares of Block in a report on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $91.52.

Block Stock Up 1.9 %

The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The company's fifty day moving average is $64.40. The firm has a market cap of $33.38 billion, a PE ratio of 11.84, a PEG ratio of 0.72 and a beta of 2.77.

Block (NYSE:XYZ - Get Free Report) last released its 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). The company had revenue of $6.03 billion during 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%. Equities research analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current year.

Institutional Trading of Block

Institutional investors have recently added to or reduced their stakes in the business. Graypoint LLC bought a new position in shares of Block during the 4th quarter valued at $32,445,000. Assenagon Asset Management S.A. grew its position in Block by 391.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 292,571 shares of the technology company's stock valued at $24,866,000 after buying an additional 232,989 shares during the period. Private Capital Advisors Inc. bought a new position in Block in the fourth quarter worth approximately $15,727,000. Geode Capital Management LLC boosted its stake in shares of Block by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,690,075 shares of the technology company's stock worth $581,923,000 after acquiring an additional 133,002 shares during the last quarter. Finally, Perpetual Ltd bought a new stake in shares of Block during the 4th quarter valued at $10,779,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.