Brown Brothers Harriman & Co. Sells 12,613 Shares of Block, Inc. (NYSE:SQ)

Brown Brothers Harriman & Co. cut its holdings in shares of Block, Inc. (NYSE:SQ - Free Report) by 89.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,555 shares of the technology company's stock after selling 12,613 shares during the period. Brown Brothers Harriman & Co.'s holdings in Block were worth $104,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SouthState Corp raised its holdings in Block by 85.3% during the third quarter. SouthState Corp now owns 391 shares of the technology company's stock worth $26,000 after purchasing an additional 180 shares in the last quarter. LRI Investments LLC bought a new stake in Block during the first quarter worth approximately $34,000. Unique Wealth Strategies LLC bought a new stake in Block during the second quarter worth approximately $34,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Block during the second quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC bought a new stake in Block during the third quarter worth approximately $46,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 1,781 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.43, for a total transaction of $162,836.83. Following the completion of the transaction, the chief accounting officer now owns 86,010 shares of the company's stock, valued at approximately $7,863,894.30. This represents a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Grassadonia sold 1,884 shares of the company's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the transaction, the insider now directly owns 574,914 shares of the company's stock, valued at $37,605,124.74. This represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,053 shares of company stock valued at $2,393,972 in the last quarter. Insiders own 10.49% of the company's stock.

Block Stock Down 0.3 %

NYSE:SQ traded down $0.23 during trading hours on Friday, reaching $88.55. The company's stock had a trading volume of 4,518,980 shares, compared to its average volume of 8,222,998. The company has a market cap of $54.88 billion, a price-to-earnings ratio of 49.81, a price-to-earnings-growth ratio of 1.20 and a beta of 2.48. Block, Inc. has a one year low of $55.00 and a one year high of $94.12. The business's 50-day moving average is $75.61 and its 200-day moving average is $68.61. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SQ shares. Canaccord Genuity Group upped their price target on Block from $95.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. New Street Research started coverage on Block in a report on Monday, September 9th. They issued a "neutral" rating and a $70.00 price target on the stock. Benchmark reaffirmed a "buy" rating and issued a $99.00 price target on shares of Block in a report on Friday, August 2nd. BNP Paribas cut Block from an "outperform" rating to a "neutral" rating and set a $88.00 price target on the stock. in a report on Wednesday, November 20th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $83.00 price target on shares of Block in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $91.46.

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.