Cinctive Capital Management LP Sells 165,507 Shares of Block, Inc. (NYSE:SQ)

Cinctive Capital Management LP reduced its holdings in Block, Inc. (NYSE:SQ - Free Report) by 70.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,864 shares of the technology company's stock after selling 165,507 shares during the quarter. Cinctive Capital Management LP's holdings in Block were worth $4,556,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of SQ. Yoder Wealth Management Inc. grew its stake in shares of Block by 0.4% during the third quarter. Yoder Wealth Management Inc. now owns 39,688 shares of the technology company's stock valued at $2,664,000 after purchasing an additional 145 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Block by 1.9% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 7,744 shares of the technology company's stock valued at $520,000 after buying an additional 145 shares during the period. Moser Wealth Advisors LLC raised its position in shares of Block by 2.5% during the third quarter. Moser Wealth Advisors LLC now owns 6,265 shares of the technology company's stock worth $421,000 after acquiring an additional 153 shares during the last quarter. Lindbrook Capital LLC lifted its stake in shares of Block by 6.3% during the third quarter. Lindbrook Capital LLC now owns 2,592 shares of the technology company's stock valued at $174,000 after acquiring an additional 154 shares during the period. Finally, Larson Financial Group LLC increased its position in Block by 14.8% in the third quarter. Larson Financial Group LLC now owns 1,192 shares of the technology company's stock worth $80,000 after purchasing an additional 154 shares during the period. 70.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Block

In other Block news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.18, for a total transaction of $759,347.04. Following the sale, the insider now directly owns 563,894 shares in the company, valued at $51,415,854.92. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Amrita Ahuja sold 6,661 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $91.43, for a total transaction of $609,015.23. Following the sale, the chief financial officer now directly owns 246,967 shares of the company's stock, valued at approximately $22,580,192.81. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,053 shares of company stock valued at $2,393,972 in the last quarter. Company insiders own 10.49% of the company's stock.

Block Stock Performance

Shares of Block stock traded up $0.21 during trading on Tuesday, reaching $92.99. The company's stock had a trading volume of 5,574,651 shares, compared to its average volume of 8,235,075. 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 business's 50-day moving average price is $76.53 and its 200-day moving average price is $68.85. Block, Inc. has a 52 week low of $55.00 and a 52 week high of $95.95. The firm has a market cap of $57.64 billion, a PE ratio of 51.79, a P/E/G ratio of 1.19 and a beta of 2.50.

Wall Street Analysts Forecast Growth

SQ has been the subject of several analyst reports. BNP Paribas cut shares of Block from an "outperform" rating to a "neutral" rating and set a $88.00 price target for the company. in a research report on Wednesday, November 20th. UBS Group dropped their price objective on Block from $100.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. The Goldman Sachs Group boosted their target price on Block from $87.00 to $102.00 and gave the stock a "buy" rating in a research report on Monday. BMO Capital Markets lowered shares of Block from an "outperform" rating to a "market perform" rating and lifted their price objective for the stock from $94.00 to $100.00 in a research note on Monday, November 25th. Finally, Sanford C. Bernstein increased their target price on shares of Block from $90.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, Block currently has a consensus rating of "Moderate Buy" and an average price target of $93.21.

Block 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.