Daiwa Securities Group Inc. Sells 35,828 Shares of Block, Inc. (NYSE:SQ)

Daiwa Securities Group Inc. lessened its stake in shares of Block, Inc. (NYSE:SQ - Free Report) by 35.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 65,442 shares of the technology company's stock after selling 35,828 shares during the period. Daiwa Securities Group Inc.'s holdings in Block were worth $4,392,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Summit Trail Advisors LLC acquired a new position in shares of Block in the 3rd quarter valued at about $434,000. Larson Financial Group LLC raised its holdings 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. Sompo Asset Management Co. Ltd. boosted its position in shares of Block by 142.9% during the third quarter. Sompo Asset Management Co. Ltd. now owns 8,940 shares of the technology company's stock worth $600,000 after purchasing an additional 5,260 shares in the last quarter. Swedbank AB increased its position in shares of Block by 11.0% in the 3rd quarter. Swedbank AB now owns 42,040 shares of the technology company's stock valued at $2,822,000 after buying an additional 4,155 shares in the last quarter. Finally, Penserra Capital Management LLC increased its holdings in shares of Block by 2.8% in the third quarter. Penserra Capital Management LLC now owns 221,083 shares of the technology company's stock worth $14,840,000 after acquiring an additional 5,995 shares in the last quarter. 70.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SQ. Oppenheimer assumed coverage on shares of Block in a report on Tuesday, October 1st. They issued a "market perform" rating for the company. UBS Group lowered their target price on Block from $100.00 to $92.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. Needham & Company LLC upped their price objective on Block from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $88.00 price target on shares of Block in a research report on Monday, October 21st. Finally, Wells Fargo & Company reduced their target price on shares of Block from $95.00 to $85.00 and set an "overweight" rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $91.46.

Block Stock Performance

Shares of Block stock opened at $89.04 on Wednesday. The company's 50 day moving average price is $74.76 and its two-hundred day moving average price is $68.32. The firm has a market capitalization of $55.19 billion, a P/E ratio of 50.02, a P/E/G ratio of 1.22 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. Block, Inc. has a fifty-two week low of $55.00 and a fifty-two week high of $94.12.

Insider Buying and Selling

In other news, insider Brian Grassadonia sold 1,884 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.41, for a total value of $123,232.44. Following the completion of the sale, the insider now owns 574,914 shares of the company's stock, valued at approximately $37,605,124.74. This represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total value of $33,500.00. Following the completion of the sale, the chief accounting officer now owns 90,460 shares in the company, valued at $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,053 shares of company stock worth $2,393,972 in the last 90 days. Insiders own 10.49% of the company's stock.

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.