Long Walk Management LP Buys New Shares in Block, Inc. (NYSE:SQ)

Long Walk Management LP purchased a new position in shares of Block, Inc. (NYSE:SQ - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 202,500 shares of the technology company's stock, valued at approximately $13,594,000. Block accounts for approximately 5.6% of Long Walk Management LP's investment portfolio, making the stock its 9th largest holding.

Other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its stake in shares of Block by 45.7% in the 2nd quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company's stock valued at $650,396,000 after purchasing an additional 3,163,975 shares in the last quarter. Lone Pine Capital LLC grew its stake in Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company's stock worth $494,672,000 after buying an additional 934,588 shares during the last quarter. D1 Capital Partners L.P. grew its stake in Block by 76.7% during the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company's stock worth $118,103,000 after buying an additional 795,000 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Block by 1,061.0% during the second quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company's stock worth $42,413,000 after buying an additional 601,020 shares in the last quarter. Finally, Capital World Investors raised its stake in shares of Block by 4.7% in the first quarter. Capital World Investors now owns 13,096,614 shares of the technology company's stock valued at $1,107,712,000 after acquiring an additional 582,826 shares during the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SQ. Royal Bank of Canada restated an "outperform" rating and set a $88.00 price target on shares of Block in a research report on Monday, October 21st. William Blair raised Block to a "strong-buy" rating in a report on Wednesday, July 31st. Morgan Stanley decreased their price objective on shares of Block from $60.00 to $55.00 and set an "underweight" rating on the stock in a report on Tuesday, July 30th. Oppenheimer began coverage on shares of Block in a research report on Tuesday, October 1st. They issued a "market perform" rating for the company. Finally, Benchmark reiterated a "buy" rating and set a $99.00 target price on shares of Block in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Block has a consensus rating of "Moderate Buy" and a consensus price target of $90.56.

Block Trading Down 0.9 %

Block stock traded down $0.71 during mid-day trading on Friday, hitting $74.56. 24,843,731 shares of the company's stock were exchanged, compared to its average volume of 5,797,417. Block, Inc. has a fifty-two week low of $50.86 and a fifty-two week high of $87.52. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $45.90 billion, a P/E ratio of 41.89, a PEG ratio of 1.02 and a beta of 2.48. The company's 50 day simple moving average is $68.86 and its 200-day simple moving average is $66.97.

Insider Transactions at Block

In related news, insider Brian Grassadonia sold 8,328 shares of the business's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the transaction, the insider now directly owns 580,086 shares in the company, valued at approximately $37,572,170.22. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Block news, CFO Amrita Ahuja sold 5,935 shares of Block stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total value of $388,920.55. Following the sale, the chief financial officer now owns 255,496 shares of the company's stock, valued at $16,742,652.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brian Grassadonia sold 8,328 shares of the company's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the transaction, the insider now directly owns 580,086 shares of the company's stock, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,214 shares of company stock valued at $1,637,932 over the last 90 days. 10.49% of the stock is owned by company insiders.

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.