Massachusetts Financial Services Co. MA Grows Position in Block, Inc. (NYSE:SQ)

Massachusetts Financial Services Co. MA increased its position in Block, Inc. (NYSE:SQ - Free Report) by 770.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,738,708 shares of the technology company's stock after buying an additional 1,538,849 shares during the period. Massachusetts Financial Services Co. MA owned about 0.28% of Block worth $116,719,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SQ. SouthState Corp boosted its holdings in shares of Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company's stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. LRI Investments LLC bought a new stake in Block in the first quarter worth about $34,000. Unique Wealth Strategies LLC bought a new stake in Block in the second quarter worth about $34,000. V Square Quantitative Management LLC bought a new stake in Block in the third quarter worth about $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Block during the second quarter worth approximately $44,000. Institutional investors own 70.44% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. William Blair reaffirmed an "outperform" rating on shares of Block in a research report on Friday, November 15th. Oppenheimer assumed coverage on shares of Block in a research report on Tuesday, October 1st. They set a "market perform" rating on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $88.00 target price on shares of Block in a research report on Monday, October 21st. UBS Group cut their price objective on shares of Block from $100.00 to $92.00 and set a "buy" rating on the stock in a report on Tuesday, August 27th. Finally, Needham & Company LLC lifted their price objective on shares of Block from $80.00 to $90.00 and gave the company a "buy" rating in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $91.18.

Insider Buying and Selling at Block

In related news, CAO Ajmere Dale sold 500 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction 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. This represents a 0.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chrysty Esperanza sold 2,964 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total transaction of $237,120.00. Following the sale, the insider now owns 88,607 shares of the company's stock, valued at approximately $7,088,560. This represents a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,283 shares of company stock valued at $862,773. Insiders own 10.49% of the company's stock.

Block Stock Down 0.5 %

Shares of NYSE:SQ traded down $0.44 during trading hours on Friday, reaching $92.26. The stock had a trading volume of 9,117,000 shares, compared to its average volume of 10,421,971. Block, Inc. has a 1 year low of $55.00 and a 1 year high of $94.12. The firm's 50 day moving average is $73.83 and its 200-day moving average is $68.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The stock has a market capitalization of $57.18 billion, a price-to-earnings ratio of 51.83, a P/E/G ratio of 1.25 and a beta of 2.48.

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.