Block, Inc. (NYSE:SQ) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in shares of Block, Inc. (NYSE:SQ - Free Report) by 10.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 270,777 shares of the technology company's stock after selling 32,424 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Block were worth $17,462,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SQ. International Assets Investment Management LLC purchased a new stake in shares of Block in the fourth quarter valued at approximately $112,000,000. GAMMA Investing LLC purchased a new stake in shares of Block in the fourth quarter valued at approximately $75,000. Yousif Capital Management LLC increased its position in shares of Block by 4.2% during the fourth quarter. Yousif Capital Management LLC now owns 6,439 shares of the technology company's stock worth $498,000 after purchasing an additional 257 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in shares of Block by 12.8% during the fourth quarter. Atria Wealth Solutions Inc. now owns 16,720 shares of the technology company's stock worth $1,293,000 after purchasing an additional 1,897 shares in the last quarter. Finally, Truist Financial Corp increased its position in shares of Block by 8.1% during the fourth quarter. Truist Financial Corp now owns 145,365 shares of the technology company's stock worth $11,244,000 after purchasing an additional 10,921 shares in the last quarter. Institutional investors own 70.44% of the company's stock.

Insider Transactions at Block

In other news, CAO Ajmere Dale sold 471 shares of the firm's stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total transaction of $30,318.27. Following the completion of the sale, the chief accounting officer now owns 92,866 shares in the company, valued at approximately $5,977,784.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Roelof Botha bought 434,405 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $57.55 per share, for a total transaction of $25,000,007.75. Following the acquisition, the director now owns 434,405 shares of the company's stock, valued at $25,000,007.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Ajmere Dale sold 471 shares of Block stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total transaction of $30,318.27. Following the completion of the sale, the chief accounting officer now owns 92,866 shares of the company's stock, valued at approximately $5,977,784.42. The disclosure for this sale can be found here. Insiders sold 28,179 shares of company stock worth $1,833,962 in the last 90 days. Insiders own 10.49% of the company's stock.

Block Price Performance

SQ traded up $1.72 during trading on Thursday, reaching $66.40. The company's stock had a trading volume of 7,222,935 shares, compared to its average volume of 8,631,771. 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 fifty day simple moving average of $64.13 and a two-hundred day simple moving average of $69.83. Block, Inc. has a 1 year low of $38.85 and a 1 year high of $87.52. The company has a market cap of $40.97 billion, a price-to-earnings ratio of 86.26, a PEG ratio of 1.15 and a beta of 2.52.

Block (NYSE:SQ - Get Free Report) last released its earnings results on Thursday, August 1st. The technology company reported $0.93 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.09. Block had a net margin of 3.47% and a return on equity of 3.77%. The business had revenue of $6.16 billion for the quarter, compared to analyst estimates of $6.27 billion. During the same period last year, the company posted $0.40 EPS. The business's revenue was up 11.2% on a year-over-year basis. As a group, analysts anticipate that Block, Inc. will post 1.72 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SQ. Canaccord Genuity Group reaffirmed a "buy" rating and set a $95.00 price target on shares of Block in a research report on Friday, May 3rd. Needham & Company LLC reduced their price target on Block from $105.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, August 5th. Morgan Stanley reduced their price target on Block from $60.00 to $55.00 and set an "underweight" rating on the stock in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on Block from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Friday, July 12th. Finally, Macquarie reissued an "outperform" rating and issued a $100.00 target price on shares of Block in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.52.

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.