Meeder Asset Management Inc. Acquires 40,018 Shares of Block, Inc. (NYSE:SQ)

Meeder Asset Management Inc. increased its stake in shares of Block, Inc. (NYSE:SQ - Free Report) by 44,464.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,108 shares of the technology company's stock after buying an additional 40,018 shares during the quarter. Meeder Asset Management Inc.'s holdings in Block were worth $2,587,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Riverview Trust Co bought a new stake in Block during the first quarter worth about $28,000. Tidemark LLC bought a new position in Block in the 4th quarter valued at $32,000. YHB Investment Advisors Inc. acquired a new position in Block in the first quarter worth $33,000. Vima LLC acquired a new stake in shares of Block in the fourth quarter valued at $34,000. Finally, LRI Investments LLC acquired a new stake in shares of Block in the first quarter valued at $34,000. Institutional investors own 70.44% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. 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. Macquarie reissued an "outperform" rating and set a $100.00 price target on shares of Block in a research note on Friday, July 26th. Wells Fargo & Company reduced their price objective on Block from $95.00 to $85.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Royal Bank of Canada reiterated an "outperform" rating and issued a $88.00 price objective on shares of Block in a research report on Friday, August 2nd. Finally, William Blair upgraded Block to a "strong-buy" rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $87.34.

Block Stock Up 0.5 %

Shares of NYSE:SQ traded up $0.29 during midday trading on Friday, reaching $63.96. The company had a trading volume of 4,678,512 shares, compared to its average volume of 8,436,420. The business's 50 day moving average price is $64.09 and its 200 day moving average price is $69.43. Block, Inc. has a 1-year low of $38.85 and a 1-year 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 stock has a market cap of $39.38 billion, a PE ratio of 83.07, a P/E/G ratio of 1.11 and a beta of 2.49.

Block (NYSE:SQ - Get Free Report) last issued 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. The business had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.27 billion. Block had a net margin of 3.47% and a return on equity of 3.77%. The firm's revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 earnings per share. Research analysts forecast that Block, Inc. will post 1.72 EPS for the current fiscal year.

Insider Activity

In other news, insider Brian Grassadonia sold 1,889 shares of the firm's stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $64.37, for a total value of $121,594.93. Following the completion of the sale, the insider now directly owns 590,761 shares of the company's stock, valued at $38,027,285.57. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Block news, insider Brian Grassadonia sold 1,889 shares of the company's stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $64.37, for a total value of $121,594.93. Following the transaction, the insider now directly owns 590,761 shares in the company, valued at $38,027,285.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Roelof Botha bought 434,405 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $57.55 per share, with a total value of $25,000,007.75. Following the purchase, the director now owns 434,405 shares in the company, valued at approximately $25,000,007.75. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 28,179 shares of company stock valued at $1,833,962. 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.