Deepwater Asset Management LLC Increases Stock Position in Block, Inc. (NYSE:SQ)

Deepwater Asset Management LLC increased its stake in Block, Inc. (NYSE:SQ - Free Report) by 11.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 217,916 shares of the technology company's stock after buying an additional 21,727 shares during the quarter. Block accounts for approximately 5.1% of Deepwater Asset Management LLC's portfolio, making the stock its 11th largest holding. Deepwater Asset Management LLC's holdings in Block were worth $14,053,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Riverview Trust Co purchased a new position in shares of Block in the 1st quarter worth about $28,000. YHB Investment Advisors Inc. purchased a new stake in Block during the first quarter valued at about $33,000. LRI Investments LLC purchased a new stake in Block during the first quarter valued at about $34,000. Tidemark LLC purchased a new stake in Block during the fourth quarter valued at about $32,000. Finally, Vima LLC purchased a new stake in Block during the fourth quarter valued at about $34,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Trading Down 1.7 %

Shares of NYSE:SQ traded down $1.18 during trading on Friday, reaching $67.46. 7,744,793 shares of the company traded hands, compared to its average volume of 8,368,506. The firm has a market capitalization of $41.63 billion, a price-to-earnings ratio of 87.61, a P/E/G ratio of 1.15 and a beta of 2.49. Block, Inc. has a 52-week low of $38.85 and a 52-week high of $87.52. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. The business's fifty day moving average is $64.24 and its 200-day moving average is $69.01.

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

Wall Street Analyst Weigh In

SQ has been the topic of several recent research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Block from $82.00 to $74.00 and set a "market perform" rating on the stock in a report on Monday, July 8th. The Goldman Sachs Group reiterated a "buy" rating and set a $80.00 price target on shares of Block in a research report on Monday, June 24th. Susquehanna reiterated a "positive" rating and set a $100.00 price target on shares of Block in a research report on Wednesday, June 26th. Royal Bank of Canada reiterated an "outperform" rating and set a $88.00 price target on shares of Block in a research report on Friday, August 2nd. Finally, Macquarie reiterated an "outperform" rating and set a $100.00 price target on shares of Block in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.34.

Insider Activity

In other Block news, Director Roelof Botha purchased 434,405 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $57.55 per share, with a total value of $25,000,007.75. Following the completion of the purchase, the director now directly owns 434,405 shares of the company's stock, valued at approximately $25,000,007.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Block news, Director Roelof Botha purchased 434,405 shares of the company's stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $57.55 per share, with a total value of $25,000,007.75. Following the completion of the purchase, the director now directly owns 434,405 shares of the company's stock, valued at approximately $25,000,007.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brian Grassadonia sold 8,328 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 580,086 shares of the company's stock, valued at approximately $37,572,170.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,179 shares of company stock valued at $1,833,962. 10.49% of the stock is currently owned by company insiders.

Block Company 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.