OVERSEA CHINESE BANKING Corp Ltd Sells 40,917 Shares of Block, Inc. (NYSE:SQ)

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Block, Inc. (NYSE:SQ - Free Report) by 31.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 90,527 shares of the technology company's stock after selling 40,917 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Block were worth $6,074,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Envestnet Portfolio Solutions Inc. grew its position in Block by 53.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,947 shares of the technology company's stock worth $588,000 after buying an additional 2,432 shares in the last quarter. Empowered Funds LLC lifted its stake in Block by 28.2% during the first quarter. Empowered Funds LLC now owns 20,750 shares of the technology company's stock worth $1,755,000 after purchasing an additional 4,561 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in Block by 18.4% during the first quarter. Meeder Advisory Services Inc. now owns 4,903 shares of the technology company's stock worth $415,000 after purchasing an additional 762 shares during the last quarter. Qsemble Capital Management LP bought a new stake in Block during the first quarter worth about $464,000. Finally, Avantax Advisory Services Inc. lifted its stake in Block by 6.3% during the first quarter. Avantax Advisory Services Inc. now owns 21,928 shares of the technology company's stock worth $1,855,000 after purchasing an additional 1,292 shares during the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lowered their target price on Block from $95.00 to $85.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Macquarie reissued an "outperform" rating and issued a $100.00 target price on shares of Block in a research note on Friday, July 26th. Oppenheimer assumed coverage on Block in a research report on Tuesday, October 1st. They set a "market perform" rating for the company. BMO Capital Markets lowered their price target on Block from $93.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, October 3rd. Finally, William Blair raised Block to a "strong-buy" rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $91.30.

Insider Buying and Selling

In other Block news, CAO Ajmere Dale sold 1,406 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $90,968.20. Following the completion of the sale, the chief accounting officer now owns 90,960 shares in the company, valued at approximately $5,885,112. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related 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 completion of the transaction, the chief financial officer now owns 255,496 shares in the company, valued at approximately $16,742,652.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Ajmere Dale sold 1,406 shares of Block stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $90,968.20. Following the completion of the transaction, the chief accounting officer now owns 90,960 shares of the company's stock, valued at approximately $5,885,112. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,714 shares of company stock valued at $1,606,992. 10.49% of the stock is owned by company insiders.

Block Stock Performance

Block stock traded up $2.27 during trading on Tuesday, reaching $85.67. The company had a trading volume of 8,780,355 shares, compared to its average volume of 8,094,305. Block, Inc. has a 52 week low of $50.86 and a 52 week high of $87.52. The firm's 50-day simple moving average is $69.21 and its 200 day simple moving average is $67.00. The firm has a market capitalization of $52.74 billion, a price-to-earnings ratio of 48.66, a price-to-earnings-growth ratio of 1.02 and a beta of 2.48. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26.

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.