Raymond James Trust N.A. Sells 6,855 Shares of Block, Inc. (NYSE:SQ)

Raymond James Trust N.A. cut its stake in Block, Inc. (NYSE:SQ - Free Report) by 36.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,904 shares of the technology company's stock after selling 6,855 shares during the period. Raymond James Trust N.A.'s holdings in Block were worth $799,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Baillie Gifford & Co. raised its position in shares of Block by 1.5% during the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company's stock valued at $686,948,000 after acquiring an additional 147,873 shares during the last quarter. Lone Pine Capital LLC increased its holdings in Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company's stock valued at $494,672,000 after purchasing an additional 934,588 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Block by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company's stock valued at $147,846,000 after purchasing an additional 45,472 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Block by 17.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company's stock valued at $139,143,000 after buying an additional 326,444 shares during the period. Finally, D1 Capital Partners L.P. boosted its holdings in Block by 76.7% during the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company's stock worth $118,103,000 after buying an additional 795,000 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Block Trading Down 1.6 %

NYSE SQ traded down $1.51 during trading hours on Monday, reaching $90.75. The company's stock had a trading volume of 11,049,898 shares, compared to its average volume of 8,247,438. The firm has a fifty day simple moving average of $73.83 and a 200-day simple moving average of $68.07. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. Block, Inc. has a 52 week low of $55.00 and a 52 week high of $94.12. The stock has a market cap of $56.25 billion, a P/E ratio of 50.74, a P/E/G ratio of 1.24 and a beta of 2.48.

Insiders Place Their Bets

In related news, insider Brian Grassadonia sold 1,884 shares of Block stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the completion of the transaction, the insider now owns 574,914 shares of the company's stock, valued at $37,605,124.74. This trade represents a 0.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amrita Ahuja sold 5,935 shares of the 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 sale, the chief financial officer now owns 255,496 shares of the company's stock, valued at approximately $16,742,652.88. The trade was a 2.27 % decrease in their ownership of the stock. 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. 10.49% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on SQ. Wells Fargo & Company lowered their target price on shares of Block from $95.00 to $85.00 and set an "overweight" rating for the company in a research note on Friday, August 2nd. Oppenheimer began coverage on Block in a research note on Tuesday, October 1st. They set a "market perform" rating on the stock. BNP Paribas cut Block from an "outperform" rating to a "neutral" rating and set a $88.00 target price for the company. in a research note on Wednesday, November 20th. Canaccord Genuity Group increased their target price on Block from $95.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, November 12th. Finally, BMO Capital Markets downgraded shares of Block from an "outperform" rating to a "market perform" rating and increased their price objective for the stock from $94.00 to $100.00 in a research report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $91.46.

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.