Rockefeller Capital Management L.P. Trims Holdings in Block, Inc. (NYSE:SQ)

Rockefeller Capital Management L.P. decreased its holdings in shares of Block, Inc. (NYSE:SQ - Free Report) by 27.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 301,397 shares of the technology company's stock after selling 112,094 shares during the period. Rockefeller Capital Management L.P.'s holdings in Block were worth $20,233,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SQ. SouthState Corp lifted its position in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company's stock valued at $26,000 after purchasing an additional 180 shares during the period. Unique Wealth Strategies LLC purchased a new stake in shares of Block in the second quarter valued at approximately $34,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Block during the second quarter worth $44,000. V Square Quantitative Management LLC purchased a new position in Block in the third quarter worth $46,000. Finally, LRI Investments LLC lifted its holdings in Block by 85.3% in the second quarter. LRI Investments LLC now owns 741 shares of the technology company's stock valued at $48,000 after acquiring an additional 341 shares during the period. Hedge funds and other institutional investors own 70.44% of the company's stock.

Insider Activity at Block

In other news, insider Brian Grassadonia sold 1,884 shares of the business's 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 transaction, the insider now directly owns 574,914 shares of the company's stock, valued at approximately $37,605,124.74. The trade was a 0.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 6,661 shares of Block stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $91.43, for a total transaction of $609,015.23. Following the sale, the chief financial officer now directly owns 246,967 shares in the company, valued at $22,580,192.81. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,053 shares of company stock worth $2,393,972. Company insiders own 10.49% of the company's stock.

Analysts Set New Price Targets

SQ has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on shares of Block from $87.00 to $102.00 and gave the company a "buy" rating in a report on Monday. BNP Paribas cut shares of Block from an "outperform" rating to a "neutral" rating and set a $88.00 target price for the company. in a report on Wednesday, November 20th. Oppenheimer began coverage on Block in a research note on Tuesday, October 1st. They set a "market perform" rating on the stock. Keefe, Bruyette & Woods raised their price objective on Block from $71.00 to $80.00 and gave the company a "market perform" rating in a research note on Friday, November 8th. Finally, Sanford C. Bernstein lifted their price objective on Block from $90.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $93.21.

Block Trading Up 4.8 %

SQ stock traded up $4.22 during trading on Monday, reaching $92.77. 14,013,830 shares of the stock traded hands, compared to its average volume of 8,247,938. The business's 50 day moving average price is $76.53 and its 200-day moving average price is $68.85. The firm has a market capitalization of $57.50 billion, a PE ratio of 52.12, a P/E/G ratio of 1.19 and a beta of 2.48. 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 $95.95.

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.