SpiderRock Advisors LLC Sells 36,197 Shares of Block, Inc. (NYSE:SQ)

SpiderRock Advisors LLC lessened its stake in shares of Block, Inc. (NYSE:SQ - Free Report) by 75.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,592 shares of the technology company's stock after selling 36,197 shares during the period. SpiderRock Advisors LLC's holdings in Block were worth $778,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SQ. Vanguard Group Inc. boosted its stake in shares of Block by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 36,511,250 shares of the technology company's stock worth $3,088,122,000 after acquiring an additional 318,549 shares in the last quarter. Capital World Investors boosted its holdings in shares of Block by 4.7% during the 1st quarter. Capital World Investors now owns 13,096,614 shares of the technology company's stock worth $1,107,712,000 after buying an additional 582,826 shares during the period. Baillie Gifford & Co. grew its stake in Block by 45.7% in the 2nd quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company's stock valued at $650,396,000 after buying an additional 3,163,975 shares during the last quarter. Lone Pine Capital LLC raised its holdings in Block by 13.9% in the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company's stock worth $494,672,000 after acquiring an additional 934,588 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Block by 17.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company's stock worth $139,143,000 after acquiring an additional 326,444 shares during the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. William Blair upgraded Block to a "strong-buy" rating in a research report on Wednesday, July 31st. BMO Capital Markets cut their price target on shares of Block from $93.00 to $92.00 and set an "outperform" rating for the company in a research note on Thursday, October 3rd. Needham & Company LLC boosted their price target on Block from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Friday. Macquarie reiterated an "outperform" rating and set a $100.00 price objective on shares of Block in a research note on Friday, July 26th. Finally, Piper Sandler reiterated an "overweight" rating and set a $83.00 target price on shares of Block in a research report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $90.37.

Insider Transactions at Block

In other news, CFO Amrita Ahuja sold 5,935 shares of Block stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total transaction of $388,920.55. Following the transaction, the chief financial officer now owns 255,496 shares in the company, valued at approximately $16,742,652.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Block news, CFO Amrita Ahuja sold 5,935 shares of the firm's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, the insider now owns 574,914 shares in the company, valued at approximately $37,605,124.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,214 shares of company stock valued at $1,637,932. Corporate insiders own 10.49% of the company's stock.

Block Stock Up 11.9 %

SQ traded up $8.87 during trading on Monday, reaching $83.43. 17,602,177 shares of the stock were exchanged, compared to its average volume of 8,073,578. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market cap of $51.36 billion, a P/E ratio of 46.10, a price-to-earnings-growth ratio of 1.02 and a beta of 2.48. Block, Inc. has a twelve month low of $50.86 and a twelve month high of $87.52. The stock's 50 day moving average price is $68.86 and its two-hundred day moving average price is $66.92.

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.