Block, Inc. (NYSE:SQ) Forecasted to Post FY2024 Earnings of $0.23 Per Share

Block, Inc. (NYSE:SQ) – Equities research analysts at Seaport Res Ptn cut their FY2024 earnings per share estimates for Block in a report released on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now expects that the technology company will post earnings of $0.23 per share for the year, down from their prior estimate of $0.25. Seaport Res Ptn has a “Buy” rating on the stock. The consensus estimate for Block’s current full-year earnings is $1.02 per share.

A number of other research analysts have also recently issued reports on the stock. William Blair reiterated a “market perform” rating on shares of Block in a research note on Friday, February 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Block from $74.00 to $78.00 and gave the stock a “market perform” rating in a research report on Friday, February 23rd. Wolfe Research boosted their price objective on shares of Block from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, April 11th. Piper Sandler restated an “overweight” rating and issued a $88.00 price objective (up previously from $86.00) on shares of Block in a research report on Friday, February 23rd. Finally, Evercore ISI reiterated an “in-line” rating and set a $75.00 target price on shares of Block in a research report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Block has a consensus rating of “Moderate Buy” and a consensus target price of $84.41.

Block Stock Performance

NYSE:SQ opened at $73.51 on Tuesday. Block has a 1 year low of $38.85 and a 1 year high of $87.52. The firm has a 50 day moving average of $76.62 and a 200-day moving average of $65.81. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $45.26 billion, a P/E ratio of 432.35, a price-to-earnings-growth ratio of 2.18 and a beta of 2.55.

Block (NYSE:SQ) last released its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.69 billion. Block had a return on equity of 0.63% and a net margin of 0.04%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SQ. Decatur Capital Management Inc. grew its position in shares of Block by 11.1% during the 1st quarter. Decatur Capital Management Inc. now owns 3,783 shares of the technology company’s stock worth $513,000 after purchasing an additional 378 shares in the last quarter. Eudaimonia Partners LLC acquired a new position in shares of Block during the 1st quarter worth approximately $387,000. NewEdge Advisors LLC acquired a new position in shares of Block during the 2nd quarter worth approximately $228,000. Prudential Financial Inc. grew its position in shares of Block by 31.3% during the 2nd quarter. Prudential Financial Inc. now owns 25,320 shares of the technology company’s stock worth $1,616,000 after purchasing an additional 6,038 shares in the last quarter. Finally, Kingsview Wealth Management LLC acquired a new position in shares of Block during the 2nd quarter worth approximately $516,000. 70.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 656 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the sale, the chief accounting officer now directly owns 68,823 shares of the company’s stock, valued at approximately $4,425,318.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Amrita Ahuja sold 2,581 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $165,958.30. Following the sale, the chief financial officer now directly owns 201,754 shares of the company’s stock, valued at approximately $12,972,782.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 656 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total transaction of $42,180.80. Following the completion of the sale, the chief accounting officer now directly owns 68,823 shares in the company, valued at $4,425,318.90. The disclosure for this sale can be found here. Insiders have sold 363,801 shares of company stock valued at $27,284,175 in the last three months. 10.79% of the stock is currently owned by corporate 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.