Block (NYSE:XYZ) Given New $85.00 Price Target at Piper Sandler

Block (NYSE:XYZ) had its price objective cut by Piper Sandler from $101.00 to $85.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s target price would indicate a potential upside of 35.07% from the company’s current price.

XYZ has been the subject of a number of other research reports. Canaccord Genuity Group cut their price objective on shares of Block from $120.00 to $100.00 and set a “buy” rating for the company in a report on Friday, February 21st. Macquarie raised their price target on shares of Block from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, December 10th. Raymond James cut their price target on shares of Block from $115.00 to $103.00 and set an “outperform” rating for the company in a report on Friday, February 21st. UBS Group cut their price target on shares of Block from $98.00 to $97.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, Oppenheimer upgraded shares of Block from a “market perform” rating to an “outperform” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $96.31.

Block Trading Down 4.5 %

XYZ stock opened at $62.93 on Monday. The stock has a market capitalization of $39.00 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 0.72 and a beta of 2.53. 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 has a 12 month low of $55.00 and a 12 month high of $99.26.

Block (NYSE:XYZ) last released its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. Sell-side analysts forecast that Block will post 2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Block

In other news, insider Chrysty Esperanza sold 2,865 shares of Block stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $95.00, for a total transaction of $272,175.00. Following the completion of the sale, the insider now directly owns 85,235 shares of the company’s stock, valued at approximately $8,097,325. The trade was a 3.25 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brian Grassadonia sold 3,253 shares of Block stock in a transaction on Monday, February 24th. The stock was sold at an average price of $68.01, for a total transaction of $221,236.53. Following the sale, the insider now directly owns 548,597 shares of the company’s stock, valued at approximately $37,310,081.97. This trade represents a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,832 shares of company stock valued at $1,921,288 in the last 90 days. Company insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

Several institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. raised its stake in Block by 1.5% during the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock worth $686,948,000 after acquiring an additional 147,873 shares in the last quarter. Geode Capital Management LLC raised its stake in Block by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,690,075 shares of the technology company’s stock worth $581,923,000 after acquiring an additional 133,002 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Block by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock worth $147,846,000 after acquiring an additional 45,472 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Block by 770.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock worth $116,719,000 after acquiring an additional 1,538,849 shares in the last quarter. Finally, Southpoint Capital Advisors LP acquired a new stake in Block during the 3rd quarter worth $114,121,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

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.