Piper Sandler Upgrades Block (NYSE:XYZ) to “Underweight”

Block (NYSE:XYZ) was upgraded by research analysts at Piper Sandler to an “underweight” rating in a research note issued on Tuesday, Marketbeat.com reports. The brokerage presently has a $50.00 target price on the technology company’s stock. Piper Sandler’s target price would suggest a potential downside of 22.92% from the stock’s current price.

Several other research firms have also recently issued reports on XYZ. Jefferies Financial Group raised their price objective on shares of Block from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, May 27th. Robert W. Baird dropped their price target on shares of Block from $105.00 to $80.00 and set an “outperform” rating for the company in a research note on Tuesday, April 8th. Royal Bank Of Canada cut their price target on shares of Block from $86.00 to $63.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. The Goldman Sachs Group reduced their price target on shares of Block from $65.00 to $57.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Finally, BNP Paribas upgraded Block from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 27th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Block presently has an average rating of “Moderate Buy” and a consensus target price of $76.19.

Block Stock Performance

NYSE XYZ opened at $64.87 on Tuesday. The company has a fifty day moving average price of $58.80. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.24. The firm has a market cap of $39.90 billion, a P/E ratio of 15.78, a P/E/G ratio of 2.50 and a beta of 2.75. Block has a one year low of $44.27 and a one year high of $99.26.

Insiders Place Their Bets

In other news, insider Owen Britton Jennings sold 2,185 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $65.00, for a total value of $142,025.00. Following the sale, the insider now directly owns 278,974 shares of the company’s stock, valued at approximately $18,133,310. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dhananjay Prasanna sold 2,800 shares of Block stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $63.51, for a total value of $177,828.00. Following the completion of the transaction, the insider now directly owns 313,151 shares in the company, valued at approximately $19,888,220.01. This represents a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,911 shares of company stock worth $3,866,989 in the last quarter. 10.85% of the stock is currently owned by corporate insiders.

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.