Oppenheimer Forecasts Strong Price Appreciation for Block (NYSE:XYZ) Stock

Block (NYSE:XYZ) had its price target hoisted by equities research analysts at Oppenheimer from $70.00 to $71.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price target points to a potential upside of 2.56% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Bank of America decreased their target price on shares of Block from $94.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, April 17th. Robert W. Baird reduced their price objective on Block from $105.00 to $80.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 8th. Barclays upped their price objective on Block from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. BNP Paribas raised Block from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 27th. Finally, Wells Fargo & Company cut Block from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $95.00 to $50.00 in a report on Friday, May 2nd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $74.19.

Block Stock Up 0.0%

Block stock opened at $69.23 on Wednesday. Block has a 52-week low of $44.27 and a 52-week high of $99.26. 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 company’s fifty day simple moving average is $60.39. The stock has a market capitalization of $42.58 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 2.09 and a beta of 2.74.

Insider Buying and Selling at Block

In other Block news, insider Chrysty Esperanza sold 7,500 shares of Block stock in a transaction on Monday, May 12th. The stock was sold at an average price of $55.00, for a total transaction of $412,500.00. Following the completion of the sale, the insider directly owned 133,940 shares of the company’s stock, valued at $7,366,700. The trade was a 5.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Grassadonia sold 6,494 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.39, for a total value of $366,196.66. Following the completion of the sale, the insider owned 591,629 shares of the company’s stock, valued at $33,361,959.31. This represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 69,172 shares of company stock valued at $4,064,797. 10.85% of the stock is 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.