Magnus Financial Group LLC Acquires New Holdings in Block, Inc. (NYSE:SQ)

Magnus Financial Group LLC purchased a new stake in Block, Inc. (NYSE:SQ) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 2,614 shares of the technology company’s stock, valued at approximately $202,000.

Other hedge funds have also recently made changes to their positions in the company. Clearbridge Investments LLC lifted its position in Block by 10.4% during the third quarter. Clearbridge Investments LLC now owns 1,222,600 shares of the technology company’s stock valued at $54,112,000 after purchasing an additional 115,132 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its position in Block by 1.5% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 261,300 shares of the technology company’s stock worth $11,565,000 after acquiring an additional 3,900 shares in the last quarter. IFG Advisory LLC purchased a new stake in Block during the fourth quarter valued at about $213,000. Canada Pension Plan Investment Board boosted its holdings in shares of Block by 16.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 1,373,857 shares of the technology company’s stock worth $60,807,000 after purchasing an additional 190,400 shares in the last quarter. Finally, CenterBook Partners LP purchased a new position in shares of Block during the 3rd quarter valued at about $359,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of Block from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Susquehanna reiterated a “positive” rating and issued a $100.00 price objective on shares of Block in a report on Monday, April 22nd. Monness Crespi & Hardt increased their target price on Block from $85.00 to $100.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Keefe, Bruyette & Woods lifted their price target on Block from $74.00 to $78.00 and gave the stock a “market perform” rating in a research note on Friday, February 23rd. Finally, Citigroup boosted their price objective on Block from $76.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Block presently has an average rating of “Moderate Buy” and an average price target of $85.67.

Insider Buying and Selling at Block

In related news, insider Brian Grassadonia sold 127,800 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $65.45, for a total value of $8,364,510.00. Following the transaction, the insider now directly owns 405,224 shares of the company’s stock, valued at approximately $26,521,910.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $84.75, for a total value of $42,375.00. Following the completion of the transaction, the chief accounting officer now owns 68,323 shares in the company, valued at $5,790,374.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brian Grassadonia sold 127,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the completion of the sale, the insider now directly owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 363,801 shares of company stock valued at $27,284,175. Insiders own 10.79% of the company’s stock.

Block Stock Up 1.1 %

SQ stock opened at $75.30 on Tuesday. Block, Inc. has a 1-year low of $38.85 and a 1-year high of $87.52. The business has a fifty day moving average price of $77.58 and a 200-day moving average price of $67.61. The stock has a market capitalization of $46.36 billion, a P/E ratio of 438.12, a P/E/G ratio of 2.06 and a beta of 2.55. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.90 and a quick ratio of 1.90.

Block (NYSE:SQ) last announced its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%. Equities analysts forecast that Block, Inc. will post 1.11 earnings per share for the current fiscal year.

Block 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.