Harvest Fund Management Co. Ltd Buys New Shares in Block, Inc. (NYSE:SQ)

Harvest Fund Management Co. Ltd purchased a new position in Block, Inc. (NYSE:SQ) in the third quarter, HoldingsChannel.com reports. The firm purchased 1,723 shares of the technology company’s stock, valued at approximately $116,000.

Several other institutional investors have also recently made changes to their positions in the stock. Baillie Gifford & Co. grew its stake in shares of Block by 1.5% during the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock valued at $686,948,000 after acquiring an additional 147,873 shares during the period. Lone Pine Capital LLC boosted its position in shares of Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after purchasing an additional 934,588 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Block by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,202,388 shares of the technology company’s stock worth $147,846,000 after purchasing an additional 45,472 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Block by 17.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock worth $139,143,000 after purchasing an additional 326,444 shares in the last quarter. Finally, D1 Capital Partners L.P. raised its position in shares of Block by 76.7% during the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after purchasing an additional 795,000 shares during the period. Institutional investors own 70.44% of the company’s stock.

Insider Transactions at Block

In other Block news, insider Chrysty Esperanza sold 2,964 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total transaction of $237,120.00. Following the completion of the sale, the insider now owns 88,607 shares in the company, valued at $7,088,560. This represents a 3.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $91.18, for a total value of $759,347.04. Following the completion of the transaction, the insider now owns 563,894 shares in the company, valued at $51,415,854.92. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,053 shares of company stock valued at $2,393,972. 10.49% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SQ. UBS Group cut their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 target price on shares of Block in a research note on Monday, October 21st. Wells Fargo & Company decreased their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC raised their price objective on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $83.00 target price on shares of Block in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the stock. Based on data from MarketBeat, Block currently has an average rating of “Moderate Buy” and a consensus price target of $91.46.

Block Stock Down 0.3 %

Shares of NYSE:SQ opened at $88.77 on Thursday. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $75.20 and its 200 day moving average is $68.47. The stock has a market cap of $55.02 billion, a P/E ratio of 49.87, a price-to-earnings-growth ratio of 1.22 and a beta of 2.48. Block, Inc. has a 52-week low of $55.00 and a 52-week high of $94.12.

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.