Rockefeller Capital Management L.P. Has $20.23 Million Stake in Block, Inc. (NYSE:SQ)

Rockefeller Capital Management L.P. decreased its stake in Block, Inc. (NYSE:SQ) by 27.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 301,397 shares of the technology company’s stock after selling 112,094 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Block were worth $20,233,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Swiss National Bank boosted its stake in Block by 0.5% in the third quarter. Swiss National Bank now owns 1,651,886 shares of the technology company’s stock worth $110,891,000 after purchasing an additional 8,200 shares in the last quarter. National Pension Service boosted its stake in Block by 13.5% in the third quarter. National Pension Service now owns 1,083,113 shares of the technology company’s stock worth $72,709,000 after purchasing an additional 128,832 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Block by 1.5% in the third quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock worth $686,948,000 after purchasing an additional 147,873 shares in the last quarter. Lone Pine Capital LLC boosted its stake in 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 in the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its stake in Block by 2.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 541,204 shares of the technology company’s stock worth $35,969,000 after purchasing an additional 14,163 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Down 0.3 %

Shares of Block stock opened at $88.55 on Monday. Block, Inc. has a 1 year low of $55.00 and a 1 year high of $94.12. The business has a 50-day moving average of $76.03 and a two-hundred day moving average of $68.70. The company has a market capitalization of $54.88 billion, a P/E ratio of 49.75, a price-to-earnings-growth ratio of 1.19 and a beta of 2.48. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Analyst Ratings Changes

A number of equities analysts have commented on SQ shares. Oppenheimer started coverage on Block in a research note on Tuesday, October 1st. They issued a “market perform” rating on the stock. New Street Research started coverage on Block in a research note on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. Needham & Company LLC boosted their price objective on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Piper Sandler reissued an “overweight” rating and issued a $83.00 price objective on shares of Block in a research note on Monday, November 11th. Finally, UBS Group dropped their target price on Block from $100.00 to $92.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.46.

Insiders Place Their Bets

In other news, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total transaction of $33,500.00. Following the completion of the transaction, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at $6,060,820. This represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 5,935 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total value of $388,920.55. Following the transaction, the chief financial officer now directly owns 255,496 shares of the company’s stock, valued at $16,742,652.88. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,053 shares of company stock worth $2,393,972 over the last ninety days. 10.49% of the stock is currently owned by corporate insiders.

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.