Sanford C. Bernstein Issues Positive Forecast for Block (NYSE:SQ) Stock Price

Block (NYSE:SQ) had its price target increased by equities researchers at Sanford C. Bernstein from $90.00 to $120.00 in a report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Sanford C. Bernstein’s target price would suggest a potential upside of 35.52% from the stock’s previous close.

SQ has been the subject of several other reports. 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. Needham & Company LLC upped their target price on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. BMO Capital Markets cut Block from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $94.00 to $100.00 in a research report on Monday, November 25th. Oppenheimer started coverage on shares of Block in a research report on Tuesday, October 1st. They set a “market perform” rating for the company. Finally, Canaccord Genuity Group raised their target price on shares of Block from $95.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.45.

Block Stock Performance

NYSE SQ opened at $88.55 on Monday. The firm has a 50-day moving average price of $76.03 and a two-hundred day moving average price of $68.70. Block has a 12-month low of $55.00 and a 12-month high of $94.12. The company has a market capitalization of $54.88 billion, a P/E ratio of 49.75, a P/E/G ratio of 1.19 and a beta of 2.48. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

Insider Transactions at Block

In other news, CAO Ajmere Dale sold 500 shares of Block stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value 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 approximately $6,060,820. This trade represents a 0.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Chrysty Esperanza sold 2,964 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $80.00, for a total value of $237,120.00. Following the sale, the insider now owns 88,607 shares in the company, valued at approximately $7,088,560. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,053 shares of company stock worth $2,393,972. Company insiders own 10.49% of the company’s stock.

Institutional Trading of Block

Hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. grew its holdings in Block by 45.7% in the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock worth $650,396,000 after purchasing an additional 3,163,975 shares during the period. Southpoint Capital Advisors LP acquired a new stake in shares of Block in the 3rd quarter valued at about $114,121,000. Massachusetts Financial Services Co. MA increased its position in Block by 770.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock valued at $116,719,000 after buying an additional 1,538,849 shares in the last quarter. Lone Pine Capital LLC raised its stake in Block by 13.9% during the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after buying an additional 934,588 shares during the period. Finally, D1 Capital Partners L.P. boosted its holdings in Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after acquiring an additional 795,000 shares in the last quarter. Institutional investors own 70.44% of the company’s stock.

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.