Conway Capital Management Inc. Takes Position in Block, Inc. (NYSE:SQ)

Conway Capital Management Inc. purchased a new stake in Block, Inc. (NYSE:SQ) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,270 shares of the technology company’s stock, valued at approximately $287,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of SQ. M&T Bank Corp grew its holdings in Block by 10.2% during the 3rd quarter. M&T Bank Corp now owns 33,439 shares of the technology company’s stock worth $2,245,000 after acquiring an additional 3,086 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Block by 6.2% during the third quarter. Nomura Asset Management Co. Ltd. now owns 253,787 shares of the technology company’s stock valued at $17,037,000 after purchasing an additional 14,822 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Block during the third quarter valued at approximately $565,000. MML Investors Services LLC raised its stake in Block by 23.4% in the third quarter. MML Investors Services LLC now owns 86,960 shares of the technology company’s stock worth $5,838,000 after buying an additional 16,483 shares in the last quarter. Finally, Kensington Investment Counsel LLC lifted its holdings in Block by 15.8% during the third quarter. Kensington Investment Counsel LLC now owns 3,972 shares of the technology company’s stock worth $267,000 after buying an additional 541 shares during the period. Institutional investors own 70.44% of the company’s stock.

Block Stock Down 2.8 %

NYSE:SQ opened at $95.46 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The company’s fifty day moving average price is $79.49 and its 200-day moving average price is $69.77. Block, Inc. has a 1-year low of $55.00 and a 1-year high of $99.26. The firm has a market capitalization of $59.17 billion, a P/E ratio of 53.63, a PEG ratio of 1.31 and a beta of 2.50.

Insiders Place Their Bets

In other Block news, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the sale, the chief accounting officer now owns 90,460 shares in the company, valued at approximately $6,060,820. This represents a 0.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Amrita Ahuja sold 5,935 shares of Block stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total transaction of $388,920.55. Following the transaction, the chief financial officer now directly owns 255,496 shares of the company’s stock, valued at approximately $16,742,652.88. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,918 shares of company stock valued at $2,666,147. Company insiders own 10.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. BMO Capital Markets downgraded Block from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $94.00 to $100.00 in a report on Monday, November 25th. Oppenheimer began coverage on Block in a research note on Tuesday, October 1st. They issued a “market perform” rating on the stock. BNP Paribas lowered shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 price target for the company. in a research report on Wednesday, November 20th. Sanford C. Bernstein raised their price target on shares of Block from $90.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Finally, Canaccord Genuity Group boosted their price objective on shares of Block from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.86.

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.