Harbor Investment Advisory LLC Raises Stock Holdings in Block, Inc. (NYSE:SQ)

Harbor Investment Advisory LLC lifted its holdings in shares of Block, Inc. (NYSE:SQ) by 31.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,735 shares of the technology company’s stock after acquiring an additional 1,125 shares during the period. Harbor Investment Advisory LLC’s holdings in Block were worth $402,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. SouthState Corp grew its position in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Block by 64.7% during the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock worth $33,000 after buying an additional 194 shares during the last quarter. Versant Capital Management Inc increased its position in Block by 67.7% in the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after acquiring an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after acquiring an additional 136 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in Block during the 3rd quarter valued at approximately $46,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Stock Performance

Block stock opened at $87.08 on Wednesday. Block, Inc. has a fifty-two week low of $55.00 and a fifty-two week high of $99.26. The company has a market capitalization of $53.97 billion, a price-to-earnings ratio of 48.92, a PEG ratio of 0.79 and a beta of 2.51. The stock has a fifty day moving average of $89.68 and a two-hundred day moving average of $74.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group boosted their target price on Block from $95.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Barclays boosted their price objective on shares of Block from $100.00 to $112.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Monness Crespi & Hardt upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $115.00 target price for the company in a research note on Friday, December 13th. Needham & Company LLC lifted their target price on shares of Block from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, William Blair reissued an “outperform” rating on shares of Block in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $97.68.

Insider Activity at Block

In other news, CFO Amrita Ahuja sold 1,502 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $86.52, for a total transaction of $129,953.04. Following the sale, the chief financial officer now owns 242,199 shares in the company, valued at $20,955,057.48. This trade represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 sale, the insider now directly owns 563,894 shares of the company’s stock, valued at approximately $51,415,854.92. This represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,981 shares of company stock valued at $2,681,185 over the last quarter. Insiders own 10.49% of the company’s stock.

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.