Block (NYSE:SQ) Cut to “Neutral” at BNP Paribas

BNP Paribas cut shares of Block (NYSE:SQ) from an outperform rating to a neutral rating in a report published on Wednesday, Marketbeat.com reports. BNP Paribas currently has $88.00 price target on the technology company’s stock.

Several other equities analysts have also issued reports on SQ. Macquarie reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Block in a report on Friday, July 26th. Canaccord Genuity Group upped their price target on Block from $95.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Wells Fargo & Company dropped their target price on Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. BMO Capital Markets cut their price target on Block from $93.00 to $92.00 and set an “outperform” rating for the company in a report on Thursday, October 3rd. Finally, Keefe, Bruyette & Woods lifted their target price on Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $91.18.

Block Stock Down 3.0 %

Shares of NYSE:SQ opened at $89.69 on Wednesday. The stock has a 50 day moving average price of $72.68 and a 200-day moving average price of $67.82. The firm has a market capitalization of $55.59 billion, a P/E ratio of 50.39, a P/E/G ratio of 1.25 and a beta of 2.48. Block has a 52-week low of $55.00 and a 52-week high of $93.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07.

Insider Activity at Block

In other news, CFO Amrita Ahuja sold 5,935 shares of the firm’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 completion of the sale, the chief financial officer now directly owns 255,496 shares in the company, valued at $16,742,652.88. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Chrysty Esperanza sold 2,964 shares of the stock in a transaction dated 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 directly owns 88,607 shares in the company, valued at approximately $7,088,560. The trade was a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,283 shares of company stock worth $862,773. 10.49% of the stock is owned by insiders.

Institutional Trading of Block

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SouthState Corp raised its stake in shares of Block by 85.3% in the third 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 increased its stake in Block by 64.7% during the 3rd 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 period. LRI Investments LLC purchased a new stake in shares of Block during the 1st quarter worth $34,000. Unique Wealth Strategies LLC acquired a new position in Block in the second quarter valued at $34,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Block in the second quarter valued at approximately $44,000. Hedge funds and other institutional investors own 70.44% 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.