Independent Advisor Alliance Has $846,000 Stock Position in Block, Inc. (NYSE:SQ)

Independent Advisor Alliance raised its stake in shares of Block, Inc. (NYSE:SQ) by 70.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,601 shares of the technology company’s stock after purchasing an additional 5,226 shares during the period. Independent Advisor Alliance’s holdings in Block were worth $846,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. B. Riley Wealth Advisors Inc. grew its holdings in shares of Block by 8.9% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 13,827 shares of the technology company’s stock worth $1,169,000 after purchasing an additional 1,132 shares in the last quarter. iA Global Asset Management Inc. increased its stake in shares of Block by 28.3% in the first quarter. iA Global Asset Management Inc. now owns 10,330 shares of the technology company’s stock valued at $874,000 after buying an additional 2,277 shares in the last quarter. LRI Investments LLC bought a new position in shares of Block in the first quarter worth about $34,000. Swedbank AB bought a new position in Block in the 1st quarter worth approximately $2,842,000. Finally, Atria Investments Inc raised its position in shares of Block by 17.8% during the first quarter. Atria Investments Inc now owns 58,991 shares of the technology company’s stock worth $4,989,000 after acquiring an additional 8,926 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SQ. New Street Research began coverage on shares of Block in a report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Wells Fargo & Company reduced their target price on shares of Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Canaccord Genuity Group lifted their price target on Block from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, William Blair reissued an “outperform” rating on shares of Block in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Block has an average rating of “Moderate Buy” and an average target price of $91.46.

Insiders Place Their Bets

In other Block news, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $91.18, for a total value of $759,347.04. Following the sale, the insider now owns 563,894 shares in the company, valued at approximately $51,415,854.92. This represents a 1.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 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 trade represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,053 shares of company stock worth $2,393,972. 10.49% of the stock is currently owned by company insiders.

Block Stock Performance

Shares of SQ stock opened at $88.77 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. Block, Inc. has a fifty-two week low of $55.00 and a fifty-two week high of $94.12. The company has a market capitalization of $55.02 billion, a P/E ratio of 49.87, a PEG ratio of 1.22 and a beta of 2.48. The stock has a 50 day moving average price of $75.20 and a two-hundred day moving average price of $68.47.

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.