AlphaCrest Capital Management LLC increased its holdings in shares of Block, Inc. (NYSE:SQ – Get Rating) by 816.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,956 shares of the technology company’s stock after purchasing an additional 26,687 shares during the period. AlphaCrest Capital Management LLC’s holdings in Block were worth $1,841,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. CoreCap Advisors LLC bought a new stake in shares of Block in the 2nd quarter valued at $44,000. Verity Asset Management Inc. acquired a new stake in Block in the first quarter worth $53,000. Glassman Wealth Services increased its stake in Block by 42.3% in the second quarter. Glassman Wealth Services now owns 1,264 shares of the technology company’s stock valued at $78,000 after purchasing an additional 376 shares in the last quarter. O Dell Group LLC raised its holdings in shares of Block by 9.9% during the second quarter. O Dell Group LLC now owns 1,448 shares of the technology company’s stock valued at $89,000 after purchasing an additional 130 shares during the period. Finally, Sandy Spring Bank boosted its position in shares of Block by 33.4% during the 1st quarter. Sandy Spring Bank now owns 1,170 shares of the technology company’s stock worth $159,000 after purchasing an additional 293 shares in the last quarter. 62.26% of the stock is currently owned by institutional investors.
Block Stock Up 1.9 %
Shares of SQ stock opened at $63.92 on Thursday. The firm’s 50 day moving average is $60.18 and its 200 day moving average is $69.24. Block, Inc. has a 12 month low of $51.34 and a 12 month high of $220.60. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.86 and a current ratio of 1.86.
In other news, CAO Ajmere Dale sold 875 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $54.61, for a total value of $47,783.75. Following the completion of the transaction, the chief accounting officer now directly owns 47,922 shares in the company, valued at $2,617,020.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Ajmere Dale sold 875 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $54.61, for a total transaction of $47,783.75. Following the completion of the transaction, the chief accounting officer now directly owns 47,922 shares in the company, valued at $2,617,020.42. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Amrita Ahuja sold 3,820 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $58.86, for a total value of $224,845.20. Following the completion of the sale, the chief financial officer now directly owns 144,010 shares in the company, valued at approximately $8,476,428.60. The disclosure for this sale can be found here. Insiders have sold a total of 351,198 shares of company stock worth $21,260,988 over the last ninety days. Company insiders own 11.52% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts recently weighed in on SQ shares. DA Davidson dropped their price target on Block to $130.00 in a research note on Monday. The Goldman Sachs Group cut their target price on Block from $134.00 to $114.00 and set a “buy” rating on the stock in a report on Friday, November 4th. Evercore ISI lowered shares of Block from an “outperform” rating to an “underperform” rating and decreased their price target for the company from $120.00 to $55.00 in a research note on Wednesday, September 14th. Wells Fargo & Company dropped their price objective on shares of Block from $99.00 to $97.00 and set an “overweight” rating on the stock in a research note on Friday, November 4th. Finally, Barclays dropped their price target on shares of Block from $130.00 to $100.00 and set an “overweight” rating on the stock in a research report on Sunday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and thirty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $114.70.
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.
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