HB Wealth Management LLC Makes New $1.25 Million Investment in Block, Inc. $XYZ

HB Wealth Management LLC purchased a new stake in shares of Block, Inc. (NYSE:XYZ) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 17,275 shares of the technology company’s stock, valued at approximately $1,248,000.

Several other hedge funds have also made changes to their positions in XYZ. Vanguard Group Inc. purchased a new position in Block during the 2nd quarter worth approximately $3,730,489,000. Sands Capital Management LLC acquired a new stake in shares of Block in the second quarter worth $702,446,000. Geode Capital Management LLC purchased a new position in shares of Block during the second quarter valued at $634,721,000. Dragoneer Investment Group LLC acquired a new position in Block during the second quarter valued at $627,233,000. Finally, Ameriprise Financial Inc. purchased a new stake in Block in the 2nd quarter worth about $535,305,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Block Stock Performance

XYZ stock opened at $69.58 on Monday. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $42.28 billion, a price-to-earnings ratio of 14.03, a P/E/G ratio of 1.28 and a beta of 2.66. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $94.25. The firm has a 50 day moving average of $65.05 and a two-hundred day moving average of $71.58.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. Block had a net margin of 12.99% and a return on equity of 5.54%. The business had revenue of $6.11 billion for the quarter. During the same quarter in the prior year, the business posted $0.53 EPS. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Activity at Block

In related news, insider Brian Grassadonia sold 8,085 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $61.96, for a total value of $500,946.60. Following the transaction, the insider directly owned 521,352 shares of the company’s stock, valued at approximately $32,302,969.92. This trade represents a 1.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Owen Britton Jennings sold 10,417 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $639,603.80. Following the sale, the insider directly owned 243,540 shares of the company’s stock, valued at $14,953,356. The trade was a 4.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 54,796 shares of company stock valued at $3,395,943. Insiders own 10.85% of the company’s stock.

Wall Street Analyst Weigh In

XYZ has been the topic of several research analyst reports. Zacks Research cut Block from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. Keefe, Bruyette & Woods decreased their price target on shares of Block from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, January 2nd. The Goldman Sachs Group lowered their price objective on shares of Block from $96.00 to $82.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. BNP Paribas Exane upgraded shares of Block from a “neutral” rating to an “outperform” rating and set a $83.00 target price for the company in a research report on Wednesday, January 7th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $90.00 price target on shares of Block in a report on Thursday, November 20th. Three analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Block currently has an average rating of “Moderate Buy” and a consensus target price of $82.94.

Block Company Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.