Caprock Group LLC Invests $4.82 Million in Block, Inc. $XYZ

Caprock Group LLC purchased a new stake in Block, Inc. (NYSE:XYZ) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 60,576 shares of the technology company’s stock, valued at approximately $4,824,000.

Other hedge funds also recently added to or reduced their stakes in the company. Traub Capital Management LLC purchased a new stake in shares of Block during the 2nd quarter worth approximately $26,000. Nemes Rush Group LLC purchased a new position in shares of Block in the 2nd quarter valued at $26,000. City Holding Co. acquired a new stake in Block during the 3rd quarter worth $27,000. Cromwell Holdings LLC purchased a new stake in Block in the third quarter valued at $27,000. Finally, SouthState Corp purchased a new stake in Block in the second quarter valued at $29,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

XYZ has been the topic of several research reports. Cantor Fitzgerald raised Block to a “strong-buy” rating in a report on Tuesday, January 27th. Truist Financial set a $72.00 price target on Block in a research note on Tuesday, January 20th. Morgan Stanley lifted their price target on Block from $71.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Friday, November 21st. Royal Bank Of Canada reissued an “outperform” rating and issued a $90.00 price objective on shares of Block in a report on Thursday, November 20th. Finally, KeyCorp restated an “overweight” rating and set a $94.00 target price on shares of Block in a research report on Wednesday, October 22nd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $82.48.

Insider Buying and Selling at Block

In other news, CFO Amrita Ahuja sold 9,959 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $61.40, for a total transaction of $611,482.60. Following the completion of the transaction, the chief financial officer directly owned 272,965 shares of the company’s stock, valued at approximately $16,760,051. This represents a 3.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Owen Britton Jennings sold 10,417 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $61.40, for a total value of $639,603.80. Following the completion of the sale, the insider directly owned 243,540 shares of the company’s stock, valued at $14,953,356. This represents a 4.10% decrease in their ownership of the stock. 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.

Block Stock Performance

Shares of XYZ opened at $53.78 on Thursday. The stock has a market capitalization of $32.68 billion, a P/E ratio of 10.84, a P/E/G ratio of 1.17 and a beta of 2.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18. Block, Inc. has a 1 year low of $44.27 and a 1 year high of $85.55. The company’s fifty day moving average is $63.84 and its two-hundred day moving average is $70.14.

Block 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.