Block (NYSE:XYZ) Price Target Cut to $57.00 by Analysts at Barclays

Block (NYSE:XYZ) had its price target decreased by Barclays from $70.00 to $57.00 in a research report sent to investors on Monday,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

XYZ has been the subject of a number of other research reports. Bank of America cut their price objective on shares of Block from $94.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Morgan Stanley upgraded Block from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $65.00 to $67.00 in a research report on Thursday, April 3rd. Evercore ISI began coverage on Block in a research report on Wednesday, April 9th. They set an “in-line” rating and a $52.00 price objective on the stock. Keefe, Bruyette & Woods reduced their target price on shares of Block from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Monday. Finally, Piper Sandler downgraded shares of Block from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $85.00 to $51.00 in a report on Friday. Ten analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.15.

Block Price Performance

NYSE XYZ opened at $46.65 on Monday. The company has a market cap of $28.90 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 0.72 and a beta of 2.83. Block has a 1-year low of $44.27 and a 1-year high of $99.26. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The company’s fifty day moving average price is $56.49.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $6.03 billion for the quarter, compared to analysts’ expectations of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. Equities research analysts anticipate that Block will post 2.54 EPS for the current year.

Insider Activity

In other Block news, insider Brian Grassadonia sold 4,520 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $70.32, for a total value of $317,846.40. Following the completion of the sale, the insider now directly owns 551,850 shares of the company’s stock, valued at $38,806,092. The trade was a 0.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 1,976 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $56.19, for a total transaction of $111,031.44. Following the transaction, the chief financial officer now directly owns 233,878 shares in the company, valued at approximately $13,141,604.82. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,324 shares of company stock valued at $1,297,662. 10.49% of the stock is currently owned by insiders.

Institutional Trading of Block

Institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc raised its position in shares of Block by 67.7% in the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Block by 48.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after buying an additional 136 shares during the last quarter. Rosenberg Matthew Hamilton boosted its holdings in shares of Block by 18.3% in the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock valued at $83,000 after buying an additional 152 shares in the last quarter. Ulland Investment Advisors LLC grew its position in shares of Block by 92.3% in the 4th quarter. Ulland Investment Advisors LLC now owns 2,135 shares of the technology company’s stock worth $181,000 after buying an additional 1,025 shares during the last quarter. Finally, Simon Quick Advisors LLC purchased a new stake in Block during the fourth quarter valued at approximately $203,000. 70.44% of the stock is currently owned by institutional investors.

About Block

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.