Intech Investment Management LLC Trims Holdings in Block, Inc. (NYSE:SQ)

Intech Investment Management LLC trimmed its holdings in Block, Inc. (NYSE:SQ) by 57.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 28,822 shares of the technology company’s stock after selling 38,494 shares during the quarter. Intech Investment Management LLC’s holdings in Block were worth $1,935,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SQ. SouthState Corp lifted its holdings in shares of Block by 85.3% in the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after buying an additional 180 shares during the period. LRI Investments LLC acquired a new position in shares of Block during the 1st quarter worth $34,000. Unique Wealth Strategies LLC purchased a new position in shares of Block in the 2nd quarter valued at about $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Block in the third quarter valued at about $46,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Block during the second quarter worth about $44,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Insider Transactions at Block

In other Block news, CAO Ajmere Dale sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.00, for a total value of $80,000.00. Following the transaction, the chief accounting officer now directly owns 88,791 shares of the company’s stock, valued at $7,103,280. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Chrysty Esperanza sold 2,964 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $80.00, for a total transaction of $237,120.00. Following the sale, the insider now directly owns 88,607 shares of the company’s stock, valued at $7,088,560. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,283 shares of company stock valued at $862,773. Corporate insiders own 10.49% of the company’s stock.

Block Stock Performance

Block stock opened at $92.26 on Monday. 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 one year low of $55.00 and a one year high of $94.12. The stock’s 50 day moving average price is $73.83 and its 200 day moving average price is $68.07. The firm has a market capitalization of $57.18 billion, a PE ratio of 51.83, a price-to-earnings-growth ratio of 1.25 and a beta of 2.48.

Wall Street Analysts Forecast Growth

SQ has been the subject of several recent research reports. BNP Paribas downgraded shares of Block from an “outperform” rating to a “neutral” rating and set a $88.00 target price for the company. in a report on Wednesday, November 20th. Oppenheimer started coverage on Block in a research report on Tuesday, October 1st. They set a “market perform” rating for the company. Morgan Stanley lowered their target price on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a report on Tuesday, July 30th. UBS Group cut their price target on Block from $100.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, William Blair reaffirmed an “outperform” rating on shares of Block in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.18.

Block 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.