Prime Capital Investment Advisors LLC Sells 224 Shares of Block, Inc. (NYSE:SQ)

Prime Capital Investment Advisors LLC lowered its holdings in Block, Inc. (NYSE:SQ) by 4.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,577 shares of the technology company’s stock after selling 224 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Block were worth $307,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in SQ. Baillie Gifford & Co. boosted its stake in shares of Block by 45.7% in the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock valued at $650,396,000 after buying an additional 3,163,975 shares during the period. Lone Pine Capital LLC raised its holdings in Block by 13.9% in the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after acquiring an additional 934,588 shares in the last quarter. D1 Capital Partners L.P. lifted its position in shares of Block by 76.7% during the 2nd quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock valued at $118,103,000 after acquiring an additional 795,000 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Block by 1,061.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock valued at $42,413,000 after acquiring an additional 601,020 shares during the period. Finally, Capital World Investors grew its holdings in shares of Block by 4.7% during the 1st quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock worth $1,107,712,000 after purchasing an additional 582,826 shares in the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SQ. BMO Capital Markets cut their price objective on shares of Block from $93.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, October 3rd. Canaccord Genuity Group upped their price target on shares of Block from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. William Blair reissued an “outperform” rating on shares of Block in a research note on Friday. Morgan Stanley cut their target price on Block from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Tuesday, July 30th. Finally, Benchmark reiterated a “buy” rating and issued a $99.00 price target on shares of Block in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.30.

Insider Buying and Selling

In related news, CAO Ajmere Dale sold 1,406 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total transaction of $90,968.20. Following the sale, the chief accounting officer now owns 90,960 shares in the company, valued at $5,885,112. This represents a 1.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. The trade was a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,678 shares of company stock valued at $1,924,112 over the last quarter. Insiders own 10.49% of the company’s stock.

Block Stock Up 1.1 %

Block stock opened at $84.30 on Friday. The firm has a 50 day moving average price of $70.94 and a two-hundred day moving average price of $67.39. 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 52-week low of $55.00 and a 52-week high of $90.00. The firm has a market cap of $51.90 billion, a price-to-earnings ratio of 47.36, a PEG ratio of 1.16 and a beta of 2.48.

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.