Block (NYSE:XYZ) Price Target Cut to $85.00 by Analysts at KeyCorp

Block (NYSE:XYZ) had its price objective lowered by KeyCorp from $115.00 to $85.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Other research analysts also recently issued research reports about the stock. Monness Crespi & Hardt upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $115.00 price target for the company in a research report on Friday, December 13th. Citigroup reduced their price target on shares of Block from $108.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, March 14th. Wells Fargo & Company upped their price target on shares of Block from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Raymond James cut their price objective on shares of Block from $115.00 to $103.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Finally, Sanford C. Bernstein set a $100.00 price objective on shares of Block in a report on Saturday, March 8th. Five analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.41.

Block Stock Up 1.9 %

XYZ stock opened at $59.75 on Tuesday. The stock’s 50-day moving average price is $72.94. 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 has a 52-week low of $53.54 and a 52-week high of $99.26. The stock has a market cap of $37.01 billion, a price-to-earnings ratio of 13.13, a P/E/G ratio of 0.72 and a beta of 2.78.

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

Insider Buying and Selling

In other Block news, CFO Amrita Ahuja sold 6,345 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $70.32, for a total value of $446,180.40. Following the completion of the transaction, the chief financial officer now owns 235,854 shares of the company’s stock, valued at $16,585,253.28. This trade represents a 2.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Owen Britton Jennings sold 2,836 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $89.38, for a total transaction of $253,481.68. Following the completion of the transaction, the insider now directly owns 195,449 shares of the company’s stock, valued at $17,469,231.62. This represents a 1.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,967 shares of company stock valued at $1,649,113. Company insiders own 10.49% of the company’s stock.

Institutional Investors Weigh In On Block

Institutional investors have recently modified their holdings of the company. Swiss National Bank lifted its position in shares of Block by 0.5% during the 3rd quarter. Swiss National Bank now owns 1,651,886 shares of the technology company’s stock worth $110,891,000 after purchasing an additional 8,200 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Block during the 4th quarter worth $1,315,000. Perpetual Ltd purchased a new stake in shares of Block during the 4th quarter worth $10,779,000. Nomura Asset Management Co. Ltd. lifted its position in shares of Block by 6.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 253,787 shares of the technology company’s stock worth $17,037,000 after purchasing an additional 14,822 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its position in shares of Block by 9.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company’s stock worth $685,000 after purchasing an additional 717 shares during the last quarter. 70.44% of the stock is owned by hedge funds and other 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.