Block, Inc. (NYSE:SQ) Stock Holdings Lowered by Procyon Advisors LLC

Procyon Advisors LLC lowered its position in shares of Block, Inc. (NYSE:SQ) by 8.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,487 shares of the technology company’s stock after selling 1,680 shares during the period. Procyon Advisors LLC’s holdings in Block were worth $1,353,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Block by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 34,915,658 shares of the technology company’s stock valued at $1,545,367,000 after buying an additional 585,801 shares in the last quarter. ARK Investment Management LLC grew its position in Block by 9.2% in the 4th quarter. ARK Investment Management LLC now owns 11,887,628 shares of the technology company’s stock valued at $919,508,000 after buying an additional 1,000,514 shares in the last quarter. Geode Capital Management LLC grew its position in Block by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 5,685,675 shares of the technology company’s stock valued at $389,576,000 after buying an additional 189,718 shares in the last quarter. Norges Bank bought a new position in Block in the 4th quarter valued at about $353,954,000. Finally, Dragoneer Investment Group LLC grew its position in Block by 50.5% in the 2nd quarter. Dragoneer Investment Group LLC now owns 4,685,391 shares of the technology company’s stock valued at $311,906,000 after buying an additional 1,572,356 shares in the last quarter. Institutional investors own 70.44% of the company’s stock.

Insider Buying and Selling at Block

In other news, insider Brian Grassadonia sold 4,831 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $74.51, for a total value of $359,957.81. Following the sale, the insider now owns 285,860 shares in the company, valued at $21,299,428.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Ajmere Dale sold 656 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total value of $42,180.80. Following the sale, the chief accounting officer now owns 68,823 shares in the company, valued at $4,425,318.90. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Brian Grassadonia sold 4,831 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $74.51, for a total transaction of $359,957.81. Following the completion of the sale, the insider now owns 285,860 shares in the company, valued at approximately $21,299,428.60. The disclosure for this sale can be found here. Insiders have sold a total of 258,056 shares of company stock worth $18,407,064 over the last 90 days. Insiders own 10.79% of the company’s stock.

Block Stock Performance

SQ stock traded up $1.21 during midday trading on Thursday, hitting $84.39. 987,572 shares of the company traded hands, compared to its average volume of 10,742,568. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. The business has a 50 day simple moving average of $72.55 and a 200-day simple moving average of $62.56. The stock has a market capitalization of $51.96 billion, a price-to-earnings ratio of 492.94, a price-to-earnings-growth ratio of 2.47 and a beta of 2.55.

Block (NYSE:SQ) last announced its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Block had a return on equity of 0.63% and a net margin of 0.04%. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.69 billion. As a group, equities research analysts predict that Block, Inc. will post 1.03 earnings per share for the current year.

Wall Street Analyst Weigh In

SQ has been the subject of several research reports. Barclays raised their price objective on shares of Block from $95.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, December 5th. Monness Crespi & Hardt raised their price objective on shares of Block from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. BTIG Research upgraded shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Tuesday, January 30th. Keefe, Bruyette & Woods raised their price objective on shares of Block from $74.00 to $78.00 and gave the company a “market perform” rating in a research report on Friday, February 23rd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $88.00 price objective (up from $86.00) on shares of Block in a research note on Friday, February 23rd. Seven analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $83.69.

Block Company 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.