Axxcess Wealth Management LLC Raises Holdings in Block, Inc. (NYSE:SQ)

Axxcess Wealth Management LLC grew its position in shares of Block, Inc. (NYSE:SQ) by 31.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,217 shares of the technology company’s stock after purchasing an additional 3,429 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Block were worth $1,100,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Block by 1.7% in the third quarter. Vanguard Group Inc. now owns 34,915,658 shares of the technology company’s stock valued at $1,545,367,000 after purchasing an additional 585,801 shares during the period. ARK Investment Management LLC lifted its position in Block by 9.2% in the fourth quarter. ARK Investment Management LLC now owns 11,887,628 shares of the technology company’s stock valued at $919,508,000 after purchasing an additional 1,000,514 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Block by 0.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,377,973 shares of the technology company’s stock valued at $802,736,000 after purchasing an additional 75,161 shares during the period. Baillie Gifford & Co. lifted its position in Block by 3,525.7% in the fourth quarter. Baillie Gifford & Co. now owns 5,935,002 shares of the technology company’s stock valued at $459,072,000 after purchasing an additional 5,771,310 shares during the period. Finally, Bares Capital Management Inc. lifted its position in shares of Block by 0.3% during the 3rd quarter. Bares Capital Management Inc. now owns 4,399,425 shares of the technology company’s stock valued at $194,719,000 after acquiring an additional 11,376 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SQ. Evercore ISI reissued an “in-line” rating and set a $75.00 price objective on shares of Block in a research note on Tuesday, March 26th. KeyCorp raised their price objective on shares of Block from $80.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 27th. Canaccord Genuity Group reissued a “buy” rating and set a $95.00 price objective on shares of Block in a research note on Friday. Seaport Res Ptn raised shares of Block from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, BTIG Research raised shares of Block from a “neutral” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Tuesday, January 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.42.

Block Price Performance

Shares of NYSE:SQ opened at $69.86 on Monday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. Block, Inc. has a fifty-two week low of $38.85 and a fifty-two week high of $87.52. The firm has a 50-day simple moving average of $77.63 and a 200 day simple moving average of $68.33. The company has a market cap of $43.01 billion, a PE ratio of 90.22, a P/E/G ratio of 1.66 and a beta of 2.57.

Block (NYSE:SQ) last posted its earnings results on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. Block had a net margin of 2.18% and a return on equity of 2.07%. The firm had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.69 billion. On average, sell-side analysts anticipate that Block, Inc. will post 1.29 EPS for the current year.

Insider Transactions at Block

In other news, CAO Ajmere Dale sold 656 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 68,823 shares of the company’s stock, valued at approximately $4,425,318.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Brian Grassadonia sold 127,800 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total transaction of $8,364,510.00. Following the completion of the sale, the insider now directly owns 405,224 shares of the company’s stock, valued at $26,521,910.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 656 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $64.30, for a total transaction of $42,180.80. Following the sale, the chief accounting officer now directly owns 68,823 shares of the company’s stock, valued at $4,425,318.90. The disclosure for this sale can be found here. In the last three months, insiders sold 477,469 shares of company stock valued at $34,963,585. Company insiders own 10.79% of the company’s stock.

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.