Block, Inc. $XYZ Stock Position Raised by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its stake in shares of Block, Inc. (NYSE:XYZ) by 1.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,667,091 shares of the technology company’s stock after acquiring an additional 31,456 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Block were worth $120,481,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wilmington Savings Fund Society FSB raised its holdings in Block by 5.4% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 4,332 shares of the technology company’s stock worth $313,000 after buying an additional 220 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Block by 5.6% in the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 6,101 shares of the technology company’s stock worth $440,000 after buying an additional 321 shares during the period. 180 Wealth Advisors LLC increased its position in shares of Block by 4.6% in the third quarter. 180 Wealth Advisors LLC now owns 8,201 shares of the technology company’s stock worth $593,000 after acquiring an additional 361 shares in the last quarter. Cromwell Holdings LLC purchased a new position in shares of Block in the third quarter worth approximately $27,000. Finally, City Holding Co. acquired a new stake in shares of Block during the third quarter valued at approximately $27,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Zacks Research cut Block from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Royal Bank Of Canada reiterated an “outperform” rating and set a $90.00 price target on shares of Block in a report on Thursday, November 20th. Jefferies Financial Group upped their price target on Block from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, October 21st. Finally, Morgan Stanley increased their price objective on Block from $71.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Friday, November 21st. Three analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.97.

Block Price Performance

Shares of XYZ opened at $62.65 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.18 and a current ratio of 2.18. The firm has a market cap of $38.07 billion, a PE ratio of 12.63, a PEG ratio of 1.37 and a beta of 2.66. The firm’s 50 day moving average price is $64.51 and its 200 day moving average price is $71.48. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $94.25.

Block (NYSE:XYZ) last posted its earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.25 by $0.29. Block had a net margin of 12.99% and a return on equity of 5.54%. The company had revenue of $6.11 billion during the quarter. During the same period in the prior year, the firm earned $0.53 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. As a group, research analysts expect that Block, Inc. will post 2.54 EPS for the current fiscal year.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 1,983 shares of the business’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $68.52, for a total value of $135,875.16. Following the completion of the sale, the insider owned 518,331 shares of the company’s stock, valued at $35,516,040.12. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chrysty Esperanza sold 3,608 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $61.40, for a total value of $221,531.20. Following the sale, the insider owned 123,198 shares of the company’s stock, valued at approximately $7,564,357.20. This trade represents a 2.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 54,796 shares of company stock valued at $3,395,943 in the last three months. 10.49% of the stock is currently owned by company insiders.

Block Company Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.