IQ EQ FUND MANAGEMENT IRELAND Ltd Acquires 62,291 Shares of Block, Inc. $XYZ

IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in shares of Block, Inc. (NYSE:XYZ) by 110.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 118,726 shares of the technology company’s stock after purchasing an additional 62,291 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Block were worth $8,580,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Block in the third quarter valued at $5,383,000. Motley Fool Asset Management LLC acquired a new stake in Block in the second quarter valued at $2,055,000. Norges Bank acquired a new stake in Block in the second quarter valued at $415,575,000. Y.D. More Investments Ltd bought a new position in shares of Block in the 2nd quarter valued at about $1,628,000. Finally, Korea Investment CORP acquired a new position in shares of Block during the 2nd quarter worth about $13,937,000. Institutional investors own 70.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. KeyCorp reiterated an “overweight” rating and issued a $94.00 target price on shares of Block in a research note on Wednesday, October 22nd. Cantor Fitzgerald upgraded Block to a “strong-buy” rating in a research note on Tuesday, January 27th. The Goldman Sachs Group cut their price objective on Block from $96.00 to $82.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $80.00 target price on shares of Block in a report on Monday, November 24th. Finally, Wells Fargo & Company upgraded Block to a “strong-buy” rating in a research note on Wednesday, October 22nd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.48.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 1,983 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Owen Britton Jennings sold 822 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $63.98, for a total transaction of $52,591.56. Following the transaction, the insider owned 242,718 shares in the company, valued at approximately $15,529,097.64. The trade was a 0.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,796 shares of company stock valued at $3,395,943 in the last 90 days. 10.85% of the stock is currently owned by corporate insiders.

Block Price Performance

Shares of NYSE XYZ opened at $53.41 on Friday. The firm has a market cap of $32.45 billion, a P/E ratio of 10.77, a price-to-earnings-growth ratio of 1.17 and a beta of 2.67. The business’s 50 day moving average is $64.40 and its 200-day moving average is $70.86. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $88.73.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.29. The firm had revenue of $6.11 billion for the quarter. Block had a return on equity of 5.54% and a net margin of 12.99%.The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 earnings per share. Equities research analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

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.