Interval Partners LP Acquires 267,549 Shares of Block, Inc. $XYZ

Interval Partners LP grew its holdings in Block, Inc. (NYSE:XYZ) by 780.0% during the third quarter, Holdings Channel.com reports. The firm owned 301,848 shares of the technology company’s stock after acquiring an additional 267,549 shares during the quarter. Interval Partners LP’s holdings in Block were worth $21,815,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Cromwell Holdings LLC bought a new position in Block in the third quarter valued at $27,000. City Holding Co. acquired a new stake in Block in the 3rd quarter valued at $27,000. Nemes Rush Group LLC bought a new stake in Block during the 2nd quarter worth about $26,000. Cary Street Partners Investment Advisory LLC bought a new stake in Block during the 3rd quarter worth about $28,000. Finally, Traub Capital Management LLC acquired a new position in shares of Block during the 2nd quarter worth about $26,000. Institutional investors own 70.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on XYZ shares. Royal Bank Of Canada restated an “outperform” rating and issued a $90.00 price objective on shares of Block in a report on Thursday, November 20th. Truist Financial set a $72.00 target price on Block in a report on Tuesday, January 20th. Stephens reissued an “overweight” rating and set a $95.00 price target on shares of Block in a research report on Thursday, November 20th. BNP Paribas Exane upgraded Block from a “hold” rating to an “outperform” rating and set a $83.00 price target for the company in a research note on Wednesday, January 7th. Finally, Bank of America assumed coverage on Block in a research report on Thursday, March 5th. They set a “buy” rating and a $88.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.79.

Insider Buying and Selling

In other news, insider Brian Grassadonia sold 10,349 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $517,450.00. Following the completion of the sale, the insider directly owned 503,784 shares in the company, valued at approximately $25,189,200. This represents a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Owen Britton Jennings sold 3,555 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $63.41, for a total value of $225,422.55. Following the sale, the insider directly owned 231,262 shares in the company, valued at approximately $14,664,323.42. This trade represents a 1.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 20,352 shares of company stock worth $1,165,720. 10.85% of the stock is owned by corporate insiders.

Block Stock Performance

Shares of NYSE:XYZ opened at $59.78 on Friday. The company’s 50 day moving average price is $61.00 and its two-hundred day moving average price is $67.39. Block, Inc. has a 12-month low of $44.27 and a 12-month high of $82.50. The firm has a market cap of $36.33 billion, a PE ratio of 28.47, a PEG ratio of 1.05 and a beta of 2.65. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.39. The company had revenue of $6.25 billion during the quarter. Block had a net margin of 5.40% and a return on equity of 6.66%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.71 earnings per share. Equities research analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

About Block

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.