Pinpoint Asset Management Singapore Pte. Ltd. Takes $904,000 Position in Block, Inc. $XYZ

Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Block, Inc. (NYSE:XYZ) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 12,506 shares of the technology company’s stock, valued at approximately $904,000.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Block by 23.1% in the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company’s stock valued at $4,887,366,000 after purchasing an additional 12,709,824 shares in the last quarter. Sands Capital Management LLC bought a new stake in shares of Block during the 2nd quarter worth approximately $702,446,000. Geode Capital Management LLC acquired a new stake in shares of Block in the 2nd quarter valued at approximately $634,721,000. Dragoneer Investment Group LLC acquired a new stake in shares of Block in the 2nd quarter valued at approximately $627,233,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Block in the second quarter valued at $535,305,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Block Trading Down 1.2%

XYZ stock opened at $66.54 on Monday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.20 and a quick ratio of 2.20. The company has a fifty day moving average price of $61.23 and a two-hundred day moving average price of $67.76. Block, Inc. has a one year low of $44.27 and a one year high of $82.50. The stock has a market cap of $40.43 billion, a price-to-earnings ratio of 31.69, a price-to-earnings-growth ratio of 1.16 and a beta of 2.64.

Block (NYSE:XYZ) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.39. The company had revenue of $6.25 billion for the quarter. Block had a net margin of 5.40% and a return on equity of 6.66%. Block’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.71 earnings per share. Equities analysts anticipate that Block, Inc. will post 2.54 EPS for the current year.

Insider Activity at Block

In other Block news, CFO Amrita Ahuja sold 1,101 shares of the stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $63.98, for a total value of $70,441.98. Following the transaction, the chief financial officer directly owned 271,864 shares of the company’s stock, valued at $17,393,858.72. This represents a 0.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Owen Britton Jennings sold 3,555 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $63.41, for a total transaction of $225,422.55. Following the sale, the insider owned 231,262 shares of the company’s stock, valued at $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. Insiders sold 20,352 shares of company stock valued at $1,165,720 in the last 90 days. Insiders own 10.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on XYZ shares. Citigroup lowered their target price on shares of Block from $105.00 to $85.00 and set a “buy” rating on the stock in a report on Thursday, February 5th. Zacks Research downgraded shares of Block from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 10th. Morgan Stanley raised shares of Block from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $72.00 to $93.00 in a research report on Friday, February 27th. BTIG Research restated a “buy” rating and set a $90.00 price objective on shares of Block in a research note on Friday, February 27th. Finally, Raymond James Financial raised shares of Block to a “moderate buy” rating in a report on Friday, February 27th. Three analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Block currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.79.

Block 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.