Block, Inc. $XYZ Stock Position Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its position in Block, Inc. (NYSE:XYZ) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 224,905 shares of the technology company’s stock after selling 7,077 shares during the period. Pictet Asset Management Holding SA’s holdings in Block were worth $16,537,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in XYZ. NovaPoint Capital LLC lifted its position in shares of Block by 3.9% in the 3rd quarter. NovaPoint Capital LLC now owns 3,630 shares of the technology company’s stock valued at $267,000 after acquiring an additional 137 shares in the last quarter. Raiffeisen Bank International AG boosted its stake in Block by 0.3% in the 2nd quarter. Raiffeisen Bank International AG now owns 44,901 shares of the technology company’s stock worth $3,503,000 after purchasing an additional 148 shares during the period. Ashton Thomas Securities LLC grew its position in Block by 2.8% during the 3rd quarter. Ashton Thomas Securities LLC now owns 5,885 shares of the technology company’s stock worth $433,000 after purchasing an additional 160 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Block by 1.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 11,888 shares of the technology company’s stock worth $874,000 after purchasing an additional 175 shares in the last quarter. Finally, Avior Wealth Management LLC grew its position in Block by 3.3% during the 2nd quarter. Avior Wealth Management LLC now owns 6,081 shares of the technology company’s stock worth $462,000 after purchasing an additional 193 shares in the last quarter. 70.44% of the stock is owned by hedge funds and other institutional investors.

Block Stock Performance

Shares of NYSE XYZ opened at $82.31 on Friday. The business’s 50-day moving average price is $78.24 and its two-hundred day moving average price is $71.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.23 and a quick ratio of 2.23. Block, Inc. has a one year low of $48.21 and a one year high of $89.39. The company has a market capitalization of $49.45 billion, a P/E ratio of 24.56, a price-to-earnings-growth ratio of 0.85 and a beta of 2.58.

Block (NYSE:XYZ) last issued its earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.45. Block had a return on equity of 9.63% and a net margin of 1.80%. The company had revenue of $6.72 billion for the quarter. During the same period in the previous year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts anticipate that Block, Inc. will post 2.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on XYZ shares. BNP Paribas Exane cut their target price on shares of Block from $107.00 to $102.00 in a research note on Monday, October 12th. Zacks Research cut Block from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 30th. The Goldman Sachs Group lowered their price target on Block from $107.00 to $102.00 and set a “buy” rating on the stock in a report on Tuesday, October 13th. Wolfe Research upped their price target on Block from $100.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday, August 25th. Finally, President Capital upped their price target on Block from $86.00 to $110.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Two research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.32.

Insider Activity at Block

In related news, Director Anthony Eisen sold 100,000 shares of the stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $89.00, for a total value of $8,900,000.00. Following the transaction, the director owned 1,077,672 shares in the company, valued at approximately $95,912,808. This represents a 8.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 343,686 shares of company stock valued at $28,384,547. Insiders own 11.37% of the company’s stock.

About Block

Block, Inc. is a financial technology company that provides payment and commerce tools to businesses and financial services for consumers. Its products include Square, a platform offering payment processing, point-of-sale software and related business services, and Cash App, which provides person-to-person payments and other financial features. The company also owns Afterpay, a buy-now, pay-later service, and TIDAL, a music and entertainment platform. Block serves businesses and consumers in the United States and other markets, with product availability varying by country.