12,339 Shares in Block, Inc. $XYZ Purchased by Balboa Wealth Partners

Balboa Wealth Partners bought a new stake in shares of Block, Inc. (NYSE:XYZ) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,339 shares of the technology company’s stock, valued at approximately $892,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Traub Capital Management LLC purchased a new position in Block during the second quarter valued at approximately $26,000. Nemes Rush Group LLC bought a new position in Block in the 2nd quarter valued at $26,000. City Holding Co. bought a new position in Block in the 3rd quarter valued at $27,000. Cromwell Holdings LLC purchased a new position in shares of Block during the 3rd quarter valued at $27,000. Finally, SouthState Corp bought a new position in shares of Block in the second quarter worth $29,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Block

In other Block news, insider Owen Britton Jennings sold 10,417 shares of Block stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $639,603.80. Following the transaction, the insider directly owned 243,540 shares of the company’s stock, valued at approximately $14,953,356. This trade represents a 4.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Amrita Ahuja sold 9,959 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $61.40, for a total transaction of $611,482.60. Following the completion of the sale, the chief financial officer directly owned 272,965 shares of the company’s stock, valued at $16,760,051. This trade represents a 3.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 54,796 shares of company stock valued at $3,395,943. 10.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on XYZ. Zacks Research lowered Block from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 10th. KeyCorp restated an “overweight” rating and issued a $94.00 target price on shares of Block in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Block in a research report on Monday, December 29th. Piper Sandler cut their price objective on Block from $55.00 to $51.00 and set an “underweight” rating for the company in a report on Wednesday, January 14th. Finally, Compass Point upgraded shares of Block from a “strong sell” rating to a “hold” rating in a research report on Friday, November 21st. Three research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Block currently has an average rating of “Moderate Buy” and an average target price of $82.48.

Block Price Performance

Shares of Block stock opened at $49.89 on Friday. The firm has a market capitalization of $30.32 billion, a PE ratio of 10.06, a price-to-earnings-growth ratio of 1.00 and a beta of 2.67. 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 12 month low of $44.27 and a 12 month high of $85.55. The business’s 50-day moving average price is $63.35 and its 200-day moving average price is $69.79.

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.