Block, Inc. $XYZ Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. boosted its stake in Block, Inc. (NYSE:XYZ) by 23.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 67,626,485 shares of the technology company’s stock after buying an additional 12,709,824 shares during the quarter. Vanguard Group Inc. owned approximately 11.09% of Block worth $4,887,366,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Cromwell Holdings LLC purchased a new stake in shares of Block in the third quarter valued at $27,000. City Holding Co. purchased a new position in Block in the 3rd quarter valued at about $27,000. Nemes Rush Group LLC purchased a new stake in shares of Block during the second quarter worth about $26,000. Traub Capital Management LLC acquired a new position in shares of Block in the second quarter valued at approximately $26,000. Finally, RMG Wealth Management LLC purchased a new position in shares of Block during the third quarter valued at approximately $30,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Performance

Shares of NYSE:XYZ opened at $50.73 on Wednesday. The business has a 50-day moving average of $62.91 and a two-hundred day moving average of $69.32. The firm has a market capitalization of $30.83 billion, a PE ratio of 10.23, a P/E/G ratio of 1.02 and a beta of 2.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18. Block, Inc. has a 12 month low of $44.27 and a 12 month high of $85.55.

Insider Activity

In related news, insider Owen Britton Jennings sold 822 shares of the company’s stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $63.98, for a total transaction of $52,591.56. Following the completion of the sale, the insider directly owned 242,718 shares of the company’s stock, valued at approximately $15,529,097.64. This represents a 0.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Ajmere Dale sold 1,173 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $65.09, for a total value of $76,350.57. Following the completion of the sale, the chief accounting officer owned 98,412 shares of the company’s stock, valued at approximately $6,405,637.08. This represents a 1.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 54,796 shares of company stock worth $3,395,943. Insiders own 10.49% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on XYZ. Compass Point raised shares of Block from a “strong sell” rating to a “hold” rating in a research note on Friday, November 21st. The Goldman Sachs Group lowered 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. KeyCorp reiterated an “overweight” rating and issued a $94.00 target price on shares of Block in a research note on Wednesday, October 22nd. Bank of America raised their price target on Block from $86.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, November 21st. Finally, Keefe, Bruyette & Woods lowered their price target on Block from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, January 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $81.97.

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.