Pinpoint Asset Management Singapore Pte. Ltd. Makes New $904,000 Investment in Block, Inc. $XYZ

Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in shares of Block, Inc. (NYSE:XYZ) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,506 shares of the technology company’s stock, valued at approximately $904,000.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Block by 23.1% during the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company’s stock worth $4,887,366,000 after acquiring an additional 12,709,824 shares during the period. Sands Capital Management LLC acquired a new stake in Block in the 2nd quarter worth about $702,446,000. Geode Capital Management LLC bought a new stake in Block in the 2nd quarter valued at about $634,721,000. Dragoneer Investment Group LLC bought a new stake in Block in the 2nd quarter valued at about $627,233,000. Finally, Ameriprise Financial Inc. acquired a new position in shares of Block during the 2nd quarter worth approximately $535,305,000. Institutional investors own 70.44% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on XYZ. Needham & Company LLC raised their target price on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Piper Sandler reduced their price target on Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 14th. Raymond James Financial upgraded Block to a “moderate buy” rating in a research note on Friday, February 27th. Truist Financial set a $72.00 price objective on Block in a report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Block in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $82.79.

Block Trading Down 1.2%

Shares of XYZ opened at $66.54 on Monday. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $82.50. The business’s fifty day moving average is $61.23 and its 200-day moving average is $67.76. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. The firm has a market cap of $40.43 billion, a price-to-earnings ratio of 31.69, a PEG ratio of 1.16 and a beta of 2.64.

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

Insiders Place Their Bets

In other news, insider Owen Britton Jennings sold 3,555 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $63.41, for a total value of $225,422.55. Following the completion of the transaction, the insider owned 231,262 shares of the company’s stock, valued at approximately $14,664,323.42. This represents a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 10,349 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $50.00, for a total transaction of $517,450.00. Following the completion of the sale, the insider owned 503,784 shares in the company, valued at approximately $25,189,200. The trade was a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,352 shares of company stock worth $1,165,720 in the last ninety days. Insiders own 10.49% of the company’s stock.

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.