Block, Inc. $XYZ Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC reduced its stake in Block, Inc. (NYSE:XYZ) by 39.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,294 shares of the technology company’s stock after selling 40,555 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Block were worth $4,361,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of XYZ. Grove Bank & Trust lifted its holdings in shares of Block by 7,781.6% during the fourth quarter. Grove Bank & Trust now owns 2,995 shares of the technology company’s stock worth $195,000 after purchasing an additional 2,957 shares during the period. Wedmont Private Capital increased its stake in Block by 30.5% in the 4th quarter. Wedmont Private Capital now owns 4,592 shares of the technology company’s stock valued at $328,000 after buying an additional 1,072 shares during the period. Nordea Investment Management AB increased its stake in Block by 5.0% in the 4th quarter. Nordea Investment Management AB now owns 53,887 shares of the technology company’s stock valued at $3,532,000 after buying an additional 2,575 shares during the period. Everhart Financial Group Inc. raised its position in Block by 5.2% during the 4th quarter. Everhart Financial Group Inc. now owns 4,339 shares of the technology company’s stock worth $282,000 after buying an additional 215 shares during the last quarter. Finally, Avior Wealth Management LLC raised its position in Block by 3.3% during the 4th quarter. Avior Wealth Management LLC now owns 7,654 shares of the technology company’s stock worth $498,000 after buying an additional 246 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $70.00 target price on shares of Block in a report on Friday, February 27th. HSBC raised shares of Block from a “hold” rating to a “buy” rating and increased their price target for the stock from $70.00 to $77.00 in a report on Tuesday, March 3rd. BTIG Research restated a “buy” rating and issued a $90.00 price objective on shares of Block in a research report on Friday, February 27th. TD Cowen lifted their price objective on Block from $91.00 to $95.00 and gave the company a “buy” rating in a report on Friday, February 27th. Finally, Rothschild & Co Redburn upgraded Block from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $45.00 to $55.00 in a research report on Wednesday, March 18th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.91.

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 completion of the transaction, the chief financial officer directly owned 271,864 shares of the company’s stock, valued at approximately $17,393,858.72. This trade represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Owen Britton Jennings sold 3,555 shares of Block stock in a transaction that occurred on Tuesday, March 3rd. The shares were 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 approximately $14,664,323.42. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 20,352 shares of company stock valued at $1,165,720. 10.49% of the stock is owned by corporate insiders.

Block Price Performance

Shares of NYSE XYZ opened at $57.04 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. Block, Inc. has a one year low of $44.27 and a one year high of $82.50. The firm has a market capitalization of $34.17 billion, a P/E ratio of 27.16, a PEG ratio of 0.96 and a beta of 2.64. The company’s fifty day moving average is $58.99 and its two-hundred day moving average is $65.87.

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

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.