Block (NYSE:XYZ) Research Coverage Started at Citizens Jmp

Citizens Jmp initiated coverage on shares of Block (NYSE:XYZ) in a research note published on Wednesday, Marketbeat Ratings reports. The brokerage issued a hold rating on the technology company’s stock.

A number of other equities analysts have also recently issued reports on XYZ. Robert W. Baird boosted their price objective on Block from $105.00 to $106.00 and gave the company an “outperform” rating in a report on Friday, October 2nd. Clear Str upgraded Block to a “hold” rating in a research note on Thursday, July 16th. Monness Crespi & Hardt lifted their target price on Block from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Oppenheimer reissued an “outperform” rating and set a $97.00 target price (up from $85.00) on shares of Block in a research note on Thursday, August 6th. Finally, Wolfe Research upped their price target on shares of Block from $100.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.36.

Block Trading Up 1.8%

Shares of NYSE:XYZ traded up $1.54 during trading hours on Wednesday, hitting $85.58. 7,756,635 shares of the company’s stock traded hands, compared to its average volume of 4,670,644. The firm has a market capitalization of $51.42 billion, a P/E ratio of 115.65, a price-to-earnings-growth ratio of 0.81 and a beta of 2.58. The business has a fifty day moving average price of $77.92 and a 200-day moving average price of $71.50. Block has a 1 year low of $48.21 and a 1 year high of $88.51. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.21 and a quick ratio of 2.21.

Block (NYSE:XYZ) last issued its quarterly 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 8.10% and a net margin of 1.43%. The firm had revenue of $6.72 billion for the quarter. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. Equities analysts expect that Block will post 2.75 earnings per share for the current year.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 8,173 shares of Block stock in a transaction on Monday, August 24th. The stock was sold at an average price of $82.42, for a total transaction of $673,618.66. Following the completion of the sale, the insider directly owned 513,981 shares of the company’s stock, valued at $42,362,314.02. The trade was a 1.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Anthony Eisen sold 35,000 shares of the company’s stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $87.50, for a total value of $3,062,500.00. Following the completion of the sale, the director owned 1,177,672 shares of the company’s stock, valued at $103,046,300. This represents a 2.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 261,686 shares of company stock valued at $20,924,307 over the last quarter. 11.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Block

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC raised its stake in shares of Block by 301.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 389 shares of the technology company’s stock worth $30,000 after acquiring an additional 292 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in Block during the 1st quarter worth about $31,000. Meeder Asset Management Inc. purchased a new stake in Block in the second quarter valued at approximately $46,000. University of Texas Texas AM Investment Management Co. acquired a new position in Block in the 3rd quarter worth approximately $48,000. Finally, Ancora Advisors LLC acquired a new position in Block in the 2nd quarter worth approximately $53,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Key Block News

Here are the key news stories impacting Block this week:

• Positive Sentiment: Several firms raised price targets, reinforcing expectations for further gains. UBS lifted its target to $105, Raymond James to $100 while maintaining an “outperform” rating, and BMO to $102 with a “market perform” rating. Wells Fargo raised its target to $110 and Barclays to $105, both with “overweight” ratings; Argus raised its target to $105 and maintained “buy.” UBS rating Raymond James rating BMO target update Wells Fargo rating Barclays rating Argus rating
• Positive Sentiment: Block reported better-than-expected earnings, with quarterly EPS of $1.13 versus the $0.68 consensus and revenue growth of 9.9% year over year. Shares subsequently reached a 52-week high, and traders bought a large volume of call options—signals of favorable investor expectations. Earnings and 52-week high Call options activity
• Neutral Sentiment: Rothschild & Co Redburn raised its target from $75 to $85 but kept a “neutral” rating, putting its estimate close to the recent share price. Redburn target update
• Negative Sentiment: Block reportedly made another round of job cuts this year, affecting employees in its Cash App businesses. The reductions may raise concerns about execution or operating pressures despite the recent earnings beat. Report on Block job cuts

Block Company Profile

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.

Founded in 2009 as Square by Jack Dorsey and Jim McKelvey, the company adopted the name Block in 2021.