Procyon Advisors LLC Sells 1,680 Shares of Block, Inc. (NYSE:SQ)

Procyon Advisors LLC reduced its holdings in shares of Block, Inc. (NYSE:SQ) by 8.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,487 shares of the technology company’s stock after selling 1,680 shares during the quarter. Procyon Advisors LLC’s holdings in Block were worth $1,353,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital Impact Advisors LLC lifted its position in shares of Block by 2.6% during the 4th quarter. Capital Impact Advisors LLC now owns 5,401 shares of the technology company’s stock valued at $339,000 after buying an additional 138 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in Block by 2.9% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 6,328 shares of the technology company’s stock worth $489,000 after purchasing an additional 180 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Block by 38.4% during the 3rd quarter. Larson Financial Group LLC now owns 728 shares of the technology company’s stock worth $32,000 after purchasing an additional 202 shares in the last quarter. Advisor Partners II LLC increased its stake in Block by 5.3% in the 1st quarter. Advisor Partners II LLC now owns 4,085 shares of the technology company’s stock worth $280,000 after acquiring an additional 207 shares during the last quarter. Finally, Diversified Trust Co increased its stake in Block by 0.4% in the 4th quarter. Diversified Trust Co now owns 57,232 shares of the technology company’s stock worth $4,427,000 after acquiring an additional 209 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors.

Block Stock Up 1.5 %

Shares of SQ traded up $1.21 on Thursday, reaching $84.39. The stock had a trading volume of 987,572 shares, compared to its average volume of 10,742,568. The firm has a market capitalization of $51.96 billion, a price-to-earnings ratio of 492.94, a price-to-earnings-growth ratio of 2.47 and a beta of 2.55. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.90 and a current ratio of 1.90. The company has a 50-day simple moving average of $72.55 and a 200-day simple moving average of $62.56. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $87.52.

Block (NYSE:SQ) last posted its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Block had a return on equity of 0.63% and a net margin of 0.04%. The company had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.69 billion. Sell-side analysts predict that Block, Inc. will post 1.03 EPS for the current year.

Insider Activity at Block

In related news, insider Brian Grassadonia sold 5,652 shares of the firm’s stock in a transaction that occurred on Thursday, January 4th. The stock was sold at an average price of $68.00, for a total transaction of $384,336.00. Following the completion of the transaction, the insider now owns 280,208 shares of the company’s stock, valued at approximately $19,054,144. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Block news, insider Brian Grassadonia sold 5,652 shares of Block stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $68.00, for a total value of $384,336.00. Following the completion of the sale, the insider now owns 280,208 shares of the company’s stock, valued at approximately $19,054,144. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Amrita Ahuja sold 3,097 shares of Block stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $73.77, for a total value of $228,465.69. Following the completion of the sale, the chief financial officer now directly owns 209,200 shares of the company’s stock, valued at approximately $15,432,684. The disclosure for this sale can be found here. Insiders sold a total of 258,056 shares of company stock valued at $18,407,064 in the last 90 days. Corporate insiders own 10.79% of the company’s stock.

Wall Street Analyst Weigh In

SQ has been the topic of a number of research analyst reports. BTIG Research upgraded Block from a “neutral” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Tuesday, January 30th. Mizuho restated a “buy” rating and issued a $99.00 target price on shares of Block in a research note on Wednesday. Truist Financial upped their target price on Block from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, February 23rd. Seaport Res Ptn upgraded Block from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, Piper Sandler reiterated an “overweight” rating and set a $88.00 price objective (up from $86.00) on shares of Block in a research report on Friday, February 23rd. Seven investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $83.69.

Block Profile

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.