Barclays Lowers Block (NYSE:XYZ) Price Target to $70.00

Block (NYSE:XYZ) had its price target decreased by Barclays from $97.00 to $70.00 in a report released on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

A number of other research analysts also recently issued reports on XYZ. The Goldman Sachs Group dropped their price objective on Block from $94.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Evercore ISI initiated coverage on Block in a research note on Wednesday, April 9th. They issued an “in-line” rating and a $52.00 price target on the stock. Morgan Stanley raised shares of Block from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $65.00 to $67.00 in a research report on Thursday, April 3rd. Citigroup dropped their target price on shares of Block from $108.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $90.00 target price on shares of Block in a research note on Friday, February 21st. Four analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $90.52.

Block Stock Performance

NYSE:XYZ opened at $55.12 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. Block has a fifty-two week low of $46.42 and a fifty-two week high of $99.26. The firm’s 50 day moving average price is $63.16. The firm has a market cap of $34.15 billion, a P/E ratio of 12.11, a PEG ratio of 0.72 and a beta of 2.77.

Block (NYSE:XYZ) last posted its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The firm had revenue of $6.03 billion for the quarter, compared to analyst estimates of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. Research analysts predict that Block will post 2.54 EPS for the current year.

Insider Activity at Block

In related news, CAO Ajmere Dale sold 1,467 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $103,159.44. Following the completion of the sale, the chief accounting officer now owns 82,499 shares in the company, valued at approximately $5,801,329.68. This trade represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Amrita Ahuja sold 1,976 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total transaction of $111,031.44. Following the completion of the transaction, the chief financial officer now owns 233,878 shares in the company, valued at approximately $13,141,604.82. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,324 shares of company stock valued at $1,297,662. 10.49% of the stock is owned by insiders.

Institutional Trading of Block

Large investors have recently bought and sold shares of the company. Versant Capital Management Inc grew its stake in shares of Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock worth $33,000 after acquiring an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Block by 48.2% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock valued at $36,000 after purchasing an additional 136 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in Block by 18.3% during the fourth quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company’s stock worth $83,000 after purchasing an additional 152 shares during the period. Ulland Investment Advisors LLC increased its stake in shares of Block by 92.3% in the fourth quarter. Ulland Investment Advisors LLC now owns 2,135 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,025 shares in the last quarter. Finally, Simon Quick Advisors LLC bought a new stake in shares of Block in the fourth quarter valued at approximately $203,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

About Block

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.