Block, Inc. $XYZ Shares Sold by Sicart Associates LLC

Sicart Associates LLC decreased its holdings in Block, Inc. (NYSE:XYZ) by 9.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 98,974 shares of the technology company’s stock after selling 9,963 shares during the period. Block makes up about 1.7% of Sicart Associates LLC’s investment portfolio, making the stock its 22nd largest position. Sicart Associates LLC’s holdings in Block were worth $6,442,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. City Holding Co. purchased a new position in shares of Block in the 3rd quarter valued at $27,000. Cromwell Holdings LLC purchased a new stake in Block during the 3rd quarter worth $27,000. Cary Street Partners Investment Advisory LLC purchased a new stake in Block during the 3rd quarter worth $28,000. Quent Capital LLC acquired a new stake in Block in the 3rd quarter valued at $30,000. Finally, RMG Wealth Management LLC acquired a new stake in Block in the 3rd quarter valued at $30,000. 70.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Block

In related news, CAO Ajmere Dale sold 1,173 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $65.09, for a total value of $76,350.57. Following the completion of the sale, the chief accounting officer directly owned 98,412 shares of the company’s stock, valued at $6,405,637.08. The trade was a 1.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amrita Ahuja sold 1,101 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $63.98, for a total value of $70,441.98. Following the sale, the chief financial officer owned 271,864 shares in the company, valued at $17,393,858.72. The trade was a 0.40% decrease in their position. 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 over the last quarter. Company insiders own 10.85% of the company’s stock.

Block Stock Performance

Shares of XYZ opened at $56.07 on Friday. The business’s 50 day moving average is $59.17 and its two-hundred day moving average is $66.04. Block, Inc. has a 52-week low of $44.27 and a 52-week high of $82.50. The firm has a market cap of $33.59 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 0.96 and a beta of 2.65. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26.

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

Analyst Upgrades and Downgrades

XYZ has been the topic of a number of recent research reports. Rothschild & Co Redburn upgraded Block from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $45.00 to $55.00 in a research note on Wednesday, March 18th. Keefe, Bruyette & Woods lowered their target price on Block from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, January 2nd. Truist Financial upgraded Block from a “hold” rating to a “buy” rating and raised their target price for the company from $72.00 to $77.00 in a report on Wednesday, March 18th. Citigroup reduced their price target on Block from $105.00 to $85.00 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $90.00 price target on shares of Block in a report on Tuesday, March 17th. Three research analysts have rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.91.

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.