Block (NYSE:XYZ) Price Target Raised to $95.00

Block (NYSE:XYZ) had its price objective boosted by stock analysts at Truist Financial from $89.00 to $95.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Truist Financial‘s price objective would suggest a potential upside of 11.10% from the stock’s previous close.

Several other brokerages also recently weighed in on XYZ. Cantor Fitzgerald boosted their price target on Block from $95.00 to $102.00 and gave the company an “overweight” rating in a report on Monday. Daiwa Securities Group increased their price target on Block from $80.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, August 13th. BNP Paribas Exane decreased their price objective on Block from $107.00 to $102.00 in a report on Monday, October 12th. Raymond James Financial lifted their price objective on Block from $97.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, November 4th. Finally, Citigroup upgraded Block from a “buy” rating to an “outperform” rating in a research note on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

Block Price Performance

Block stock opened at $85.51 on Wednesday. The stock has a market capitalization of $51.37 billion, a P/E ratio of 25.38, a P/E/G ratio of 0.92 and a beta of 2.58. Block has a 12-month low of $48.21 and a 12-month high of $89.39. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.23 and a quick ratio of 2.23. The firm’s 50-day moving average is $78.08 and its two-hundred day moving average is $71.73.

Block (NYSE:XYZ) last posted its quarterly earnings data on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.45. The business had revenue of $6.72 billion during the quarter. Block had a net margin of 1.80% and a return on equity of 9.63%. The business’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. Equities analysts predict that Block will post 2.75 earnings per share for the current year.

Insider Activity

In other news, 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 transaction of $3,062,500.00. Following the completion of the sale, the director directly owned 1,177,672 shares in the company, valued at $103,046,300. This represents a 2.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 249,686 shares of company stock worth $19,981,767. 11.37% of the stock is owned by insiders.

Institutional Investors Weigh In On Block

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

About Block

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.