Clearbridge Investments LLC Makes New Investment in Block, Inc. (NYSE:SQ)

Clearbridge Investments LLC purchased a new position in Block, Inc. (NYSE:SQ - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,107,468 shares of the technology company's stock, valued at approximately $73,724,000. Clearbridge Investments LLC owned approximately 0.18% of Block as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Block during the first quarter worth about $31,000. Tobam lifted its holdings in shares of Block by 885.7% during the second quarter. Tobam now owns 483 shares of the technology company's stock worth $32,000 after purchasing an additional 434 shares during the period. McClarren Financial Advisors Inc. lifted its holdings in shares of Block by 1,571.4% during the second quarter. McClarren Financial Advisors Inc. now owns 585 shares of the technology company's stock worth $38,000 after purchasing an additional 550 shares during the period. MRP Capital Investments LLC lifted its holdings in shares of Block by 222.0% during the first quarter. MRP Capital Investments LLC now owns 805 shares of the technology company's stock worth $55,000 after purchasing an additional 555 shares during the period. Finally, Tradition Wealth Management LLC lifted its holdings in shares of Block by 119.2% during the first quarter. Tradition Wealth Management LLC now owns 855 shares of the technology company's stock worth $59,000 after purchasing an additional 465 shares during the period. Institutional investors and hedge funds own 61.17% of the company's stock.

Insider Transactions at Block

In other Block news, CAO Ajmere Dale sold 847 shares of the business's stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $44.16, for a total transaction of $37,403.52. Following the transaction, the chief accounting officer now owns 72,134 shares of the company's stock, valued at $3,185,437.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Block news, CAO Ajmere Dale sold 847 shares of the business's stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $44.16, for a total transaction of $37,403.52. Following the transaction, the chief accounting officer now owns 72,134 shares of the company's stock, valued at $3,185,437.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Roelof Botha acquired 495,539 shares of the stock in a transaction on Wednesday, November 8th. The shares were bought at an average cost of $50.88 per share, for a total transaction of $25,213,024.32. Following the purchase, the director now directly owns 495,539 shares of the company's stock, valued at approximately $25,213,024.32. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 534,234 shares of company stock valued at $27,185,614 and have sold 21,506 shares valued at $1,035,780. Corporate insiders own 10.79% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on SQ shares. JPMorgan Chase & Co. decreased their target price on Block from $96.00 to $75.00 and set an "overweight" rating for the company in a report on Tuesday, August 22nd. UBS Group cut Block from a "buy" rating to a "neutral" rating and reduced their price target for the company from $102.00 to $65.00 in a research report on Wednesday, September 6th. Citigroup reduced their price target on Block from $90.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, October 4th. Needham & Company LLC lifted their price target on Block from $80.00 to $82.00 and gave the company a "buy" rating in a research report on Friday, August 4th. Finally, Robert W. Baird reduced their price target on Block from $92.00 to $72.00 and set an "outperform" rating for the company in a research report on Monday, September 11th. Nine analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $75.07.

Block Stock Up 1.1 %

Shares of NYSE:SQ opened at $59.65 on Friday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.23. The business's 50 day moving average price is $47.57 and its 200-day moving average price is $58.08. Block, Inc. has a 1 year low of $38.85 and a 1 year high of $89.97.

Block (NYSE:SQ - Get Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.15. The firm had revenue of $5.62 billion for the quarter, compared to analyst estimates of $5.41 billion. Block had a negative return on equity of 0.30% and a negative net margin of 1.38%. On average, equities analysts anticipate that Block, Inc. will post -0.15 earnings per share for the current year.

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.

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