Block (NYSE:XYZ) Price Target Raised to $115.00

Key Points

• Freedom Broker raised Block’s price target from $105 to $115 and maintained a Buy rating, implying 35.51% upside from the prior close.
• Analyst sentiment is broadly positive: Block has a “Moderate Buy” consensus rating and an average price target of $100.67, though some firms maintain Hold ratings.
• Block reported quarterly EPS of $1.13, beating the $0.68 consensus estimate; revenue rose 9.9% year over year to $6.72 billion.

Block (NYSE:XYZ - Get Free Report) had its price target boosted by analysts at Freedom Broker from $105.00 to $115.00 in a report released on Friday, Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Freedom Broker's target price would suggest a potential upside of 35.51% from the stock's previous close.

Several other research analysts have also weighed in on the company. HSBC lifted their price objective on Block from $88.00 to $96.00 and gave the stock a "hold" rating in a research report on Friday, August 7th. Loop Capital upped their target price on Block from $85.00 to $94.00 in a research report on Thursday, August 6th. BNP Paribas Exane decreased their target price on Block from $107.00 to $102.00 in a research note on Monday, October 12th. Monness Crespi & Hardt lifted their target price on Block from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Finally, BMO Capital Markets reissued a "hold" rating on shares of Block in a research note on Tuesday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $100.67.

Block Trading Up 3.2%

Block stock traded up $2.60 during trading hours on Friday, hitting $84.86. The stock had a trading volume of 2,223,928 shares, compared to its average volume of 6,186,212. The business's 50 day simple moving average is $78.24 and its 200-day simple moving average is $71.90. Block has a one year low of $48.21 and a one year high of $89.39. The stock has a market cap of $50.98 billion, a price-to-earnings ratio of 114.60, a P/E/G ratio of 0.85 and a beta of 2.58. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The technology company reported $1.13 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.45. Block had a net margin of 1.80% and a return on equity of 9.63%. The company had revenue of $6.72 billion for the quarter. During the same period in the prior year, the firm earned $0.54 EPS. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities analysts predict that Block will post 2.86 EPS for the current fiscal year.

Insider Activity

In other news, Director Anthony Eisen sold 100,000 shares of the firm's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $89.00, for a total transaction of $8,900,000.00. Following the completion of the sale, the director directly owned 1,077,672 shares of the company's stock, valued at $95,912,808. This trade represents a 8.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 343,686 shares of company stock worth $28,384,547. Company insiders own 11.37% of the company's stock.

Institutional Investors Weigh In On Block

Several large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Block during the second quarter valued at about $621,703,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Block by 18.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,194,419 shares of the technology company's stock valued at $234,886,000 after acquiring an additional 494,083 shares during the period. Hyperion Asset Management Ltd grew its stake in Block by 6.9% during the second quarter. Hyperion Asset Management Ltd now owns 2,682,854 shares of the technology company's stock valued at $203,897,000 after acquiring an additional 172,848 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Block by 528.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,309,296 shares of the technology company's stock valued at $199,153,000 after acquiring an additional 2,782,523 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Block by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,147,988 shares of the technology company's stock valued at $189,353,000 after acquiring an additional 39,112 shares in the last quarter. Hedge funds and other institutional investors own 70.44% of the company's stock.

Block Company Profile

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.

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