Block (NYSE:XYZ) CFO Sells $2,318,925.00 in Stock

Key Points

• Block CFO Amrita Ahuja sold 30,919 shares on April 21 at $75 each for about $2,318,925, reducing her stake by 5.81% to 500,816 shares; the sale was executed under a pre-arranged Rule 10b5-1 trading plan.
• Block beat expectations last quarter, reporting $0.65 EPS versus $0.26 expected and revenue of $6.25 billion, with quarterly revenue up 3.6% year-over-year.
• Analyst sentiment remains generally positive, with a consensus rating of "Moderate Buy" and an average target price of $82.67 following several recent upgrades.

Block, Inc. (NYSE:XYZ - Get Free Report) CFO Amrita Ahuja sold 30,919 shares of Block stock in a transaction that occurred on Tuesday, April 21st. The shares were sold at an average price of $75.00, for a total value of $2,318,925.00. Following the completion of the transaction, the chief financial officer owned 500,816 shares of the company's stock, valued at approximately $37,561,200. The trade was a 5.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Block Stock Performance

Shares of Block stock traded up $0.72 on Wednesday, reaching $72.47. 3,466,731 shares of the company were exchanged, compared to its average volume of 7,937,180. The firm has a market cap of $43.41 billion, a price-to-earnings ratio of 34.51, a P/E/G ratio of 1.17 and a beta of 2.61. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $82.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. The company's 50-day moving average is $60.51 and its two-hundred day moving average is $64.69.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.39. The firm had revenue of $6.25 billion during the quarter. Block had a return on equity of 6.66% and a net margin of 5.40%.Block's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.71 earnings per share. As a group, research analysts expect that Block, Inc. will post 2.23 earnings per share for the current fiscal year.

Analyst Ratings Changes

XYZ has been the topic of several recent research reports. Zacks Research upgraded shares of Block from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 13th. Oppenheimer increased their price objective on Block from $85.00 to $89.00 and gave the stock an "outperform" rating in a report on Friday, February 27th. Loop Capital initiated coverage on Block in a research report on Tuesday, March 31st. They issued a "buy" rating and a $75.00 target price on the stock. Truist Financial upgraded Block from a "hold" rating to a "buy" rating and boosted their price target for the stock from $72.00 to $77.00 in a research report on Wednesday, March 18th. Finally, Wall Street Zen lowered Block from a "buy" rating to a "hold" rating in a report on Sunday. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $82.67.

Hedge Funds Weigh In On Block

Several hedge funds have recently modified their holdings of XYZ. City Holding Co. acquired a new position in Block during the third quarter worth about $27,000. Cromwell Holdings LLC bought a new position in shares of Block during the 3rd quarter valued at about $27,000. Cary Street Partners Investment Advisory LLC acquired a new position in shares of Block in the 3rd quarter worth approximately $28,000. Sound Income Strategies LLC raised its holdings in shares of Block by 57.1% in the 4th quarter. Sound Income Strategies LLC now owns 443 shares of the technology company's stock worth $29,000 after purchasing an additional 161 shares in the last quarter. Finally, Quent Capital LLC acquired a new stake in Block during the third quarter valued at approximately $30,000. 70.44% of the stock is currently owned by institutional investors and hedge funds.

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.

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