Block (NYSE:XYZ) Coverage Initiated at Piper Sandler

Analysts at Piper Sandler initiated coverage on shares of Block (NYSE:XYZ - Get Free Report) in a research note issued to investors on Tuesday. The firm set an "underweight" rating and a $50.00 price target on the technology company's stock. Piper Sandler's price target would indicate a potential downside of 21.43% from the company's current price.

A number of other analysts have also recently commented on the company. Needham & Company LLC lowered their price target on Block from $90.00 to $60.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. BNP Paribas raised Block from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 27th. The Goldman Sachs Group dropped their target price on Block from $65.00 to $57.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Morgan Stanley raised shares of Block from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $65.00 to $67.00 in a research report on Thursday, April 3rd. Finally, Macquarie cut shares of Block from an "outperform" rating to a "neutral" rating and set a $50.00 price objective for the company. in a research note on Monday, May 5th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $76.19.

Block Trading Up 0.1%

NYSE:XYZ opened at $63.64 on Tuesday. The firm has a market capitalization of $39.14 billion, a P/E ratio of 15.48, a P/E/G ratio of 2.31 and a beta of 2.75. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.24. Block has a 12 month low of $44.27 and a 12 month high of $99.26. The business's fifty day moving average is $58.38.

Insider Activity at Block

In related news, insider Owen Britton Jennings sold 1,263 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total value of $70,967.97. Following the transaction, the insider now directly owns 181,904 shares of the company's stock, valued at approximately $10,221,185.76. This trade represents a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dhananjay Prasanna sold 2,800 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $63.51, for a total value of $177,828.00. Following the sale, the insider now owns 313,151 shares of the company's stock, valued at approximately $19,888,220.01. This trade represents a 0.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,911 shares of company stock valued at $3,866,989. 10.49% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.