Canaccord Genuity Group Lowers Block (NYSE:XYZ) Price Target to $80.00

Block (NYSE:XYZ - Free Report) had its target price trimmed by Canaccord Genuity Group from $100.00 to $80.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the technology company's stock.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada restated an "outperform" rating and set a $110.00 target price on shares of Block in a research note on Thursday, February 20th. Morgan Stanley raised Block from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $65.00 to $67.00 in a report on Thursday, April 3rd. Macquarie reiterated an "outperform" rating and set a $110.00 price objective on shares of Block in a research report on Friday. Robert W. Baird cut their price target on Block from $105.00 to $80.00 and set an "outperform" rating on the stock in a report on Tuesday, April 8th. Finally, UBS Group reduced their target price on Block from $98.00 to $97.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Ten research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $76.15.

Block Stock Performance

XYZ traded up $0.12 on Friday, reaching $46.65. The company had a trading volume of 18,615,046 shares, compared to its average volume of 9,113,674. Block has a fifty-two week low of $44.27 and a fifty-two week high of $99.26. The firm's fifty day simple moving average is $56.86. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The firm has a market cap of $28.90 billion, a PE ratio of 10.25, a P/E/G ratio of 0.72 and a beta of 2.83.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The business had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. On average, sell-side analysts expect that Block will post 2.54 EPS for the current year.

Insider Buying and Selling

In other Block news, CFO Amrita Ahuja sold 1,976 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $56.19, for a total transaction of $111,031.44. Following the sale, the chief financial officer now owns 233,878 shares of the company's stock, valued at $13,141,604.82. The trade was a 0.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Owen Britton Jennings sold 1,263 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $56.19, for a total value of $70,967.97. Following the completion of the transaction, the insider now directly owns 181,904 shares of the company's stock, valued at $10,221,185.76. The trade was a 0.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,324 shares of company stock valued at $1,297,662. 10.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On Block

Hedge funds have recently bought and sold shares of the company. Diversify Advisory Services LLC bought a new position in Block in the 4th quarter worth about $1,315,000. Perpetual Ltd bought a new stake in Block in the fourth quarter worth $10,779,000. Wealthcare Advisory Partners LLC boosted its holdings in Block by 9.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company's stock valued at $685,000 after acquiring an additional 717 shares during the period. TB Alternative Assets Ltd. bought a new position in shares of Block in the fourth quarter worth approximately $3,530,000. Finally, Friedenthal Financial purchased a new position in shares of Block in the fourth quarter valued at about $744,000. Hedge funds and other institutional investors own 70.44% of the company's stock.

Block Company Profile

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.