Piper Sandler Issues Pessimistic Forecast for Block (NYSE:XYZ) Stock Price

Block (NYSE:XYZ - Get Free Report) had its price target reduced by Piper Sandler from $101.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Piper Sandler's price objective points to a potential upside of 30.15% from the stock's previous close.

XYZ has been the topic of a number of other research reports. Barclays cut their price target on shares of Block from $112.00 to $97.00 and set an "overweight" rating on the stock in a research report on Monday. William Blair reiterated an "outperform" rating on shares of Block in a report on Friday, November 15th. StockNews.com began coverage on Block in a report on Saturday, February 15th. They set a "hold" rating on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $90.00 price objective on shares of Block in a research report on Friday, February 21st. Finally, Sanford C. Bernstein boosted their target price on shares of Block from $90.00 to $120.00 and gave the company an "outperform" rating in a research report on Monday, December 2nd. Six equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Block has a consensus rating of "Moderate Buy" and a consensus target price of $96.31.

Block Stock Performance

NYSE XYZ traded up $1.03 on Monday, reaching $65.31. The company had a trading volume of 7,791,584 shares, compared to its average volume of 7,901,402. The company has a market capitalization of $40.48 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 0.72 and a beta of 2.53. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a fifty-two week low of $55.00 and a fifty-two week high of $99.26.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $6.03 billion during the quarter, compared to analyst estimates of $6.23 billion. Block had a net margin of 11.92% and a return on equity of 5.80%. Sell-side analysts expect that Block will post 2.54 EPS for the current year.

Insider Transactions at Block

In other Block news, insider Brian Grassadonia sold 3,253 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $68.01, for a total value of $221,236.53. Following the sale, the insider now directly owns 548,597 shares in the company, valued at $37,310,081.97. The trade was a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Ajmere Dale sold 1,467 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $70.32, for a total value of $103,159.44. Following the transaction, the chief accounting officer now owns 82,499 shares of the company's stock, valued at $5,801,329.68. The trade was a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,832 shares of company stock worth $1,921,288 in the last ninety days. Company insiders own 10.49% of the company's stock.

Institutional Trading of Block

Institutional investors have recently modified their holdings of the business. SouthState Corp raised its holdings in Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company's stock valued at $26,000 after acquiring an additional 180 shares during the period. Versant Capital Management Inc raised its stake in shares of Block by 67.7% during the 4th quarter. Versant Capital Management Inc now owns 394 shares of the technology company's stock valued at $33,000 after purchasing an additional 159 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in Block by 48.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company's stock worth $36,000 after purchasing an additional 136 shares during the period. True Wealth Design LLC boosted its stake in Block by 64.7% in the 3rd quarter. True Wealth Design LLC now owns 494 shares of the technology company's stock worth $33,000 after purchasing an additional 194 shares during the period. Finally, Rosenberg Matthew Hamilton grew its holdings in Block by 18.3% during the 4th quarter. Rosenberg Matthew Hamilton now owns 982 shares of the technology company's stock valued at $83,000 after buying an additional 152 shares in the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.