Block (NYSE:XYZ) Given New $73.00 Price Target at Morgan Stanley

Block (NYSE:XYZ - Free Report) had its price target lifted by Morgan Stanley from $65.00 to $73.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an overweight rating on the technology company's stock.

XYZ has been the topic of a number of other reports. Needham & Company LLC reduced their target price on shares of Block from $90.00 to $60.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wolfe Research set a $75.00 price objective on shares of Block in a research report on Monday, May 19th. Jefferies Financial Group upped their price objective on shares of Block from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Stephens reaffirmed an "overweight" rating and issued a $75.00 target price on shares of Block in a research note on Friday, May 2nd. Finally, Seaport Res Ptn downgraded Block from a "strong-buy" rating to a "hold" rating in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.69.

Block Trading Down 5.4%

Shares of XYZ stock traded down $3.71 during trading hours on Tuesday, hitting $65.05. The company's stock had a trading volume of 12,844,561 shares, compared to its average volume of 5,756,025. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.24. Block has a twelve month low of $44.27 and a twelve month high of $99.26. The stock has a fifty day moving average of $61.78. The firm has a market capitalization of $40.01 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 1.55 and a beta of 2.74.

Insider Activity

In other Block news, CFO Amrita Ahuja sold 10,002 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.39, for a total value of $564,012.78. Following the completion of the sale, the chief financial officer owned 326,106 shares of the company's stock, valued at $18,389,117.34. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Grassadonia sold 6,494 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.39, for a total transaction of $366,196.66. Following the completion of the transaction, the insider owned 591,629 shares of the company's stock, valued at $33,361,959.31. This trade represents a 1.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,687 shares of company stock worth $4,377,506 in the last ninety days. 10.85% of the stock is currently 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.