Block (NYSE:XYZ) Price Target Raised to $94.00

Key Points

• Bank of America has raised its price target for Block (NYSE:XYZ) from $88.00 to $94.00, suggesting a potential upside of 22.38% from the current stock price.
• Despite the positive outlook from Bank of America, multiple analysts have varying ratings and price targets, with some suggesting a decrease, such as Canaccord Genuity reducing their target from $100.00 to $80.00.
• Block's latest quarterly earnings surpassed expectations, reporting $0.62 EPS, significantly above analyst estimates of $0.21, although their revenue was down 1.6% year-over-year.

Block (NYSE:XYZ - Get Free Report) had its target price raised by Bank of America from $88.00 to $94.00 in a report released on Friday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Bank of America's price objective points to a potential upside of 22.38% from the company's current price.

XYZ has been the subject of several other reports. Canaccord Genuity Group reduced their price objective on Block from $100.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Truist Financial raised their target price on shares of Block from $61.00 to $65.00 and gave the company a "sell" rating in a research report on Thursday, July 17th. BTIG Research set a $80.00 price objective on Block and gave the company a "buy" rating in a report on Tuesday. Seaport Res Ptn downgraded Block from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 2nd. Finally, Wolfe Research set a $75.00 price objective on Block in a report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $76.06.

Block Price Performance

Shares of NYSE:XYZ opened at $76.81 on Friday. The company has a market cap of $47.24 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 3.00 and a beta of 2.71. The business has a 50 day moving average price of $68.99 and a 200 day moving average price of $65.38. 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 twelve month low of $44.27 and a twelve month high of $99.26.

Block (NYSE:XYZ - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.41. Block had a return on equity of 5.71% and a net margin of 10.84%. The business's quarterly revenue was down 1.6% compared to the same quarter last year. Research analysts predict that Block will post 2.54 earnings per share for the current year.

Insider Transactions at Block

In related news, insider Dhananjay Prasanna sold 3,600 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $74.93, for a total value of $269,748.00. Following the completion of the sale, the insider directly owned 299,151 shares of the company's stock, valued at approximately $22,415,384.43. This represents a 1.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Ajmere Dale sold 500 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $80.00, for a total value of $40,000.00. Following the sale, the chief accounting officer directly owned 108,236 shares of the company's stock, valued at $8,658,880. The trade was a 0.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 102,538 shares of company stock valued at $6,597,411. 10.85% of the stock is owned by insiders.

Institutional Trading of Block

A number of large investors have recently modified their holdings of the business. SouthState Corp bought a new position in shares of Block during the second quarter valued at about $29,000. First Horizon Advisors Inc. purchased a new stake in Block during the 2nd quarter valued at about $30,000. Parkside Financial Bank & Trust bought a new position in Block during the 2nd quarter worth approximately $31,000. Deseret Mutual Benefit Administrators purchased a new position in Block in the 2nd quarter worth approximately $33,000. Finally, Creative Financial Designs Inc. ADV purchased a new position in Block in the 2nd quarter worth approximately $41,000. 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.

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