Block (NYSE:XYZ) Price Target Raised to $95.00

Key Points

• Block's price target has been increased by Monness Crespi & Hardt from $75.00 to $95.00, suggesting a potential upside of 28.38% from the previous close.
• The company's stock currently holds a consensus rating of "Moderate Buy" with a consensus price target of $73.53, while recent analyst ratings vary widely.
• Block's quarterly earnings topped estimates with $0.55 EPS, despite a 3.1% year-over-year revenue decline, reflecting a challenging environment.

Block (NYSE:XYZ - Get Free Report) had its target price upped by research analysts at Monness Crespi & Hardt from $75.00 to $95.00 in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage presently has a "buy" rating on the technology company's stock. Monness Crespi & Hardt's price objective would suggest a potential upside of 28.38% from the stock's previous close.

XYZ has been the topic of several other research reports. Jefferies Financial Group lifted their price objective on Block from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday, May 27th. Wells Fargo & Company lowered Block from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $95.00 to $50.00 in a report on Friday, May 2nd. Piper Sandler raised Block to an "underweight" rating and set a $50.00 price objective on the stock in a report on Tuesday, June 24th. Macquarie lowered Block from an "outperform" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a report on Monday, May 5th. Finally, Canaccord Genuity Group decreased their price target on Block from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Block currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.53.

Block Trading Down 4.2%

Shares of NYSE:XYZ opened at $74.00 on Monday. Block has a 1-year low of $44.27 and a 1-year high of $99.26. The firm has a market cap of $45.51 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 3.00 and a beta of 2.71. The stock's 50 day moving average price is $68.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.27 and a quick ratio of 2.27.

Block (NYSE:XYZ - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.07. Block had a return on equity of 5.71% and a net margin of 10.84%. The company had revenue of $5.77 billion for the quarter. During the same period in the previous year, the business posted $0.47 EPS. Block's revenue for the quarter was down 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Block will post 2.54 EPS for the current year.

Insider Activity at Block

In other news, insider Dhananjay Prasanna sold 800 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $80.00, for a total transaction of $64,000.00. Following the completion of the sale, the insider owned 302,751 shares in the company, valued at $24,220,080. The trade was a 0.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Ajmere Dale sold 500 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $80.00, for a total value of $40,000.00. Following the completion of the sale, the chief accounting officer owned 108,236 shares of the company's stock, valued at $8,658,880. This represents a 0.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 98,938 shares of company stock valued at $6,327,663 over the last quarter. 10.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Block

A number of institutional investors and hedge funds have recently added to or reduced their stakes in XYZ. S Bank Fund Management Ltd bought a new stake in Block in the second quarter valued at about $92,000. Praxis Investment Management Inc. bought a new stake in Block in the second quarter valued at about $508,000. Nordea Investment Management AB bought a new stake in Block in the second quarter valued at about $3,105,000. SilverOak Wealth Management LLC bought a new stake in Block in the second quarter valued at about $218,000. Finally, Private Trust Co. NA bought a new stake in Block in the second quarter valued at about $94,000. 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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