Benchmark Downgrades Block (NYSE:XYZ) to Hold

Block (NYSE:XYZ - Get Free Report) was downgraded by stock analysts at Benchmark from a "buy" rating to a "hold" rating in a research note issued to investors on Friday, MarketBeat.com reports.

Other equities analysts have also issued reports about the stock. KeyCorp reduced their target price on shares of Block from $85.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Raymond James cut their target price on shares of Block from $115.00 to $103.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Bank of America decreased their price objective on shares of Block from $94.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Macquarie restated an "outperform" rating and issued a $110.00 target price on shares of Block in a report on Friday. Finally, BMO Capital Markets raised shares of Block from a "market perform" rating to an "outperform" rating and lowered their price target for the stock from $100.00 to $89.00 in a report on Monday, February 24th. Ten equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.15.

Block Price Performance

Shares of NYSE XYZ traded up $0.12 during trading hours on Friday, hitting $46.65. 18,615,046 shares of the stock were exchanged, compared to its average volume of 9,113,674. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26. The business's 50 day moving average is $56.86. The stock has a market cap of $28.90 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 0.72 and a beta of 2.83. Block has a one year low of $44.27 and a one year high of $99.26.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The company had revenue of $6.03 billion for the quarter, compared to the consensus estimate of $6.23 billion. Research analysts anticipate that Block will post 2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Block news, insider Owen Britton Jennings sold 1,263 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $56.19, for a total transaction of $70,967.97. Following the transaction, the insider now owns 181,904 shares of the company's stock, valued at $10,221,185.76. This represents a 0.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Brian Grassadonia sold 4,520 shares of Block stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $70.32, for a total transaction of $317,846.40. Following the transaction, the insider now directly owns 551,850 shares in the company, valued at approximately $38,806,092. This trade represents a 0.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,324 shares of company stock valued at $1,297,662 over the last ninety days. Corporate insiders own 10.49% of the company's stock.

Institutional Trading of Block

Several hedge funds have recently made changes to their positions in the stock. Diversify Advisory Services LLC bought a new position in Block during the 4th quarter valued at $1,315,000. Perpetual Ltd bought a new stake in shares of Block during the 4th quarter worth $10,779,000. Wealthcare Advisory Partners LLC increased its position in Block by 9.8% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company's stock worth $685,000 after acquiring an additional 717 shares during the period. TB Alternative Assets Ltd. acquired a new stake in shares of Block during the 4th quarter worth approximately $3,530,000. Finally, Friedenthal Financial bought a new stake in shares of Block in the 4th quarter valued at approximately $744,000. Institutional investors own 70.44% of the company's stock.

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.