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Block (NYSE:XYZ) Shares Gap Up Following Analyst Upgrade

Block logo with Computer and Technology background

Block, Inc. (NYSE:XYZ - Get Free Report) shares gapped up prior to trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $60.00 to $90.00. The stock had previously closed at $72.82, but opened at $78.61. JPMorgan Chase & Co. currently has an overweight rating on the stock. Block shares last traded at $78.77, with a volume of 12,170,312 shares trading hands.

Several other research analysts have also recently commented on the stock. Barclays increased their target price on shares of Block from $57.00 to $75.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Stephens reissued an "overweight" rating and set a $75.00 price objective on shares of Block in a research note on Friday, May 2nd. Macquarie downgraded Block from an "outperform" rating to a "neutral" rating and set a $50.00 price objective for the company. in a report on Monday, May 5th. Bank of America decreased their price objective on Block from $94.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, Raymond James Financial set a $79.00 price target on Block and gave the company an "outperform" rating in a report on Monday, June 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $74.91.

Get Our Latest Report on Block

Insider Transactions at Block

In other Block news, CFO Amrita Ahuja sold 10,002 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.39, for a total value of $564,012.78. Following the completion of the transaction, the chief financial officer owned 326,106 shares of the company's stock, valued at $18,389,117.34. This represents a 2.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Chrysty Esperanza sold 7,500 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $55.00, for a total value of $412,500.00. Following the completion of the transaction, the insider directly owned 133,940 shares of the company's stock, valued at approximately $7,366,700. The trade was a 5.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 77,287 shares of company stock valued at $4,624,074. Corporate insiders own 10.49% of the company's stock.

Block Trading Up 0.9%

The firm has a market capitalization of $48.46 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 2.94 and a beta of 2.74. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.24. The business has a 50 day simple moving average of $63.88.

Block (NYSE:XYZ - Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.48 by $0.07. Block had a return on equity of 5.71% and a net margin of 10.84%. The business had revenue of $5.77 billion for the quarter. During the same period in the prior year, the firm posted $0.47 EPS. Block's revenue was down 3.1% compared to the same quarter last year. Equities analysts forecast that Block, Inc. will post 2.54 EPS for the current fiscal year.

About Block

(Get Free Report)

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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