Brian Grassadonia Sells 6,465 Shares of Block (NYSE:XYZ) Stock

Key Points

• Brian Grassadonia, an insider at Block, Inc., sold 6,465 shares of the company's stock at an average price of $73.20, totaling approximately $473,238.
• Following the sale, Grassadonia owns 583,822 shares of Block, currently valued at over $42 million, reflecting a 1.10% decrease in his ownership.
• Block's quarterly earnings revealed an EPS of $0.62, surpassing estimates, although their revenue was slightly below expectations at $6.05 billion, down 1.6% year-over-year.

Block, Inc. (NYSE:XYZ - Get Free Report) insider Brian Grassadonia sold 6,465 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $73.20, for a total transaction of $473,238.00. Following the completion of the sale, the insider directly owned 583,822 shares of the company's stock, valued at $42,735,770.40. The trade was a 1.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Brian Grassadonia also recently made the following trade(s):

• On Wednesday, July 2nd, Brian Grassadonia sold 1,342 shares of Block stock. The stock was sold at an average price of $69.26, for a total transaction of $92,946.92.

Block Stock Performance

XYZ stock traded up $0.04 during trading on Monday, hitting $79.16. The company had a trading volume of 6,547,401 shares, compared to its average volume of 8,847,188. The firm has a 50-day moving average price of $72.14 and a 200-day moving average price of $64.52. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 0.16. The firm has a market cap of $48.25 billion, a PE ratio of 39.56, a price-to-earnings-growth ratio of 3.20 and a beta of 2.71. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $99.26.

Block (NYSE:XYZ - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.21 by $0.41. Block had a return on equity of 7.85% and a net margin of 12.32%.The firm had revenue of $6.05 billion during the quarter, compared to the consensus estimate of $6.32 billion. The firm's quarterly revenue was down 1.6% on a year-over-year basis. On average, analysts expect that Block, Inc. will post 2.54 earnings per share for the current year.

Institutional Trading of Block

Institutional investors have recently bought and sold shares of the company. Nemes Rush Group LLC purchased a new stake in Block during the second quarter worth $26,000. Traub Capital Management LLC acquired a new position in shares of Block in the second quarter worth $26,000. SouthState Corp acquired a new position in shares of Block in the second quarter worth $29,000. First Horizon Advisors Inc. acquired a new position in shares of Block in the second quarter worth $30,000. Finally, Comprehensive Financial Planning Inc. PA acquired a new position in shares of Block in the second quarter worth $31,000. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on XYZ. Cowen reiterated a "buy" rating on shares of Block in a research note on Friday, August 8th. Wall Street Zen upgraded Block from a "sell" rating to a "hold" rating in a research note on Saturday, July 5th. Stephens reiterated an "overweight" rating and issued a $75.00 target price on shares of Block in a research note on Friday, May 2nd. KeyCorp lifted their target price on Block from $60.00 to $100.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Argus set a $59.00 target price on Block in a research note on Monday, May 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $79.97.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.