Block, Inc. (NYSE:XYZ) Insider Dhananjay Prasanna Sells 3,600 Shares

Key Points

• Dhananjay Prasanna, an insider at Block, Inc., sold 3,600 shares of the company's stock at an average price of $74.93, totaling approximately $269,748.00, which decreased his ownership by 1.19% to 299,151 shares.
• Block's stock price experienced a decline of $0.77 on Tuesday, trading at $75.35, with analysts rating the stock as a "Moderate Buy" and an average target price of $73.53.
• Several institutional investors significantly increased their stakes in Block during the 2nd quarter, with notable purchases by ARK Investment Management and Sumitomo Mitsui Trust Group totaling over $414 million.

Block, Inc. (NYSE:XYZ - Get Free Report) insider Dhananjay Prasanna sold 3,600 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $74.93, for a total transaction of $269,748.00. Following the sale, the insider owned 299,151 shares in the company, valued at $22,415,384.43. The trade was a 1.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Dhananjay Prasanna also recently made the following trade(s):

• On Wednesday, July 23rd, Dhananjay Prasanna sold 800 shares of Block stock. The stock was sold at an average price of $80.00, for a total value of $64,000.00.
• On Thursday, July 17th, Dhananjay Prasanna sold 800 shares of Block stock. The stock was sold at an average price of $70.00, for a total transaction of $56,000.00.
• On Tuesday, July 15th, Dhananjay Prasanna sold 2,800 shares of Block stock. The shares were sold at an average price of $68.06, for a total transaction of $190,568.00.
• On Wednesday, July 2nd, Dhananjay Prasanna sold 800 shares of Block stock. The shares were sold at an average price of $70.00, for a total value of $56,000.00.
• On Tuesday, July 1st, Dhananjay Prasanna sold 2,800 shares of Block stock. The shares were sold at an average price of $67.74, for a total value of $189,672.00.
• On Monday, June 30th, Dhananjay Prasanna sold 2,400 shares of Block stock. The stock was sold at an average price of $67.24, for a total transaction of $161,376.00.
• On Monday, June 16th, Dhananjay Prasanna sold 2,800 shares of Block stock. The stock was sold at an average price of $63.51, for a total value of $177,828.00.
• On Monday, June 2nd, Dhananjay Prasanna sold 2,800 shares of Block stock. The stock was sold at an average price of $60.56, for a total transaction of $169,568.00.
• On Tuesday, May 27th, Dhananjay Prasanna sold 11,318 shares of Block stock. The stock was sold at an average price of $61.41, for a total value of $695,038.38.

Block Price Performance

Block stock traded down $3.07 during trading hours on Friday, hitting $73.78. 17,200,128 shares of the company traded hands, compared to its average volume of 10,150,198. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $99.26. The firm has a market cap of $45.38 billion, a P/E ratio of 17.95, a P/E/G ratio of 3.00 and a beta of 2.71. The firm's 50-day simple moving average is $68.99 and its two-hundred day simple moving average is $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 (NYSE:XYZ - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.41. The company had revenue of $6.05 billion for the quarter, compared to analysts' expectations of $6.32 billion. Block had a return on equity of 5.71% and a net margin of 10.84%. The firm's revenue for the quarter was down 1.6% on a year-over-year basis. As a group, analysts forecast that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Block

Several large investors have recently made changes to their positions in XYZ. Geode Capital Management LLC acquired a new position in shares of Block in the second quarter worth about $634,721,000. ARK Investment Management LLC purchased a new position in shares of Block during the second quarter valued at $210,016,000. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Block in the 2nd quarter valued at about $204,223,000. Bessemer Group Inc. acquired a new position in Block in the 2nd quarter valued at approximately $62,389,000. Finally, National Pension Service purchased a new stake in Block in the 2nd quarter worth approximately $51,054,000. Institutional investors own 70.44% of the company's stock.

Analysts Set New Price Targets

XYZ has been the topic of several research analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $95.00 price objective (up from $79.00) on shares of Block in a research note on Friday. Sanford C. Bernstein lifted their price objective on Block from $75.00 to $90.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Deutsche Bank Aktiengesellschaft set a $82.00 price objective on shares of Block and gave the company a "buy" rating in a research note on Thursday, July 17th. Macquarie lowered 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. Finally, Seaport Res Ptn cut Block from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $78.33.

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.