Block, Inc. $XYZ Shares Sold by Pursue Wealth Partners LLC

Key Points

• Pursue Wealth Partners LLC cut its stake in Block by 61.4%, selling 18,000 shares and leaving 11,325 shares worth $737,000; insiders also sold 15,806 shares in the quarter, with insiders owning 10.85% and institutions 70.44% of the stock.
• Block beat quarterly EPS estimates ($0.65 vs. $0.26) on $6.25 billion in revenue (up 3.6% YoY), and analysts have been upgrading the stock—consensus is a "Moderate Buy" with an average target of $81.72 and top targets up to $93.

Pursue Wealth Partners LLC lowered its stake in shares of Block, Inc. (NYSE:XYZ - Free Report) by 61.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,325 shares of the technology company's stock after selling 18,000 shares during the period. Pursue Wealth Partners LLC's holdings in Block were worth $737,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in XYZ. Howard Capital Management Inc. lifted its position in Block by 3.2% during the third quarter. Howard Capital Management Inc. now owns 4,439 shares of the technology company's stock worth $321,000 after buying an additional 138 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in Block by 23.1% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 853 shares of the technology company's stock worth $66,000 after buying an additional 160 shares during the period. Sound Income Strategies LLC lifted its position in Block by 57.1% during the fourth quarter. Sound Income Strategies LLC now owns 443 shares of the technology company's stock worth $29,000 after buying an additional 161 shares during the period. Jones Financial Companies Lllp lifted its position in Block by 0.8% during the third quarter. Jones Financial Companies Lllp now owns 21,183 shares of the technology company's stock worth $1,561,000 after buying an additional 167 shares during the period. Finally, Vista Investment Partners II LLC lifted its position in Block by 3.6% during the third quarter. Vista Investment Partners II LLC now owns 5,334 shares of the technology company's stock worth $385,000 after buying an additional 184 shares during the period. Institutional investors and hedge funds own 70.44% of the company's stock.

Block Trading Up 2.9%

NYSE:XYZ opened at $68.04 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20. Block, Inc. has a one year low of $44.27 and a one year high of $82.50. The business's 50-day simple moving average is $58.90 and its 200 day simple moving average is $64.81. The stock has a market cap of $40.76 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 1.04 and a beta of 2.61.

Block (NYSE:XYZ - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.26 by $0.39. Block had a return on equity of 6.66% and a net margin of 5.40%.The business had revenue of $6.25 billion for the quarter. During the same quarter last year, the firm posted $0.71 EPS. The company's revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that Block, Inc. will post 2.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

XYZ has been the topic of several recent analyst reports. Loop Capital initiated coverage on Block in a research report on Tuesday, March 31st. They set a "buy" rating and a $75.00 target price on the stock. BNP Paribas Exane upgraded Block from a "hold" rating to an "outperform" rating and set a $83.00 target price on the stock in a research report on Wednesday, January 7th. Wall Street Zen upgraded Block from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Oppenheimer upped their price target on Block from $85.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, February 27th. Finally, Morgan Stanley upgraded Block from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $72.00 to $93.00 in a research note on Friday, February 27th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $81.72.

Insider Activity

In related news, insider Brian Grassadonia sold 10,349 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total value of $517,450.00. Following the transaction, the insider owned 503,784 shares in the company, valued at approximately $25,189,200. The trade was a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Owen Britton Jennings sold 3,555 shares of the business's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $63.41, for a total value of $225,422.55. Following the completion of the transaction, the insider owned 231,262 shares in the company, valued at approximately $14,664,323.42. This trade represents a 1.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 15,806 shares of company stock worth $857,468. Insiders own 10.85% of the company's stock.

About Block

Block NYSE: XYZ is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block's portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.

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