Connor Clark & Lunn Investment Management Ltd. Purchases New Position in Block, Inc. $XYZ

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Block, Inc. (NYSE:XYZ - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 134,150 shares of the technology company's stock, valued at approximately $5,108,000.

Several other hedge funds have also recently bought and sold shares of XYZ. BlackRock Inc. acquired a new stake in shares of Block in the 2nd quarter valued at $621,703,000. Ameriprise Financial Inc. acquired a new stake in shares of Block during the 2nd quarter worth about $535,305,000. Norges Bank acquired a new stake in shares of Block during the 4th quarter worth about $484,387,000. Viking Global Investors LP acquired a new stake in shares of Block during the 2nd quarter worth about $368,213,000. Finally, Capital World Investors lifted its holdings in Block by 41.8% during the 4th quarter. Capital World Investors now owns 16,023,441 shares of the technology company's stock valued at $1,042,966,000 after purchasing an additional 4,727,217 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on XYZ shares. Barclays initiated coverage on shares of Block in a research report on Tuesday, July 7th. They issued an "overweight" rating and a $100.00 price target on the stock. Morgan Stanley reaffirmed an "overweight" rating on shares of Block in a report on Wednesday, August 5th. Argus lifted their target price on shares of Block from $86.00 to $103.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Wall Street Zen raised Block from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Finally, BMO Capital Markets increased their price target on Block from $78.00 to $85.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $95.84.

Insider Activity at Block

In related news, Director Anthony Mathew Eisen sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $82.00, for a total value of $492,000.00. Following the completion of the sale, the director owned 1,476,672 shares of the company's stock, valued at $121,087,104. This trade represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Owen Britton Jennings sold 1,317 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $81.48, for a total transaction of $107,309.16. Following the completion of the transaction, the insider owned 460,128 shares of the company's stock, valued at $37,491,229.44. This trade represents a 0.29% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 501,756 shares of company stock valued at $39,582,259 over the last three months. 11.37% of the stock is owned by company insiders.

Block Stock Up 2.2%

Shares of NYSE XYZ opened at $84.89 on Friday. The firm's 50-day simple moving average is $79.46 and its 200 day simple moving average is $69.99. The company has a market cap of $51.00 billion, a price-to-earnings ratio of 151.59, a price-to-earnings-growth ratio of 0.93 and a beta of 2.53. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 0.26. Block, Inc. has a 12-month low of $48.21 and a 12-month high of $86.92.

Block (NYSE:XYZ - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.54. Block had a net margin of 1.43% and a return on equity of 8.10%. The firm had revenue of $6.62 billion during the quarter. During the same quarter in the previous year, the business posted $0.62 EPS. The company's revenue was up 9.3% compared to the same quarter last year. Block has set its FY 2026 guidance at 4.020-4.020 EPS and its Q3 2026 guidance at 1.020-1.020 EPS. On average, research analysts expect that Block, Inc. will post 2.69 earnings per share for the current fiscal year.

Block Profile

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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