Mirae Asset Global Investments Co. Ltd. Sells 27,847 Shares of Block, Inc. $XYZ

Key Points

• Mirae Asset Global Investments cut its stake in Block (NYSE:XYZ) by 16%, selling 27,847 shares and leaving it with 146,172 shares valued at about $9.51 million per the latest SEC filing.
• Analysts' consensus is a Moderate Buy with an average target price of $81.72, based on 4 Strong Buy, 27 Buy, 7 Hold and 1 Sell ratings.
• Block reported a quarterly beat: EPS of $0.65 versus a $0.26 consensus and revenue of $6.25 billion, up 3.6% year-over-year.

Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of Block, Inc. (NYSE:XYZ - Free Report) by 16.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 146,172 shares of the technology company's stock after selling 27,847 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Block were worth $9,514,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in XYZ. City Holding Co. bought a new position in Block during the third quarter valued at about $27,000. Cromwell Holdings LLC bought a new position in Block during the third quarter worth about $27,000. Cary Street Partners Investment Advisory LLC bought a new position in Block during the third quarter worth about $28,000. Sound Income Strategies LLC boosted 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 purchasing an additional 161 shares during the period. Finally, Quent Capital LLC bought a new position in Block during the third quarter worth about $30,000. Institutional investors own 70.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on XYZ. Needham & Company LLC increased their target price on shares of Block from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Zacks Research upgraded shares of Block from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 13th. BNP Paribas Exane upgraded shares of Block from a "hold" rating to an "outperform" rating and set a $83.00 target price for the company in a research report on Wednesday, January 7th. Citigroup cut their target price on shares of Block from $105.00 to $85.00 and set a "buy" rating for the company in a research report on Thursday, February 5th. Finally, Piper Sandler cut their target price on shares of Block from $55.00 to $51.00 and set an "underweight" rating for the company in a research report on Wednesday, January 14th. Four research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $81.72.

Block Trading Down 0.0%

Shares of Block stock opened at $71.24 on Monday. Block, Inc. has a 12-month low of $44.27 and a 12-month high of $82.50. The company has a market cap of $42.68 billion, a price-to-earnings ratio of 33.92, a PEG ratio of 1.13 and a beta of 2.61. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.26. The company's 50-day moving average price is $59.51 and its 200-day moving average price is $64.69.

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

Insider Transactions at Block

In other news, insider Brian Grassadonia sold 1,769 shares of the stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $60.25, for a total value of $106,582.25. Following the sale, the insider directly owned 500,763 shares of the company's stock, valued at approximately $30,170,970.75. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Owen Britton Jennings sold 3,555 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $63.41, for a total transaction of $225,422.55. Following the completion of the sale, the insider directly owned 231,262 shares in the company, valued at approximately $14,664,323.42. The trade was a 1.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 15,806 shares of company stock worth $857,468. Insiders own 10.49% 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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