NewEdge Advisors LLC Has $1.22 Million Stock Holdings in Block, Inc. $XYZ

Key Points

• NewEdge Advisors cut its Block stake by 66.2% in the second quarter, leaving it with 15,984 shares valued at approximately $1.22 million. Institutional investors overall own 70.44% of Block.
• Wall Street remains broadly positive, with Block holding a consensus “Moderate Buy” rating and an average price target of $95.42; several analysts recently raised their targets to between $100 and $103.
• Block reported quarterly EPS of $1.02, beating estimates of $0.48, while revenue rose 9.3% year over year to $6.62 billion. The stock opened at $76.26, versus a 52-week range of $48.21 to $86.92.

NewEdge Advisors LLC lowered its stake in Block, Inc. (NYSE:XYZ - Free Report) by 66.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,984 shares of the technology company's stock after selling 31,278 shares during the quarter. NewEdge Advisors LLC's holdings in Block were worth $1,215,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital World Investors lifted its stake in Block by 41.8% in 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. Geode Capital Management LLC boosted its stake in shares of Block by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 14,406,899 shares of the technology company's stock valued at $934,121,000 after purchasing an additional 67,560 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Block in the second quarter valued at approximately $621,703,000. Norges Bank bought a new stake in Block during the 4th quarter worth approximately $484,387,000. Finally, Contour Asset Management LLC lifted its holdings in Block by 30.4% during the 4th quarter. Contour Asset Management LLC now owns 4,666,891 shares of the technology company's stock worth $303,768,000 after buying an additional 1,088,299 shares during the period. 70.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

XYZ has been the subject of a number of recent analyst reports. Canaccord Genuity Group increased their target price on shares of Block from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Argus lifted their target price on shares of Block from $86.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Needham & Company LLC upped their target price on Block from $95.00 to $100.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Jefferies Financial Group started coverage on Block in a report on Tuesday, June 30th. They issued a "hold" rating for the company. Finally, William Blair lowered Block to a "market perform" rating in a research note on Tuesday, June 30th. Four research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Block currently has a consensus rating of "Moderate Buy" and an average price target of $95.42.

Insider Buying and Selling at Block

In other Block news, CFO Amrita Ahuja sold 9,511 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $82.43, for a total value of $783,991.73. Following the sale, the chief financial officer directly owned 423,262 shares in the company, valued at $34,889,486.66. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brian Grassadonia sold 43,348 shares of Block stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $80.00, for a total value of $3,467,840.00. Following the completion of the sale, the insider directly owned 557,654 shares of the company's stock, valued at approximately $44,612,320. This trade represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 369,913 shares of company stock valued at $29,903,306. Company insiders own 11.37% of the company's stock.

Block Price Performance

Shares of NYSE XYZ opened at $76.26 on Monday. The stock has a market cap of $45.82 billion, a price-to-earnings ratio of 136.18, a PEG ratio of 0.80 and a beta of 2.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.21 and a current ratio of 2.21. Block, Inc. has a fifty-two week low of $48.21 and a fifty-two week high of $86.92. The firm's 50-day simple moving average is $80.59 and its 200 day simple moving average is $72.92.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter. During the same period in the prior year, the firm earned $0.62 earnings per share. Block'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. As a group, research analysts anticipate that Block, Inc. will post 2.74 earnings per share for the current fiscal year.

Block Profile

Block, Inc is a global technology company that develops financial services and commerce tools for businesses and consumers. Founded in 2009 as Square, the company changed its corporate name to Block in 2021 to reflect the expansion of its operations beyond seller-focused payment solutions.

Through its Square ecosystem, Block provides payment processing, point-of-sale hardware and software, business banking, invoicing, payroll, inventory management and other tools for merchants. Its consumer-focused Cash App offers services that may include peer-to-peer payments, money transfers, investing, debit-card access and bitcoin-related functionality, subject to availability and applicable regulations.

Block also owns Afterpay, a buy now, pay later platform, and has operated additional businesses involving music streaming and bitcoin infrastructure.

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