NewEdge Wealth LLC Buys Shares of 17,388 Block, Inc. $XYZ

Key Points

• NewEdge Wealth initiated a position of 17,388 Block shares valued at approximately $662,000, while institutional investors collectively own 70.44% of the company.
• Block reported quarterly earnings of $1.02 per share, exceeding estimates of $0.48, with revenue rising 9.3% year over year to $6.62 billion.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $95.23 versus the reported share price of $82.15.

NewEdge Wealth LLC bought a new stake in shares of Block, Inc. (NYSE:XYZ - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 17,388 shares of the technology company's stock, valued at approximately $662,000.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Block in the second quarter valued at approximately $621,703,000. Capital World Investors increased its position in Block by 41.8% in the fourth quarter. Capital World Investors now owns 16,023,441 shares of the technology company's stock worth $1,042,966,000 after buying an additional 4,727,217 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Block by 0.5% in 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 buying an additional 67,560 shares during the period. Ameriprise Financial Inc. bought a new stake in shares of Block in the second quarter valued at $535,305,000. Finally, Norges Bank purchased a new position in shares of Block during the 4th quarter valued at $484,387,000. Hedge funds and other institutional investors own 70.44% of the company's stock.

Block Stock Up 2.6%

Shares of NYSE XYZ opened at $82.15 on Friday. The company has a quick ratio of 2.21, a current ratio of 2.21 and a debt-to-equity ratio of 0.26. The company has a market cap of $49.35 billion, a P/E ratio of 146.70, a P/E/G ratio of 0.92 and a beta of 2.53. Block, Inc. has a 52 week low of $48.21 and a 52 week high of $86.75. The business has a 50-day simple moving average of $78.74 and a two-hundred day simple moving average of $69.16.

Block (NYSE:XYZ - Get Free Report) last announced its quarterly earnings results 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 return on equity of 8.10% and a net margin of 1.43%.The firm had revenue of $6.62 billion for the quarter. During the same quarter in the prior year, the company earned $0.62 earnings per share. The company's quarterly revenue was up 9.3% on a year-over-year basis. Block has set its FY 2026 guidance at 4.020-4.020 EPS and its Q3 2026 guidance at 1.020-1.020 EPS. Research analysts anticipate that Block, Inc. will post 2.69 earnings per share for the current fiscal year.

Insider Activity at Block

In other Block news, Director Anthony Mathew Eisen sold 135,750 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $76.81, for a total value of $10,426,957.50. Following the sale, the director directly owned 2,032,990 shares in the company, valued at $156,153,961.90. This represents a 6.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Amrita Ahuja sold 8,971 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $85.85, for a total transaction of $770,160.35. Following the completion of the transaction, the chief financial officer directly owned 454,275 shares of the company's stock, valued at approximately $38,999,508.75. The trade was a 1.94% decrease in their ownership of the stock. 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 90 days, insiders sold 461,070 shares of company stock valued at $36,261,272. Corporate insiders own 11.37% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays began coverage on Block in a research note on Tuesday, July 7th. They set an "overweight" rating and a $100.00 price target for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $95.00 price objective on shares of Block in a report on Thursday, August 6th. UBS Group upped their price objective on shares of Block from $92.00 to $98.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Robert W. Baird set a $105.00 target price on shares of Block in a research report on Thursday, August 6th. Finally, Susquehanna lifted their target price on shares of Block from $90.00 to $100.00 and gave the stock a "positive" rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $95.23.

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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