Insider Selling: Block (NYSE:XYZ) CAO Sells 750 Shares of Stock

Key Points

• Block's CAO, Ajmere Dale, sold 750 shares on October 8th for a total of $60,000, reducing his ownership by 0.73% to 102,308 shares valued at approximately $8.18 million.
• Block's stock has dropped 7.5% to $74.80, with significant trading volume of 8,776,193 shares, and it has a market capitalization of $45.60 billion.
• Wall Street analysts have mixed outlooks on Block, with target price upgrades from firms like Keefe, Bruyette & Woods and JPMorgan Chase, while BNP Paribas Exane downgraded its rating.

Block, Inc. (NYSE:XYZ - Get Free Report) CAO Ajmere Dale sold 750 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total value of $60,000.00. Following the completion of the sale, the chief accounting officer directly owned 102,308 shares of the company's stock, valued at $8,184,640. This trade represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Ajmere Dale also recently made the following trade(s):

• On Thursday, October 2nd, Ajmere Dale sold 520 shares of Block stock. The stock was sold at an average price of $74.77, for a total value of $38,880.40.
• On Wednesday, October 1st, Ajmere Dale sold 750 shares of Block stock. The shares were sold at an average price of $72.22, for a total transaction of $54,165.00.
• On Monday, August 25th, Ajmere Dale sold 750 shares of Block stock. The stock was sold at an average price of $80.00, for a total transaction of $60,000.00.
• On Thursday, August 21st, Ajmere Dale sold 3,158 shares of Block stock. The stock was sold at an average price of $73.32, for a total transaction of $231,544.56.
• On Wednesday, July 23rd, Ajmere Dale sold 500 shares of Block stock. The stock was sold at an average price of $80.00, for a total value of $40,000.00.

Block Stock Down 7.5%

Block stock traded down $6.05 during trading on Friday, hitting $74.80. 8,776,193 shares of the company were exchanged, compared to its average volume of 9,323,376. The company has a market capitalization of $45.60 billion, a P/E ratio of 16.02, a PEG ratio of 3.28 and a beta of 2.71. The business's 50 day moving average is $76.23 and its 200 day moving average is $66.72. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $99.26. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 0.16.

Block (NYSE:XYZ - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.41. Block had a net margin of 12.32% and a return on equity of 7.85%. The firm had revenue of $6.05 billion for the quarter, compared to the consensus estimate of $6.32 billion. Block's quarterly revenue was down 1.6% compared to the same quarter last year. Analysts predict that Block, Inc. will post 2.54 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Block from $80.00 to $95.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. raised their target price on Block from $60.00 to $90.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Canaccord Genuity Group reaffirmed a "buy" rating and set a $80.00 price target on shares of Block in a research report on Tuesday, September 23rd. BNP Paribas Exane downgraded Block from an "outperform" rating to a "neutral" rating and set a $86.00 price target for the company. in a research note on Tuesday, September 2nd. Finally, Morgan Stanley boosted their price objective on Block from $73.00 to $77.00 and gave the company an "equal weight" rating in a research note on Monday, August 11th. Twenty-four investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $80.64.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of XYZ. Traub Capital Management LLC purchased a new position in Block in the 2nd quarter worth approximately $26,000. Nemes Rush Group LLC bought a new stake in Block in the 2nd quarter worth $26,000. SouthState Corp purchased a new position in shares of Block in the second quarter valued at about $29,000. First Horizon Advisors Inc. bought a new position in shares of Block during the second quarter valued at about $30,000. Finally, Comprehensive Financial Planning Inc. PA purchased a new stake in shares of Block during the second quarter worth about $31,000. 70.44% of the stock is owned by institutional investors.

About Block

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.

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