Block, Inc. (NYSE:SQ) to Post FY2024 Earnings of $0.23 Per Share, Seaport Res Ptn Forecasts

Block, Inc. (NYSE:SQ - Free Report) - Equities research analysts at Seaport Res Ptn cut their FY2024 earnings estimates for Block in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now anticipates that the technology company will earn $0.23 per share for the year, down from their previous forecast of $0.25. Seaport Res Ptn has a "Buy" rating on the stock. The consensus estimate for Block's current full-year earnings is $1.02 per share.

Several other equities research analysts also recently commented on the company. Piper Sandler reaffirmed an "overweight" rating and set a $88.00 target price (up from $86.00) on shares of Block in a report on Friday, February 23rd. Mizuho increased their price objective on Block from $99.00 to $106.00 and gave the stock a "buy" rating in a research note on Wednesday, April 10th. TheStreet raised Block from a "d+" rating to a "c-" rating in a research note on Tuesday, December 19th. Truist Financial increased their price objective on Block from $90.00 to $100.00 and gave the stock a "buy" rating in a research note on Friday, February 23rd. Finally, Keefe, Bruyette & Woods increased their price objective on Block from $74.00 to $78.00 and gave the stock a "market perform" rating in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $84.41.

Block Trading Down 0.5 %

Shares of Block stock traded down $0.38 on Tuesday, reaching $73.12. 5,639,477 shares of the company were exchanged, compared to its average volume of 10,175,977. Block has a fifty-two week low of $38.85 and a fifty-two week high of $87.52. The firm has a market capitalization of $45.02 billion, a price-to-earnings ratio of 452.88, a price-to-earnings-growth ratio of 2.27 and a beta of 2.55. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average price of $76.51 and a 200-day moving average price of $65.75.

Block (NYSE:SQ - Get Free Report) last released its earnings results on Thursday, February 22nd. The technology company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. The business had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%.

Institutional Investors Weigh In On Block

Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Block during the fourth quarter worth about $528,996,000. Baillie Gifford & Co. lifted its holdings in shares of Block by 3,525.7% in the fourth quarter. Baillie Gifford & Co. now owns 5,935,002 shares of the technology company's stock valued at $459,072,000 after purchasing an additional 5,771,310 shares in the last quarter. Lone Pine Capital LLC bought a new stake in shares of Block in the third quarter valued at about $172,001,000. Trivest Advisors Ltd bought a new stake in shares of Block in the fourth quarter valued at about $157,021,000. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Block by 113.6% in the fourth quarter. Nuveen Asset Management LLC now owns 3,287,751 shares of the technology company's stock valued at $253,534,000 after purchasing an additional 1,748,508 shares in the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Amrita Ahuja sold 4,170 shares of Block stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $78.84, for a total value of $328,762.80. Following the completion of the sale, the chief financial officer now directly owns 193,192 shares of the company's stock, valued at approximately $15,231,257.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Amrita Ahuja sold 4,170 shares of Block stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $78.84, for a total value of $328,762.80. Following the completion of the sale, the chief financial officer now directly owns 193,192 shares of the company's stock, valued at approximately $15,231,257.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the completion of the sale, the insider now directly owns 405,224 shares of the company's stock, valued at $26,521,910.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 363,801 shares of company stock valued at $27,284,175. Company insiders own 10.79% of the company's stock.

Block Company Profile

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.