Seaport Res Ptn Analysts Raise Earnings Estimates for Block, Inc. (NYSE:SQ)

Block, Inc. (NYSE:SQ - Free Report) - Equities researchers at Seaport Res Ptn boosted their Q1 2024 earnings per share estimates for Block in a research report issued on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now forecasts that the technology company will earn ($0.05) per share for the quarter, up from their prior estimate of ($0.06). 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. Seaport Res Ptn also issued estimates for Block's Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at $0.07 EPS, Q4 2024 earnings at $0.27 EPS, Q1 2025 earnings at $0.25 EPS, Q2 2025 earnings at $0.32 EPS, Q3 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.64 EPS and FY2025 earnings at $1.63 EPS.

Other equities analysts have also issued research reports about the company. Morgan Stanley reaffirmed an "underweight" rating and issued a $60.00 price objective (down previously from $62.00) on shares of Block in a research note on Thursday, April 4th. Wells Fargo & Company raised Block from an "equal weight" rating to an "overweight" rating and set a $95.00 price objective for the company in a research note on Friday, February 23rd. Evercore ISI reaffirmed an "in-line" rating and issued a $75.00 price objective on shares of Block in a research note on Tuesday, March 26th. Canaccord Genuity Group raised their price objective on Block from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Monday, February 26th. Finally, William Blair reaffirmed a "market perform" rating on shares of Block in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.41.

Block Stock Performance

SQ traded up $0.37 during midday trading on Wednesday, reaching $73.51. The company had a trading volume of 5,920,512 shares, compared to its average volume of 10,118,555. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22. The business has a 50-day moving average of $76.62 and a two-hundred day moving average of $65.81. The company has a market cap of $45.26 billion, a P/E ratio of 432.35, a P/E/G ratio of 2.18 and a beta of 2.55. Block has a 1 year low of $38.85 and a 1 year high of $87.52.

Block (NYSE:SQ - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $5.69 billion. Block had a return on equity of 0.63% and a net margin of 0.04%.

Institutional Trading of Block

A number of institutional investors have recently made changes to their positions in the business. Clearbridge Investments LLC lifted its position in Block by 10.4% during the 3rd quarter. Clearbridge Investments LLC now owns 1,222,600 shares of the technology company's stock worth $54,112,000 after acquiring an additional 115,132 shares during the period. Mn Services Vermogensbeheer B.V. raised its stake in shares of Block by 1.5% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 261,300 shares of the technology company's stock valued at $11,565,000 after buying an additional 3,900 shares during the last quarter. IFG Advisory LLC purchased a new position in shares of Block during the 4th quarter valued at about $213,000. Canada Pension Plan Investment Board raised its stake in shares of Block by 16.1% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,373,857 shares of the technology company's stock valued at $60,807,000 after buying an additional 190,400 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in shares of Block during the 3rd quarter valued at about $359,000. Institutional investors and hedge funds own 70.44% of the company's stock.

Insider Buying and Selling at Block

In other news, insider Brian Grassadonia sold 127,800 shares of the firm's stock in a transaction on Tuesday, February 20th. The stock was 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 owns 405,224 shares of the company's stock, valued at approximately $26,521,910.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Amrita Ahuja sold 2,581 shares of the firm's stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $165,958.30. Following the completion of the sale, the chief financial officer now owns 201,754 shares of the company's stock, valued at approximately $12,972,782.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian Grassadonia sold 127,800 shares of the firm's stock in a transaction on Tuesday, February 20th. The stock was 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 approximately $26,521,910.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 363,801 shares of company stock valued at $27,284,175. 10.79% of the stock is currently owned by corporate insiders.

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.