Dragoneer Investment Group LLC Acquires 1,572,356 Shares of Block, Inc. (NYSE:SQ)

Dragoneer Investment Group LLC increased its holdings in shares of Block, Inc. (NYSE:SQ - Free Report) by 50.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,685,391 shares of the technology company's stock after buying an additional 1,572,356 shares during the period. Block comprises approximately 6.4% of Dragoneer Investment Group LLC's portfolio, making the stock its 7th largest position. Dragoneer Investment Group LLC owned 0.77% of Block worth $311,906,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Clearbridge Investments LLC acquired a new stake in Block during the 2nd quarter worth approximately $73,724,000. Venturi Wealth Management LLC raised its holdings in Block by 12.7% during the 2nd quarter. Venturi Wealth Management LLC now owns 3,375 shares of the technology company's stock worth $225,000 after purchasing an additional 381 shares during the last quarter. Park Avenue Securities LLC raised its holdings in Block by 25.8% during the 2nd quarter. Park Avenue Securities LLC now owns 20,881 shares of the technology company's stock worth $1,390,000 after purchasing an additional 4,279 shares during the last quarter. Inceptionr LLC bought a new position in Block during the 1st quarter worth approximately $239,000. Finally, M&T Bank Corp raised its holdings in Block by 23.0% during the 1st quarter. M&T Bank Corp now owns 58,733 shares of the technology company's stock worth $4,032,000 after purchasing an additional 10,985 shares during the last quarter. 61.17% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Monness Crespi & Hardt assumed coverage on shares of Block in a report on Monday, October 2nd. They set a "buy" rating and a $70.00 price target for the company. Berenberg Bank assumed coverage on shares of Block in a report on Monday, September 11th. They set a "buy" rating and a $75.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Block from $90.00 to $77.00 and set an "outperform" rating for the company in a report on Friday, November 3rd. Wedbush restated a "neutral" rating and set a $70.00 price target on shares of Block in a report on Tuesday, September 19th. Finally, CLSA upgraded shares of Block from a "sell" rating to an "outperform" rating and set a $57.00 price objective for the company in a research note on Monday, November 6th. Nine investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.13.

Insiders Place Their Bets

In related news, insider Brian Grassadonia sold 4,584 shares of the business's stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $42.00, for a total value of $192,528.00. Following the transaction, the insider now directly owns 293,330 shares of the company's stock, valued at approximately $12,319,860. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Brian Grassadonia sold 4,584 shares of the business's stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $42.00, for a total value of $192,528.00. Following the transaction, the insider now directly owns 293,330 shares of the company's stock, valued at approximately $12,319,860. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Amrita Ahuja sold 3,931 shares of the business's stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $63.90, for a total transaction of $251,190.90. Following the completion of the transaction, the chief financial officer now directly owns 216,084 shares in the company, valued at $13,807,767.60. The disclosure for this sale can be found here. In the last three months, insiders have bought 534,234 shares of company stock valued at $27,185,614 and have sold 28,777 shares valued at $1,487,371. Insiders own 10.79% of the company's stock.

Block Price Performance

SQ opened at $69.17 on Friday. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.23. The firm's fifty day moving average price is $51.36 and its two-hundred day moving average price is $58.57. Block, Inc. has a 1 year low of $38.85 and a 1 year high of $89.97.

Block (NYSE:SQ - Get Free Report) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.15. The firm had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.41 billion. Block had a negative net margin of 1.38% and a negative return on equity of 0.30%. On average, equities analysts anticipate that Block, Inc. will post -0.16 EPS for the current year.

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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