Syon Capital LLC Makes New Investment in Block, Inc. (NYSE:SQ)

Syon Capital LLC purchased a new position in Block, Inc. (NYSE:SQ - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 11,451 shares of the technology company's stock, valued at approximately $886,000.

Several other hedge funds have also made changes to their positions in SQ. Baillie Gifford & Co. raised its stake in Block by 3,525.7% during the 4th quarter. Baillie Gifford & Co. now owns 5,935,002 shares of the technology company's stock valued at $459,072,000 after acquiring an additional 5,771,310 shares in the last quarter. Lone Pine Capital LLC bought a new stake in Block during the 3rd quarter valued at $172,001,000. Qube Research & Technologies Ltd raised its stake in Block by 72.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,683,346 shares of the technology company's stock valued at $118,765,000 after acquiring an additional 1,130,925 shares in the last quarter. ARK Investment Management LLC raised its stake in Block by 9.2% during the 4th quarter. ARK Investment Management LLC now owns 11,887,628 shares of the technology company's stock valued at $919,508,000 after acquiring an additional 1,000,514 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Block by 396.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,228,886 shares of the technology company's stock valued at $54,390,000 after acquiring an additional 981,320 shares in the last quarter. Institutional investors own 70.44% of the company's stock.

Block Stock Up 2.3 %

Shares of NYSE:SQ traded up $1.71 on Friday, reaching $74.50. The company had a trading volume of 4,648,118 shares, compared to its average volume of 9,805,016. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52. The stock has a 50-day moving average price of $77.39 and a 200 day moving average price of $67.11. The stock has a market capitalization of $45.87 billion, a P/E ratio of 435.47, a P/E/G ratio of 2.23 and a beta of 2.55. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.22.

Block (NYSE:SQ - Get Free Report) last announced its quarterly earnings results on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.01. Block had a return on equity of 0.63% and a net margin of 0.04%. The company had revenue of $5.77 billion during the quarter, compared to analysts' expectations of $5.69 billion. On average, equities analysts expect that Block, Inc. will post 1.02 EPS for the current year.

Wall Street Analysts Forecast Growth

SQ has been the topic of several research analyst reports. Citigroup lifted their price target on Block from $76.00 to $86.00 and gave the company a "buy" rating in a research report on Monday, February 26th. Robert W. Baird lifted their price target on Block from $95.00 to $98.00 and gave the company an "outperform" rating in a research report on Friday, April 19th. Piper Sandler reiterated an "overweight" rating and set a $88.00 price target (up from $86.00) on shares of Block in a research report on Friday, February 23rd. Royal Bank of Canada lifted their price target on Block from $77.00 to $88.00 and gave the company an "outperform" rating in a research report on Friday, February 23rd. Finally, Susquehanna reiterated a "positive" rating and set a $100.00 price target on shares of Block in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $85.67.

Insiders Place Their Bets

In other Block news, CAO Ajmere Dale sold 656 shares of the business's stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the sale, the chief accounting officer now owns 68,823 shares of the company's stock, valued at $4,425,318.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Brian Grassadonia sold 127,800 shares of Block stock in a transaction dated 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 transaction, the insider now directly owns 405,224 shares in the company, valued at $26,521,910.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Ajmere Dale sold 656 shares of Block stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total value of $42,180.80. Following the completion of the transaction, the chief accounting officer now owns 68,823 shares in the company, valued at $4,425,318.90. The disclosure for this sale can be found here. Insiders sold 363,801 shares of company stock valued at $27,284,175 over the last quarter. Insiders own 10.79% of the company's stock.

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.