Block (NYSE:XYZ) Given New $71.00 Price Target at Oppenheimer

Block (NYSE:XYZ - Get Free Report) had its target price boosted by equities researchers at Oppenheimer from $70.00 to $71.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the technology company's stock. Oppenheimer's price target would suggest a potential upside of 2.56% from the company's current price.

A number of other equities analysts have also recently issued reports on XYZ. Morgan Stanley upgraded shares of Block from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $65.00 to $67.00 in a research report on Thursday, April 3rd. KeyCorp cut their price objective on Block from $65.00 to $60.00 and set an "overweight" rating for the company in a research report on Friday, May 2nd. Evercore ISI upgraded Block from an "in-line" rating to an "outperform" rating and increased their target price for the company from $58.00 to $75.00 in a report on Tuesday, June 3rd. Raymond James Financial set a $79.00 price target on Block and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Canaccord Genuity Group reduced their price objective on Block from $100.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Block has a consensus rating of "Moderate Buy" and an average target price of $74.19.

Block Trading Up 0.0%

Shares of NYSE:XYZ traded up $0.01 during trading on Wednesday, hitting $69.23. 4,369,301 shares of the stock were exchanged, compared to its average volume of 6,386,637. The company has a market capitalization of $42.58 billion, a P/E ratio of 16.84, a PEG ratio of 2.09 and a beta of 2.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.27 and a current ratio of 2.27. The company has a fifty day simple moving average of $60.61. Block has a 12-month low of $44.27 and a 12-month high of $99.26.

Insiders Place Their Bets

In other news, insider Owen Britton Jennings sold 11,556 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.42, for a total transaction of $651,989.52. Following the sale, the insider directly owned 284,739 shares in the company, valued at approximately $16,064,974.38. This represents a 3.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chrysty Esperanza sold 7,500 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $55.00, for a total value of $412,500.00. Following the completion of the sale, the insider directly owned 133,940 shares in the company, valued at $7,366,700. This represents a 5.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,172 shares of company stock valued at $4,064,797. 10.85% of the stock is owned by company insiders.

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.