Block (NYSE:XYZ) Stock Price Expected to Rise, Oppenheimer Analyst Says

Block (NYSE:XYZ - Get Free Report) had its price objective hoisted by Oppenheimer from $70.00 to $71.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the technology company's stock. Oppenheimer's target price would indicate a potential upside of 2.62% from the stock's previous close.

A number of other analysts have also commented on the company. Wolfe Research set a $75.00 price target on Block in a report on Monday, May 19th. BNP Paribas Exane raised Block from a "neutral" rating to an "outperform" rating and set a $72.00 target price on the stock in a research report on Tuesday, May 27th. BMO Capital Markets reissued a "market perform" rating and set a $58.00 price target (down from $80.00) on shares of Block in a research report on Friday, May 2nd. Morgan Stanley upgraded Block from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $65.00 to $67.00 in a research note on Thursday, April 3rd. Finally, Piper Sandler upgraded Block to an "underweight" rating and set a $50.00 price objective on the stock in a research note on Tuesday, June 24th. Three analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.19.

Block Stock Performance

Shares of NYSE XYZ traded up $0.92 during mid-day trading on Wednesday, hitting $69.19. 7,029,112 shares of the stock were exchanged, compared to its average volume of 6,602,780. The firm's fifty day moving average price is $59.88. 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 firm has a market cap of $42.55 billion, a P/E ratio of 35.93, a P/E/G ratio of 2.06 and a beta of 2.74. Block has a twelve month low of $44.27 and a twelve month high of $99.26.

Insider Buying and Selling

In related news, insider Dhananjay Prasanna sold 11,318 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $61.41, for a total value of $695,038.38. Following the transaction, the insider directly owned 318,751 shares of the company's stock, valued at approximately $19,574,498.91. The trade was a 3.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Owen Britton Jennings sold 11,556 shares of Block stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.42, for a total transaction of $651,989.52. Following the completion of 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,172 shares of company stock valued at $4,064,797. 10.85% of the stock is currently 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.