Truist Financial Forecasts Strong Price Appreciation for Block (NYSE:XYZ) Stock

Block (NYSE:XYZ - Free Report) had its target price increased by Truist Financial from $61.00 to $65.00 in a report published on Thursday morning,Benzinga reports. They currently have a sell rating on the technology company's stock.

Several other research analysts have also commented on XYZ. BMO Capital Markets reiterated a "market perform" rating and issued a $58.00 target price (down previously from $80.00) on shares of Block in a research report on Friday, May 2nd. Wolfe Research set a $75.00 price objective on shares of Block in a report on Monday, May 19th. Barclays lifted their price objective on shares of Block from $57.00 to $75.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Evercore ISI raised their target price on shares of Block from $75.00 to $85.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Compass Point began coverage on shares of Block in a research report on Wednesday, July 2nd. They issued a "buy" rating and a $80.00 target price for the company. Two 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 stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.63.

Block Trading Up 3.0%

Shares of XYZ traded up $2.13 during trading hours on Thursday, reaching $72.86. 9,998,561 shares of the stock traded hands, compared to its average volume of 6,915,464. The stock has a market cap of $44.81 billion, a P/E ratio of 17.73, a price-to-earnings-growth ratio of 2.94 and a beta of 2.74. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.24. Block has a 52 week low of $44.27 and a 52 week high of $99.26. The stock has a fifty day moving average price of $63.88.

Insider Activity

In other Block news, CFO Amrita Ahuja sold 10,002 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.39, for a total transaction of $564,012.78. Following the sale, the chief financial officer owned 326,106 shares of the company's stock, valued at approximately $18,389,117.34. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Chrysty Esperanza sold 7,500 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $55.00, for a total transaction of $412,500.00. Following the sale, the insider owned 133,940 shares of the company's stock, valued at approximately $7,366,700. The trade was a 5.30% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,287 shares of company stock worth $4,624,074. 10.49% of the stock is owned by company 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.