Moors & Cabot Inc. Acquires 187 Shares of Block, Inc. (NYSE:SQ)

Moors & Cabot Inc. grew its holdings in Block, Inc. (NYSE:SQ) by 3.0% in the 3rd quarter, Holdings Channel reports. The fund owned 6,440 shares of the technology company’s stock after purchasing an additional 187 shares during the quarter. Moors & Cabot Inc.’s holdings in Block were worth $432,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SQ. Baillie Gifford & Co. lifted its position in Block by 1.5% in the 3rd quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock valued at $686,948,000 after acquiring an additional 147,873 shares in the last quarter. Lone Pine Capital LLC lifted its holdings in shares of Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after purchasing an additional 934,588 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Block by 17.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock worth $139,143,000 after buying an additional 326,444 shares during the period. D1 Capital Partners L.P. grew its holdings in shares of Block by 76.7% during the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after buying an additional 795,000 shares in the last quarter. Finally, Swiss National Bank raised its position in Block by 0.5% in the 3rd quarter. Swiss National Bank now owns 1,651,886 shares of the technology company’s stock valued at $110,891,000 after buying an additional 8,200 shares during the last quarter. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SQ. Royal Bank of Canada reaffirmed an “outperform” rating and set a $88.00 price target on shares of Block in a research report on Monday, October 21st. Wells Fargo & Company reduced their target price on shares of Block from $95.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Oppenheimer began coverage on shares of Block in a research note on Tuesday, October 1st. They issued a “market perform” rating on the stock. Piper Sandler restated an “overweight” rating and set a $83.00 price objective on shares of Block in a research note on Monday, November 11th. Finally, Needham & Company LLC lifted their target price on Block from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $91.18.

Block Stock Performance

SQ opened at $92.26 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The business has a fifty day simple moving average of $73.83 and a 200 day simple moving average of $68.10. Block, Inc. has a 1 year low of $55.00 and a 1 year high of $94.12. The company has a market capitalization of $57.18 billion, a PE ratio of 51.83, a price-to-earnings-growth ratio of 1.25 and a beta of 2.48.

Insider Activity

In other news, insider Chrysty Esperanza sold 2,964 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $80.00, for a total transaction of $237,120.00. Following the sale, the insider now directly owns 88,607 shares of the company’s stock, valued at approximately $7,088,560. This represents a 3.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total transaction of $33,500.00. Following the sale, the chief accounting officer now directly owns 90,460 shares of the company’s stock, valued at $6,060,820. This represents a 0.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,283 shares of company stock valued at $862,773. 10.49% 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.