Block (NYSE:SQ) Downgraded to Market Perform Rating by BMO Capital Markets

BMO Capital Markets downgraded shares of Block (NYSE:SQ) from an outperform rating to a market perform rating in a report issued on Monday morning, MarketBeat Ratings reports. The firm currently has $100.00 target price on the technology company’s stock, up from their prior target price of $94.00.

SQ has been the topic of a number of other research reports. BNP Paribas lowered Block from an “outperform” rating to a “neutral” rating and set a $88.00 price target on the stock. in a research report on Wednesday, November 20th. Royal Bank of Canada reissued an “outperform” rating and set a $88.00 target price on shares of Block in a research report on Monday, October 21st. Morgan Stanley dropped their price target on shares of Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods increased their price objective on shares of Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company dropped their target price on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $91.46.

Block Stock Performance

Shares of Block stock opened at $88.78 on Monday. The stock has a market cap of $55.03 billion, a price-to-earnings ratio of 49.88, a P/E/G ratio of 1.22 and a beta of 2.48. Block has a twelve month low of $55.00 and a twelve month high of $94.12. The company’s fifty day moving average is $75.61 and its 200 day moving average is $68.61. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

Insider Transactions at Block

In related news, CAO Ajmere Dale sold 500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $67.00, for a total transaction of $33,500.00. Following the transaction, the chief accounting officer now directly owns 90,460 shares in the company, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brian Grassadonia sold 1,884 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $65.41, for a total transaction of $123,232.44. Following the completion of the sale, the insider now owns 574,914 shares of the company’s stock, valued at approximately $37,605,124.74. This trade represents a 0.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,053 shares of company stock valued at $2,393,972 over the last ninety days. 10.49% of the stock is currently owned by insiders.

Institutional Trading of Block

Hedge funds have recently bought and sold shares of the business. SouthState Corp raised its position in Block by 85.3% in the third quarter. SouthState Corp now owns 391 shares of the technology company’s stock worth $26,000 after acquiring an additional 180 shares during the period. LRI Investments LLC bought a new stake in shares of Block in the 1st quarter worth approximately $34,000. True Wealth Design LLC lifted its stake in Block by 64.7% in the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after purchasing an additional 194 shares during the last quarter. Unique Wealth Strategies LLC bought a new position in Block during the second quarter valued at $34,000. Finally, V Square Quantitative Management LLC purchased a new stake in Block in the third quarter worth $46,000. 70.44% of the stock is currently owned by institutional investors.

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.