Profit Investment Management LLC Has $828,000 Holdings in Block, Inc. (NYSE:SQ)

Profit Investment Management LLC lifted its position in shares of Block, Inc. (NYSE:SQ) by 34.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,337 shares of the technology company’s stock after acquiring an additional 3,173 shares during the quarter. Profit Investment Management LLC’s holdings in Block were worth $828,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Bares Capital Management Inc. boosted its stake in shares of Block by 2.0% during the fourth quarter. Bares Capital Management Inc. now owns 4,487,251 shares of the technology company’s stock valued at $347,089,000 after purchasing an additional 87,826 shares in the last quarter. Vanguard Group Inc. grew its holdings in Block by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock worth $2,799,505,000 after acquiring an additional 1,277,043 shares during the last quarter. Lone Pine Capital LLC increased its position in Block by 13.9% in the 2nd quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after acquiring an additional 934,588 shares during the period. &PARTNERS raised its stake in shares of Block by 8.3% during the first quarter. &PARTNERS now owns 8,641 shares of the technology company’s stock valued at $731,000 after acquiring an additional 659 shares during the last quarter. Finally, CHURCHILL MANAGEMENT Corp acquired a new position in shares of Block during the first quarter worth $2,487,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Analysts Set New Price Targets

SQ has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft increased their price objective on Block from $90.00 to $98.00 and gave the company a “buy” rating in a report on Friday, July 12th. Needham & Company LLC lowered their price objective on Block from $105.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, August 5th. UBS Group reduced their target price on Block from $100.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Keefe, Bruyette & Woods lowered their price target on shares of Block from $82.00 to $74.00 and set a “market perform” rating for the company in a report on Monday, July 8th. Finally, New Street Research started coverage on shares of Block in a research note on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Block has an average rating of “Moderate Buy” and an average target price of $87.31.

Insider Transactions at Block

In related news, insider Chrysty Esperanza sold 2,500 shares of Block stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $70.00, for a total value of $175,000.00. Following the completion of the transaction, the insider now directly owns 92,048 shares in the company, valued at approximately $6,443,360. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Ajmere Dale sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $61.88, for a total transaction of $30,940.00. Following the sale, the chief accounting officer now owns 92,366 shares of the company’s stock, valued at approximately $5,715,608.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Chrysty Esperanza sold 2,500 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $70.00, for a total transaction of $175,000.00. Following the completion of the sale, the insider now owns 92,048 shares in the company, valued at $6,443,360. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,714 shares of company stock worth $1,812,932 over the last quarter. Corporate insiders own 10.49% of the company’s stock.

Block Stock Performance

Shares of Block stock traded down $0.71 during trading hours on Friday, hitting $69.31. 1,469,702 shares of the company’s stock traded hands, compared to its average volume of 8,140,314. The company has a fifty day simple moving average of $64.72 and a 200-day simple moving average of $67.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a market capitalization of $42.67 billion, a price-to-earnings ratio of 54.23, a PEG ratio of 0.91 and a beta of 2.49. Block, Inc. has a 12-month low of $38.85 and a 12-month high of $87.52.

Block (NYSE:SQ) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.09. Block had a return on equity of 3.77% and a net margin of 3.47%. The firm had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.27 billion. During the same quarter in the prior year, the firm earned $0.40 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities research analysts anticipate that Block, Inc. will post 1.71 EPS for the current fiscal year.

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.