Block (NYSE:XYZ) Price Target Lowered to $90.00 at Citigroup

Block (NYSE:XYZ) had its price objective lowered by Citigroup from $108.00 to $90.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Several other research analysts have also commented on XYZ. Raymond James cut their price target on shares of Block from $115.00 to $103.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price target on shares of Block in a report on Thursday, February 20th. UBS Group cut their price target on shares of Block from $98.00 to $97.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Piper Sandler dropped their price objective on shares of Block from $101.00 to $85.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Finally, Barclays dropped their price objective on shares of Block from $112.00 to $97.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Six research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $95.00.

Block Price Performance

Shares of XYZ stock opened at $57.18 on Friday. The stock has a market cap of $35.42 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.72 and a beta of 2.78. Block has a 1-year low of $53.54 and a 1-year high of $99.26. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.07 and a current ratio of 2.07. The business’s 50-day moving average is $73.59.

Block (NYSE:XYZ) last announced its quarterly earnings data on Thursday, February 20th. The technology company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.11). The company had revenue of $6.03 billion for the quarter, compared to analysts’ expectations of $6.23 billion. Block had a return on equity of 5.80% and a net margin of 11.92%. Analysts expect that Block will post 2.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 3,253 shares of Block stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $68.01, for a total value of $221,236.53. Following the transaction, the insider now owns 548,597 shares in the company, valued at approximately $37,310,081.97. The trade was a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Owen Britton Jennings sold 2,836 shares of Block stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $89.38, for a total transaction of $253,481.68. Following the completion of the transaction, the insider now owns 195,449 shares in the company, valued at approximately $17,469,231.62. This trade represents a 1.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,967 shares of company stock valued at $1,649,113 over the last quarter. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Swiss National Bank grew its holdings in shares of Block by 0.5% during the 3rd quarter. Swiss National Bank now owns 1,651,886 shares of the technology company’s stock valued at $110,891,000 after acquiring an additional 8,200 shares in the last quarter. Diversify Advisory Services LLC purchased a new position in shares of Block during the 4th quarter valued at $1,315,000. Perpetual Ltd purchased a new position in shares of Block during the 4th quarter valued at $10,779,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of Block by 6.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 253,787 shares of the technology company’s stock valued at $17,037,000 after acquiring an additional 14,822 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC grew its holdings in shares of Block by 9.8% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 8,065 shares of the technology company’s stock valued at $685,000 after acquiring an additional 717 shares in the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

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.