Block (NYSE:XYZ) Price Target Lowered to $85.00 at KeyCorp

Block (NYSE:XYZ) had its target price lowered by equities research analysts at KeyCorp from $115.00 to $85.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would indicate a potential upside of 43.58% from the company’s current price.

A number of other research analysts have also recently commented on the company. BNP Paribas cut 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. Macquarie restated an “outperform” rating and set a $110.00 price target on shares of Block in a research report on Thursday, March 6th. The Goldman Sachs Group lowered their price objective on Block from $109.00 to $94.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Needham & Company LLC restated a “buy” rating and set a $90.00 target price on shares of Block in a research report on Friday, February 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Block in a report on Thursday, February 20th. Five analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.41.

Block Stock Up 0.9 %

Shares of Block stock opened at $59.20 on Tuesday. The stock has a market capitalization of $36.67 billion, a P/E ratio of 13.01, a PEG ratio of 0.72 and a beta of 2.78. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. Block has a 52 week low of $53.54 and a 52 week high of $99.26. The business has a 50 day moving average of $73.24.

Block (NYSE:XYZ) last issued its quarterly earnings results on Thursday, February 20th. The technology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Block had a net margin of 11.92% and a return on equity of 5.80%. The business had revenue of $6.03 billion for the quarter, compared to analysts’ expectations of $6.23 billion. As a group, research analysts anticipate that Block will post 2.54 EPS for the current year.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 3,253 shares of Block stock in a transaction on Monday, February 24th. The stock was sold at an average price of $68.01, for a total value of $221,236.53. Following the completion of the sale, the insider now owns 548,597 shares of the company’s stock, valued at approximately $37,310,081.97. This trade represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Ajmere Dale sold 2,044 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $86.72, for a total value of $177,255.68. Following the transaction, the chief accounting officer now directly owns 83,966 shares in the company, valued at approximately $7,281,531.52. The trade was a 2.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,967 shares of company stock worth $1,649,113 in the last quarter. Corporate insiders own 10.49% of the company’s stock.

Hedge Funds Weigh In On Block

Hedge funds have recently bought and sold shares of the business. SouthState Corp boosted its holdings in shares of Block by 85.3% during the 3rd quarter. SouthState Corp now owns 391 shares of the technology company’s stock valued at $26,000 after acquiring an additional 180 shares during the last quarter. True Wealth Design LLC grew its position in Block by 64.7% during the third quarter. True Wealth Design LLC now owns 494 shares of the technology company’s stock valued at $33,000 after buying an additional 194 shares during the period. Versant Capital Management Inc increased its holdings in Block by 67.7% during the fourth quarter. Versant Capital Management Inc now owns 394 shares of the technology company’s stock valued at $33,000 after buying an additional 159 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Block by 48.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 418 shares of the technology company’s stock worth $36,000 after acquiring an additional 136 shares during the period. Finally, Darwin Wealth Management LLC purchased a new position in shares of Block during the 3rd quarter worth $74,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

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.