19,820 Shares in Block, Inc. $XYZ Bought by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. purchased a new position in shares of Block, Inc. (NYSE:XYZ) during the 3rd quarter, HoldingsChannel reports. The firm purchased 19,820 shares of the technology company’s stock, valued at approximately $1,432,000.

Other hedge funds also recently bought and sold shares of the company. Motley Fool Asset Management LLC purchased a new stake in shares of Block during the 2nd quarter worth $2,055,000. Y.D. More Investments Ltd purchased a new position in Block in the second quarter valued at $1,628,000. Norges Bank acquired a new stake in Block in the second quarter valued at $415,575,000. Korea Investment CORP acquired a new stake in Block in the second quarter valued at $13,937,000. Finally, Shelton Capital Management purchased a new stake in Block during the 2nd quarter worth about $1,562,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Up 0.3%

Block stock opened at $66.26 on Monday. The stock has a 50 day moving average of $67.02 and a two-hundred day moving average of $71.30. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $94.25. The stock has a market capitalization of $40.26 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 2.62 and a beta of 2.66. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25.

Block (NYSE:XYZ) last released its quarterly earnings results on Thursday, November 6th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.25 by $0.29. Block had a return on equity of 5.54% and a net margin of 12.99%.The business had revenue of $6.11 billion during the quarter. During the same quarter last year, the company earned $0.53 EPS. Block’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, research analysts expect that Block, Inc. will post 2.54 earnings per share for the current year.

Insider Activity at Block

In other news, insider Owen Britton Jennings sold 10,417 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $61.40, for a total value of $639,603.80. Following the completion of the sale, the insider owned 243,540 shares in the company, valued at approximately $14,953,356. This trade represents a 4.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Brian Grassadonia sold 35,145 shares of Block stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $80.00, for a total transaction of $2,811,600.00. Following the completion of the sale, the insider directly owned 535,896 shares in the company, valued at approximately $42,871,680. The trade was a 6.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 92,617 shares of company stock worth $6,474,580 in the last 90 days. Corporate insiders own 10.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on XYZ. Stephens reiterated an “overweight” rating and issued a $95.00 price objective on shares of Block in a report on Thursday, November 20th. Mizuho upped their price target on Block from $88.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, November 20th. Citigroup upgraded shares of Block to a “strong-buy” rating in a research note on Thursday, October 23rd. Royal Bank Of Canada reissued an “outperform” rating and set a $90.00 price objective on shares of Block in a report on Thursday, November 20th. Finally, Zacks Research cut shares of Block from a “strong-buy” rating to a “hold” rating in a report on Monday, November 10th. Three analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Block currently has an average rating of “Moderate Buy” and a consensus price target of $83.42.

Block Profile

Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.

The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.