New York Life Investment Management LLC Invests $5.40 Million in Block, Inc. $XYZ

New York Life Investment Management LLC acquired a new stake in shares of Block, Inc. (NYSE:XYZ) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 74,714 shares of the technology company’s stock, valued at approximately $5,400,000.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. purchased a new stake in Block during the second quarter worth $3,730,489,000. Sands Capital Management LLC purchased a new position in shares of Block in the 2nd quarter valued at $702,446,000. Geode Capital Management LLC bought a new position in shares of Block in the 2nd quarter worth $634,721,000. Dragoneer Investment Group LLC purchased a new stake in shares of Block during the 2nd quarter worth $627,233,000. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Block during the 2nd quarter worth $535,305,000. 70.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

XYZ has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Block in a research note on Monday, November 24th. Piper Sandler lowered their price target on shares of Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a report on Wednesday, January 14th. KeyCorp reaffirmed an “overweight” rating and issued a $94.00 price objective on shares of Block in a research report on Wednesday, October 22nd. Wells Fargo & Company upgraded shares of Block to a “strong-buy” rating in a research note on Wednesday, October 22nd. Finally, BNP Paribas Exane raised shares of Block from a “hold” rating to an “outperform” rating and set a $83.00 target price for the company in a research report on Wednesday, January 7th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.48.

Block Stock Up 1.0%

XYZ stock opened at $57.35 on Wednesday. The stock has a market capitalization of $34.85 billion, a PE ratio of 11.56, a price-to-earnings-growth ratio of 1.16 and a beta of 2.67. Block, Inc. has a 52 week low of $44.27 and a 52 week high of $85.55. The company has a quick ratio of 2.18, a current ratio of 2.18 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average of $63.98 and a 200 day moving average of $70.26.

Insider Buying and Selling at Block

In other news, insider Brian Grassadonia sold 1,983 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $68.52, for a total transaction of $135,875.16. Following the sale, the insider directly owned 518,331 shares of the company’s stock, valued at $35,516,040.12. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chrysty Esperanza sold 3,608 shares of the company’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 $221,531.20. Following the completion of the transaction, the insider directly owned 123,198 shares in the company, valued at approximately $7,564,357.20. The trade was a 2.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 54,796 shares of company stock valued at $3,395,943. Company insiders own 10.49% of the company’s stock.

About Block

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.