Brian Grassadonia Sells 10,349 Shares of Block (NYSE:XYZ) Stock

Block, Inc. (NYSE:XYZ) insider Brian Grassadonia sold 10,349 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $50.00, for a total transaction of $517,450.00. Following the sale, the insider owned 503,784 shares of the company’s stock, valued at approximately $25,189,200. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Brian Grassadonia also recently made the following trade(s):

• On Tuesday, January 6th, Brian Grassadonia sold 1,983 shares of Block stock. The shares were sold at an average price of $68.52, for a total transaction of $135,875.16.
• On Friday, January 2nd, Brian Grassadonia sold 1,038 shares of Block stock. The shares were sold at an average price of $63.98, for a total transaction of $66,411.24.

Block Stock Performance

Shares of Block stock opened at $51.90 on Thursday. The business has a 50-day moving average price of $61.50 and a two-hundred day moving average price of $68.38. Block, Inc. has a 1-year low of $44.27 and a 1-year high of $82.50. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.25. The company has a market cap of $31.54 billion, a P/E ratio of 10.46, a PEG ratio of 1.05 and a beta of 2.67.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in XYZ. Vanguard Group Inc. increased its position in shares of Block by 23.1% during the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company’s stock worth $4,887,366,000 after acquiring an additional 12,709,824 shares in the last quarter. Capital World Investors boosted its stake in Block by 41.8% during the 4th quarter. Capital World Investors now owns 16,023,441 shares of the technology company’s stock valued at $1,042,966,000 after purchasing an additional 4,727,217 shares during the last quarter. Geode Capital Management LLC increased its holdings in Block by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 14,406,899 shares of the technology company’s stock worth $934,121,000 after purchasing an additional 67,560 shares in the last quarter. Sands Capital Management LLC raised its stake in shares of Block by 12.2% in the third quarter. Sands Capital Management LLC now owns 11,603,057 shares of the technology company’s stock worth $838,553,000 after purchasing an additional 1,262,317 shares during the last quarter. Finally, Dragoneer Investment Group LLC purchased a new stake in shares of Block in the second quarter worth approximately $627,233,000. 70.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on XYZ shares. The Goldman Sachs Group lowered their target price on Block from $96.00 to $82.00 and set a “buy” rating for the company in a report on Friday, November 7th. Piper Sandler dropped their target price on shares of Block from $55.00 to $51.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 14th. Morgan Stanley raised their price target on shares of Block from $71.00 to $72.00 and gave the stock an “equal weight” rating in a report on Friday, November 21st. Truist Financial set a $72.00 price target on shares of Block in a research note on Tuesday, January 20th. Finally, Cantor Fitzgerald dropped their price objective on shares of Block from $87.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, February 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $81.50.

Block Company 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.