Block (NYSE:XYZ) Stock Gets Price Target Boost from Wells Fargo & Company

Block (NYSE:XYZ) had its target price raised by research analysts at Wells Fargo & Company from $97.00 to $110.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 30.97% from the company’s previous close.

Several other analysts also recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $95.00 price target on shares of Block in a report on Friday, September 25th. Citizens Jmp started coverage on Block in a research report on Wednesday. They issued a “hold” rating on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Block from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Susquehanna upped their price target on shares of Block from $100.00 to $110.00 and gave the stock a “positive” rating in a research note on Wednesday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Block in a report on Tuesday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.25.

Block Trading Down 4.2%

XYZ traded down $3.64 during trading on Thursday, hitting $83.99. 4,151,067 shares of the company’s stock were exchanged, compared to its average volume of 6,182,521. The stock has a 50 day moving average price of $77.89 and a 200 day moving average price of $71.30. The company has a current ratio of 2.21, a quick ratio of 2.21 and a debt-to-equity ratio of 0.26. Block has a 1 year low of $48.21 and a 1 year high of $88.51. The firm has a market cap of $50.46 billion, a P/E ratio of 113.87, a price-to-earnings-growth ratio of 0.79 and a beta of 2.58.

Block (NYSE:XYZ) last released its quarterly earnings results on Tuesday, November 3rd. The technology company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.45. Block had a net margin of 1.80% and a return on equity of 9.73%. The firm had revenue of $6.72 billion for the quarter. During the same period last year, the firm earned $0.54 EPS. The business’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, analysts expect that Block will post 2.75 EPS for the current fiscal year.

Insider Buying and Selling at Block

In related news, Director Anthony Eisen sold 6,000 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $81.48, for a total transaction of $488,880.00. Following the completion of the sale, the director directly owned 1,482,672 shares of the company’s stock, valued at approximately $120,808,114.56. This represents a 0.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Brian Grassadonia sold 8,173 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $82.42, for a total transaction of $673,618.66. Following the transaction, the insider owned 513,981 shares in the company, valued at approximately $42,362,314.02. The trade was a 1.57% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 226,686 shares of company stock worth $17,861,807. 11.37% of the stock is currently owned by company insiders.

Institutional Trading of Block

Large investors have recently added to or reduced their stakes in the company. NovaPoint Capital LLC increased its holdings in shares of Block by 3.9% in the third quarter. NovaPoint Capital LLC now owns 3,630 shares of the technology company’s stock valued at $267,000 after purchasing an additional 137 shares in the last quarter. Raiffeisen Bank International AG grew its holdings in Block by 0.3% during the 2nd quarter. Raiffeisen Bank International AG now owns 44,901 shares of the technology company’s stock worth $3,503,000 after acquiring an additional 148 shares during the period. Ashton Thomas Securities LLC increased its holdings in Block by 2.8% in the third quarter. Ashton Thomas Securities LLC now owns 5,885 shares of the technology company’s stock valued at $433,000 after purchasing an additional 160 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Block by 1.5% during the third quarter. Crossmark Global Holdings Inc. now owns 11,888 shares of the technology company’s stock worth $874,000 after buying an additional 175 shares during the last quarter. Finally, Avior Wealth Management LLC raised its position in shares of Block by 3.3% in the 2nd quarter. Avior Wealth Management LLC now owns 6,081 shares of the technology company’s stock valued at $462,000 after acquiring an additional 193 shares during the period. 70.44% of the stock is owned by institutional investors.

More Block News

Here are the key news stories impacting Block this week:

• Positive Sentiment: Block’s third-quarter results beat expectations: adjusted EPS was $1.13, revenue reached $6.72 billion, and gross profit rose 22% to $3.24 billion. Growth in Cash App and Square helped drive the results, and Block raised its full-year profit outlook. Reuters earnings report
• Positive Sentiment: Several firms lifted their price targets after the results. Argus raised its target to $105 and assigned a Buy rating; other increases included targets of $109 from TD Cowen and $117 from Bank of America, signaling confidence in further upside. Argus rating information
• Neutral Sentiment: Analyst opinions are not unanimous: Scotiabank maintained Sector Perform, Morgan Stanley Equal Weight, and Citizens JMP initiated coverage at Hold. These more cautious ratings suggest some investors may wait for evidence that earnings and margins can remain strong.
• Negative Sentiment: Block set aside about $764 million toward a preliminary Justice Department settlement tied to money-laundering controls. The cost and ongoing compliance requirements could pressure cash flow and keep regulatory risk in focus. Reuters settlement report

Block Company Profile

Block, Inc is a financial technology company that provides payments, commerce, and financial services through an ecosystem of business and consumer products. Formerly known as Square, the company was co-founded by Jack Dorsey and Jim McKelvey and changed its corporate name to Block in 2021.

Its Square ecosystem serves businesses with point-of-sale hardware, payment processing, invoicing, payroll, inventory management, customer engagement, online commerce, and other software tools. Block also offers lending and other financial services to eligible business customers through Square-related products.

For consumers, Block operates Cash App, a mobile financial services platform that supports services such as peer-to-peer payments, money transfers, a Cash App Card, direct deposit, investing, and bitcoin transactions, subject to product and geographic availability.