Meeder Asset Management Inc. Sells 5,244 Shares of Block, Inc. (NYSE:SQ)

Meeder Asset Management Inc. trimmed its holdings in shares of Block, Inc. (NYSE:SQ) by 13.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 34,864 shares of the technology company’s stock after selling 5,244 shares during the period. Meeder Asset Management Inc.’s holdings in Block were worth $2,340,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. National Pension Service lifted its holdings in Block by 13.5% during the 3rd quarter. National Pension Service now owns 1,083,113 shares of the technology company’s stock valued at $72,709,000 after purchasing an additional 128,832 shares during the last quarter. Baillie Gifford & Co. boosted its stake in Block by 1.5% in the third quarter. Baillie Gifford & Co. now owns 10,233,102 shares of the technology company’s stock worth $686,948,000 after purchasing an additional 147,873 shares in the last quarter. Lone Pine Capital LLC grew its holdings in shares of Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after purchasing an additional 934,588 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Block by 2.7% in the third quarter. DekaBank Deutsche Girozentrale now owns 541,204 shares of the technology company’s stock valued at $35,969,000 after buying an additional 14,163 shares in the last quarter. Finally, Forsta AP Fonden raised its holdings in shares of Block by 11.5% in the third quarter. Forsta AP Fonden now owns 115,900 shares of the technology company’s stock valued at $7,780,000 after buying an additional 12,000 shares during the last quarter. Institutional investors own 70.44% of the company’s stock.

Block Stock Up 7.8 %

SQ stock opened at $90.84 on Tuesday. The company has a market cap of $56.30 billion, a price-to-earnings ratio of 51.03, a P/E/G ratio of 1.14 and a beta of 2.48. Block, Inc. has a twelve month low of $55.00 and a twelve month high of $91.83. The business has a 50 day moving average price of $71.53 and a two-hundred day moving average price of $67.50. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.26.

Insider Activity

In other news, CAO Ajmere Dale sold 1,406 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.70, for a total value of $90,968.20. Following the completion of the sale, the chief accounting officer now directly owns 90,960 shares of the company’s stock, valued at $5,885,112. This trade represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the transaction, the insider now owns 580,086 shares of the company’s stock, valued at $37,572,170.22. This represents a 1.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,678 shares of company stock valued at $1,924,112. 10.49% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SQ has been the topic of several research analyst reports. Wells Fargo & Company decreased their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. New Street Research assumed coverage on Block in a research report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. William Blair restated an “outperform” rating on shares of Block in a research report on Friday. Morgan Stanley decreased their price target on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a report on Tuesday, July 30th. Finally, Benchmark reissued a “buy” rating and set a $99.00 price objective on shares of Block in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $91.30.

Block 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.