Brooklyn Investment Group Buys Shares of 2,245 Block, Inc. (NYSE:SQ)

Brooklyn Investment Group bought a new stake in shares of Block, Inc. (NYSE:SQ) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,245 shares of the technology company’s stock, valued at approximately $151,000.

Other hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. grew its position in shares of Block by 45.7% in the second quarter. Baillie Gifford & Co. now owns 10,085,229 shares of the technology company’s stock valued at $650,396,000 after purchasing an additional 3,163,975 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Block by 770.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,738,708 shares of the technology company’s stock valued at $116,719,000 after purchasing an additional 1,538,849 shares in the last quarter. Lone Pine Capital LLC grew its position in Block by 13.9% in the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock worth $494,672,000 after acquiring an additional 934,588 shares during the period. D1 Capital Partners L.P. grew its position in Block by 76.7% in the second quarter. D1 Capital Partners L.P. now owns 1,831,342 shares of the technology company’s stock worth $118,103,000 after acquiring an additional 795,000 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in Block by 1,061.0% in the second quarter. Canada Pension Plan Investment Board now owns 657,667 shares of the technology company’s stock worth $42,413,000 after acquiring an additional 601,020 shares during the period. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Down 0.3 %

Block stock opened at $88.77 on Thursday. Block, Inc. has a 1-year low of $55.00 and a 1-year high of $94.12. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07. The stock has a market cap of $55.02 billion, a PE ratio of 49.87, a P/E/G ratio of 1.22 and a beta of 2.48. The stock’s fifty day moving average is $75.20 and its two-hundred day moving average is $68.47.

Insiders Place Their Bets

In other Block news, CFO Amrita Ahuja sold 5,935 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $65.53, for a total transaction of $388,920.55. Following the transaction, the chief financial officer now owns 255,496 shares of the company’s stock, valued at approximately $16,742,652.88. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ajmere Dale sold 500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $67.00, for a total value of $33,500.00. Following the transaction, the chief accounting officer now directly owns 90,460 shares in the company, valued at approximately $6,060,820. The trade was a 0.55 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,053 shares of company stock valued at $2,393,972. 10.49% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Oppenheimer assumed coverage on Block in a research report on Tuesday, October 1st. They issued a “market perform” rating for the company. 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 for the company. Wells Fargo & Company lowered their price objective on Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. BNP Paribas lowered Block from an “outperform” rating to a “neutral” rating and set a $88.00 price objective for the company. in a research report on Wednesday, November 20th. Finally, UBS Group decreased their price target on Block from $100.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Block presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.46.

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.