Block (NYSE:SQ) Given New $95.00 Price Target at Wells Fargo & Company

Block (NYSE:SQ) had its price target boosted by Wells Fargo & Company from $85.00 to $95.00 in a report issued on Thursday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

SQ has been the topic of several other reports. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 price target on shares of Block in a research report on Monday, November 11th. BMO Capital Markets downgraded Block from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $94.00 to $100.00 in a research note on Monday, November 25th. Canaccord Genuity Group lifted their price target on Block from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Needham & Company LLC upped their price objective on Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Sanford C. Bernstein raised their price objective on shares of Block from $90.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $97.68.

Block Stock Up 1.9 %

SQ stock opened at $86.38 on Thursday. The company has a market capitalization of $53.54 billion, a P/E ratio of 48.53, a price-to-earnings-growth ratio of 0.75 and a beta of 2.51. Block has a 12 month low of $55.00 and a 12 month high of $99.26. The firm’s fifty day simple moving average is $89.14 and its 200-day simple moving average is $74.43. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.07 and a quick ratio of 2.07.

Insider Activity at Block

In other news, insider Chrysty Esperanza sold 2,964 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $80.00, for a total transaction of $237,120.00. Following the transaction, the insider now owns 88,607 shares of the company’s stock, valued at approximately $7,088,560. The trade was a 3.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Owen Britton Jennings sold 2,836 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $89.38, for a total transaction of $253,481.68. Following the sale, the insider now owns 195,449 shares of the company’s stock, valued at approximately $17,469,231.62. The trade was a 1.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,981 shares of company stock valued at $2,681,185. 10.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Block

Institutional investors and hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new position in Block in the second quarter valued at approximately $443,000. Envestnet Asset Management Inc. lifted its stake in shares of Block by 5.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 266,067 shares of the technology company’s stock valued at $17,159,000 after purchasing an additional 13,649 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Block by 17.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock worth $139,143,000 after purchasing an additional 326,444 shares during the period. Edgestream Partners L.P. increased its position in shares of Block by 37.6% during the 2nd quarter. Edgestream Partners L.P. now owns 4,833 shares of the technology company’s stock worth $312,000 after purchasing an additional 1,321 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in Block by 2.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 57,947 shares of the technology company’s stock valued at $3,737,000 after buying an additional 1,603 shares during the period. 70.44% of the stock is currently owned by institutional investors and hedge funds.

About Block

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.