Harbour Investments Inc. Has $1.63 Million Position in Block, Inc. (NYSE:SQ)

Harbour Investments Inc. reduced its holdings in shares of Block, Inc. (NYSE:SQ) by 6.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,296 shares of the technology company’s stock after selling 1,701 shares during the period. Harbour Investments Inc.’s holdings in Block were worth $1,631,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Norges Bank bought a new position in Block during the 4th quarter valued at about $528,996,000. Baillie Gifford & Co. lifted its holdings in Block by 45.7% during the 2nd 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 during the last quarter. Lone Pine Capital LLC lifted its holdings in Block by 70.0% during the 4th quarter. Lone Pine Capital LLC now owns 6,606,269 shares of the technology company’s stock valued at $510,995,000 after purchasing an additional 2,720,123 shares during the last quarter. Trivest Advisors Ltd bought a new position in Block during the 4th quarter valued at about $157,021,000. Finally, Vanguard Group Inc. lifted its holdings in Block by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 36,192,701 shares of the technology company’s stock valued at $2,799,505,000 after purchasing an additional 1,277,043 shares during the last quarter. 70.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Susquehanna reaffirmed a “positive” rating and issued a $100.00 target price on shares of Block in a research note on Wednesday, June 26th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $95.00 target price on shares of Block in a research note on Friday, May 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Block from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Robert W. Baird boosted their price target on shares of Block from $98.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, May 3rd. Finally, William Blair raised shares of Block to a “strong-buy” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.52.

Insiders Place Their Bets

In other news, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total transaction of $539,404.56. Following the completion of the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Block news, CFO Amrita Ahuja sold 5,277 shares of Block stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $64.13, for a total transaction of $338,414.01. Following the transaction, the chief financial officer now directly owns 274,410 shares of the company’s stock, valued at approximately $17,597,913.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the transaction, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,179 shares of company stock worth $1,833,962. 10.49% of the stock is currently owned by insiders.

Block Price Performance

Block stock traded up $1.08 during trading hours on Tuesday, reaching $66.64. 3,631,999 shares of the stock were exchanged, compared to its average volume of 8,661,684. The company has a market cap of $41.12 billion, a P/E ratio of 86.55, a price-to-earnings-growth ratio of 1.15 and a beta of 2.52. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. Block, Inc. has a twelve month low of $38.85 and a twelve month high of $87.52. The stock has a 50 day moving average of $64.08 and a two-hundred day moving average of $69.87.

Block (NYSE:SQ) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. Block had a net margin of 3.47% and a return on equity of 3.77%. The firm had revenue of $6.16 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same period in the prior year, the company posted $0.40 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities analysts expect that Block, Inc. will post 1.72 EPS for the current fiscal year.

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.