Block, Inc. (NYSE:SQ) Holdings Trimmed by Interchange Capital Partners LLC

Interchange Capital Partners LLC reduced its position in shares of Block, Inc. (NYSE:SQ) by 25.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,222 shares of the technology company’s stock after selling 2,803 shares during the quarter. Interchange Capital Partners LLC’s holdings in Block were worth $552,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SQ. Vanguard Group Inc. lifted its stake in Block by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 36,511,250 shares of the technology company’s stock worth $3,088,122,000 after acquiring an additional 318,549 shares in the last quarter. Capital World Investors lifted its position in shares of Block by 4.7% in the first quarter. Capital World Investors now owns 13,096,614 shares of the technology company’s stock worth $1,107,712,000 after purchasing an additional 582,826 shares in the last quarter. Baillie Gifford & Co. lifted 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 worth $650,396,000 after purchasing an additional 3,163,975 shares in the last quarter. Lone Pine Capital LLC grew its position in Block by 13.9% during the second quarter. Lone Pine Capital LLC now owns 7,670,523 shares of the technology company’s stock valued at $494,672,000 after purchasing an additional 934,588 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Block by 17.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,733 shares of the technology company’s stock valued at $139,143,000 after buying an additional 326,444 shares during the period. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Transactions at Block

In related news, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $64.77, for a total value of $539,404.56. Following the sale, the insider now owns 580,086 shares of the company’s stock, valued at $37,572,170.22. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Block news, insider Brian Grassadonia sold 8,328 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 580,086 shares in the company, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Amrita Ahuja sold 5,935 shares of Block stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $65.53, for a total value of $388,920.55. Following the transaction, the chief financial officer now directly owns 255,496 shares of the company’s stock, valued at approximately $16,742,652.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 25,214 shares of company stock valued at $1,637,932. Company insiders own 10.49% of the company’s stock.

Block Stock Performance

Block stock traded up $0.18 during trading hours on Friday, hitting $72.50. The stock had a trading volume of 1,137,839 shares, compared to its average volume of 7,896,479. Block, Inc. has a fifty-two week low of $42.78 and a fifty-two week high of $87.52. The company has a market cap of $44.63 billion, a PE ratio of 56.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.49. The company has a 50-day moving average of $67.87 and a two-hundred day moving average of $66.96. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.26.

Block (NYSE:SQ) last issued its earnings results on Thursday, August 1st. The technology company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.84 by $0.09. The firm had revenue of $6.16 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Block had a return on equity of 3.77% and a net margin of 3.47%. Block’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the business earned $0.40 earnings per share. On average, equities research analysts anticipate that Block, Inc. will post 1.71 EPS for the current fiscal year.

Analysts Set New Price Targets

SQ has been the topic of several research analyst reports. UBS Group lowered their price target on shares of Block from $100.00 to $92.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Benchmark reaffirmed a “buy” rating and issued a $99.00 target price on shares of Block in a research report on Friday, August 2nd. Keefe, Bruyette & Woods reduced their price target on Block from $82.00 to $74.00 and set a “market perform” rating for the company in a report on Monday, July 8th. William Blair upgraded Block to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, BMO Capital Markets cut their price objective on shares of Block from $93.00 to $92.00 and set an “outperform” rating on the stock in a research report on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and an average target price of $88.79.

Block Company 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.