Angeles Investment Advisors LLC Reduces Stock Position in Block, Inc. (NYSE:SQ)

Angeles Investment Advisors LLC trimmed its holdings in shares of Block, Inc. (NYSE:SQ) by 10.6% in the third quarter, Holdings Channel reports. The institutional investor owned 6,598 shares of the technology company’s stock after selling 779 shares during the period. Angeles Investment Advisors LLC’s holdings in Block were worth $443,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Envestnet Portfolio Solutions Inc. increased its stake in Block by 53.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,947 shares of the technology company’s stock valued at $588,000 after purchasing an additional 2,432 shares during the last quarter. Empowered Funds LLC grew its position in shares of Block by 28.2% in the 1st quarter. Empowered Funds LLC now owns 20,750 shares of the technology company’s stock valued at $1,755,000 after buying an additional 4,561 shares during the last quarter. Avantax Advisory Services Inc. grew its position in shares of Block by 6.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 21,928 shares of the technology company’s stock valued at $1,855,000 after buying an additional 1,292 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Block by 19.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 301,857 shares of the technology company’s stock worth $25,531,000 after acquiring an additional 48,646 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in Block by 3.0% in the first quarter. Blair William & Co. IL now owns 222,495 shares of the technology company’s stock valued at $18,819,000 after acquiring an additional 6,556 shares during the last quarter. 70.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SQ. Benchmark reissued a “buy” rating and issued a $99.00 target price on shares of Block in a report on Friday, August 2nd. William Blair raised Block to a “strong-buy” rating in a report on Wednesday, July 31st. Canaccord Genuity Group lifted their target price on shares of Block from $95.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday. Wells Fargo & Company decreased their price target on shares of Block from $95.00 to $85.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley dropped their price objective on shares of Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $91.30.

Insiders Place Their Bets

In related news, CAO Ajmere Dale sold 1,406 shares of the company’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 sale, the chief accounting officer now owns 90,960 shares of the company’s stock, valued at approximately $5,885,112. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Amrita Ahuja sold 5,935 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 255,496 shares of the company’s stock, valued at $16,742,652.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $90,968.20. Following the sale, the chief accounting officer now owns 90,960 shares in the company, valued at approximately $5,885,112. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,714 shares of company stock worth $1,606,992. Insiders own 10.49% of the company’s stock.

Block Price Performance

Shares of NYSE:SQ traded up $1.91 during midday trading on Wednesday, hitting $89.16. 2,616,024 shares of the stock were exchanged, compared to its average volume of 8,099,142. Block, Inc. has a twelve month low of $53.82 and a twelve month high of $90.00. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.26. The company has a 50 day moving average price of $69.21 and a 200-day moving average price of $67.00. The stock has a market cap of $54.89 billion, a P/E ratio of 48.82, a PEG ratio of 1.11 and a beta of 2.48.

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.