Impax Asset Management Group plc boosted its holdings in Block, Inc. (NYSE:SQ – Free Report) by 12.4% during the first quarter, Holdings Channel reports. The institutional investor owned 15,298 shares of the technology company’s stock after buying an additional 1,691 shares during the period. Impax Asset Management Group plc’s holdings in Block were worth $1,050,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. IAG Wealth Partners LLC increased its holdings in shares of Block by 100.0% in the 1st quarter. IAG Wealth Partners LLC now owns 400 shares of the technology company’s stock valued at $27,000 after acquiring an additional 200 shares during the last quarter. GPS Wealth Strategies Group LLC acquired a new position in Block during the 1st quarter worth $32,000. Hollencrest Capital Management bought a new stake in shares of Block in the 4th quarter worth $34,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Block in the 1st quarter worth $41,000. Finally, Trust Co. of Vermont bought a new stake in shares of Block in the 1st quarter worth $47,000. 63.97% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other news, Director Lawrence Henry Summers sold 3,668 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $58.66, for a total value of $215,164.88. Following the completion of the sale, the director now directly owns 22,133 shares of the company’s stock, valued at $1,298,321.78. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Lawrence Henry Summers sold 3,668 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $58.66, for a total transaction of $215,164.88. Following the completion of the transaction, the director now directly owns 22,133 shares of the company’s stock, valued at $1,298,321.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chrysty Esperanza sold 2,500 shares of the firm’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $80.00, for a total transaction of $200,000.00. Following the transaction, the insider now directly owns 65,472 shares of the company’s stock, valued at $5,237,760. The disclosure for this sale can be found here. Insiders have sold a total of 37,868 shares of company stock worth $2,545,857 over the last 90 days. 10.79% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. BMO Capital Markets cut their target price on Block from $88.00 to $87.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. StockNews.com initiated coverage on Block in a research note on Thursday. They issued a “hold” rating on the stock. Truist Financial lowered their target price on Block from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. BNP Paribas upgraded Block from an “underperform” rating to an “outperform” rating and set a $95.00 price target for the company in a research note on Friday, July 28th. Finally, Bank of America decreased their price target on Block from $96.00 to $86.00 in a research note on Wednesday, May 10th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Block currently has a consensus rating of “Moderate Buy” and an average target price of $89.33.

Read Our Latest Stock Analysis on Block

Block Stock Performance

Block stock opened at $56.10 on Friday. The company has a market capitalization of $34.23 billion, a PE ratio of -127.50 and a beta of 2.34. The firm has a fifty day simple moving average of $68.45 and a two-hundred day simple moving average of $68.37. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.23. Block, Inc. has a twelve month low of $51.34 and a twelve month high of $89.97.

Block (NYSE:SQ – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. Block had a negative net margin of 1.38% and a negative return on equity of 0.61%. The company had revenue of $5.53 billion for the quarter, compared to analysts’ expectations of $5.10 billion. During the same quarter in the previous year, the company earned ($0.19) earnings per share. Block’s quarterly revenue was up 25.7% on a year-over-year basis. Research analysts expect that Block, Inc. will post -0.21 EPS for the current year.

About Block

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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.

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