Block (NYSE:XYZ) Given New $100.00 Price Target at Mizuho
Mizuho increased Block's (NYSE:XYZ) price target from $88.00 to $100.00, giving it an "outperform" rating. This suggests a potential upside of 58.04% from the current price. Other analysts also upgraded their ratings, with Cowen, Wells Fargo, and Jefferies giving "buy" ratings. Block's recent earnings report showed a strong performance with $0.54 EPS and $6.11 billion in revenue. Insiders have sold shares recently, and institutional investors like Vanguard and Sands Capital have increased their holdings.
Block (NYSE:XYZ - Get Free Report) had its target price increased by equities research analysts at Mizuho from $88.00 to $100.00 in a report released on Thursday, MarketBeat.com reports. The firm presently has an "outperform" rating on the technology company's stock. Mizuho's price target would suggest a potential upside of 58.04% from the company's current price.
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Several other brokerages have also issued reports on XYZ. Cowen restated a "buy" rating on shares of Block in a research note on Friday, August 8th. Wells Fargo & Company upgraded Block to a "strong-buy" rating in a research report on Wednesday, October 22nd. Jefferies Financial Group boosted their price objective on Block from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, October 21st. Weiss Ratings reissued a "hold (c+)" rating on shares of Block in a report on Wednesday, October 8th. Finally, Truist Financial raised shares of Block from a "sell" rating to a "hold" rating in a report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Block currently has a consensus rating of "Moderate Buy" and an average target price of $83.33.
Check Out Our Latest Stock Report on XYZ
Block Stock Performance
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Shares of NYSE XYZ traded up $1.28 during mid-day trading on Thursday, reaching $63.28. 7,127,830 shares of the company's stock were exchanged, compared to its average volume of 9,020,055. The firm has a 50-day moving average price of $73.63 and a two-hundred day moving average price of $70.22. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.18 and a quick ratio of 2.18. The firm has a market capitalization of $38.45 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 2.97 and a beta of 2.73. Block has a 52 week low of $44.27 and a 52 week high of $99.26.
Block (NYSE:XYZ - Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.29. The business had revenue of $6.11 billion during the quarter. Block had a net margin of 12.99% and a return on equity of 7.41%. The business's quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Analysts predict that Block will post 2.54 EPS for the current year.
Insiders Place Their Bets
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In other Block news, insider Chrysty Esperanza sold 406 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $74.77, for a total transaction of $30,356.62. Following the transaction, the insider directly owned 126,806 shares in the company, valued at $9,481,284.62. This trade represents a 0.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Owen Britton Jennings sold 1,050 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $74.77, for a total transaction of $78,508.50. Following the completion of the sale, the insider owned 253,956 shares of the company's stock, valued at approximately $18,988,290.12. The trade was a 0.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 76,160 shares of company stock valued at $5,899,556 over the last 90 days. Company insiders own 10.85% of the company's stock.
Hedge Funds Weigh In On Block
Several institutional investors and hedge funds have recently bought and sold shares of XYZ. Vanguard Group Inc. grew its holdings in shares of Block by 23.1% in the third quarter. Vanguard Group Inc. now owns 67,626,485 shares of the technology company's stock worth $4,887,366,000 after purchasing an additional 12,709,824 shares during the last quarter. Sands Capital Management LLC grew its stake in shares of Block by 12.2% in the third quarter. Sands Capital Management LLC now owns 11,603,057 shares of the technology company's stock worth $838,553,000 after acquiring an additional 1,262,317 shares during the last quarter. Capital World Investors increased its holdings in shares of Block by 192.7% during the third quarter. Capital World Investors now owns 11,296,224 shares of the technology company's stock valued at $816,378,000 after acquiring an additional 7,436,380 shares in the last quarter. Geode Capital Management LLC bought a new position in shares of Block in the second quarter worth approximately $634,721,000. Finally, Dragoneer Investment Group LLC bought a new stake in shares of Block during the second quarter valued at approximately $627,233,000. 70.44% of the stock is currently owned by institutional investors.
Block Company Profile
(Get Free Report)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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