Block (NYSE:XYZ) Insider Brian Grassadonia Sells 1,769 Shares
by Teresa Graham · The Cerbat GemBlock, Inc. (NYSE:XYZ – Get Free Report) insider Brian Grassadonia sold 1,769 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $60.25, for a total value of $106,582.25. Following the completion of the transaction, the insider directly owned 500,763 shares in the company, valued at approximately $30,170,970.75. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Brian Grassadonia also recently made the following trade(s):
- On Tuesday, February 24th, Brian Grassadonia sold 10,349 shares of Block stock. The stock was sold at an average price of $50.00, for a total value of $517,450.00.
Block Price Performance
Shares of Block stock opened at $62.74 on Thursday. Block, Inc. has a one year low of $44.27 and a one year high of $82.50. The stock’s fifty day moving average is $58.38 and its 200 day moving average is $65.19. The stock has a market cap of $37.59 billion, a P/E ratio of 29.88, a P/E/G ratio of 1.03 and a beta of 2.61. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.20 and a current ratio of 2.20.
Block (NYSE:XYZ – Get Free Report) last announced its earnings results on Thursday, February 26th. The technology company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.39. Block had a return on equity of 6.66% and a net margin of 5.40%.The company had revenue of $6.25 billion for the quarter. During the same period in the prior year, the business posted $0.71 earnings per share. Block’s revenue for the quarter was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Block, Inc. will post 2.54 earnings per share for the current year.
Analyst Ratings Changes
A number of equities research analysts have commented on the company. Arete Research raised Block from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Keefe, Bruyette & Woods decreased their price target on Block from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, January 2nd. Morgan Stanley raised Block from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $72.00 to $93.00 in a report on Friday, February 27th. Oppenheimer raised their price target on Block from $85.00 to $89.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Block in a report on Friday, March 27th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.72.
View Our Latest Report on Block
Institutional Investors Weigh In On Block
Institutional investors and hedge funds have recently bought and sold shares of the business. Cibc World Market Inc. grew its position in shares of Block by 24.0% during the third quarter. Cibc World Market Inc. now owns 179,271 shares of the technology company’s stock valued at $12,956,000 after purchasing an additional 34,678 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new position in shares of Block during the third quarter valued at about $5,383,000. New York Life Investment Management LLC purchased a new position in shares of Block during the third quarter valued at about $5,400,000. Principal Financial Group Inc. grew its position in shares of Block by 2,385.3% during the third quarter. Principal Financial Group Inc. now owns 612,358 shares of the technology company’s stock valued at $44,255,000 after purchasing an additional 587,719 shares in the last quarter. Finally, Hartford Investment Management Co. purchased a new position in shares of Block during the third quarter valued at about $2,323,000. 70.44% of the stock is owned by institutional investors.
Block Company Profile
Block (NYSE:XYZ) is a financial technology company that builds products and services to facilitate electronic payments, commerce, and consumer finance. Its principal business lines include a seller-focused ecosystem that provides point-of-sale hardware and software, payment processing, invoicing, payroll and lending services, and a consumer-facing platform that offers peer-to-peer payments, banking-like features, and investing. Block’s portfolio also encompasses music streaming and buy-now-pay-later capabilities through businesses acquired to broaden its reach beyond core payments.
The company was founded as Square in 2009 by Jack Dorsey and Jim McKelvey and later rebranded to Block to reflect a diversified set of businesses across payments, consumer finance, and emerging technologies.