Robeco Institutional Asset Management B.V. Decreases Holdings in Block, Inc. $XYZ
by Danessa Lincoln · The Markets DailyRobeco Institutional Asset Management B.V. trimmed its stake in shares of Block, Inc. (NYSE:XYZ – Free Report) by 29.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 316,176 shares of the technology company’s stock after selling 131,170 shares during the period. Robeco Institutional Asset Management B.V. owned 0.05% of Block worth $20,580,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cromwell Holdings LLC purchased a new position in Block during the third quarter valued at $27,000. City Holding Co. purchased a new position in Block during the third quarter valued at $27,000. Cary Street Partners Investment Advisory LLC purchased a new position in Block during the third quarter valued at $28,000. RMG Wealth Management LLC purchased a new position in Block during the third quarter valued at $30,000. Finally, Quent Capital LLC purchased a new position in Block during the third quarter valued at $30,000. 70.44% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, insider Brian Grassadonia sold 1,769 shares of the firm’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $60.25, for a total transaction of $106,582.25. Following the completion of the sale, the insider directly owned 500,763 shares in the company, valued at approximately $30,170,970.75. This trade represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Owen Britton Jennings sold 3,555 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $63.41, for a total transaction of $225,422.55. Following the sale, the insider owned 231,262 shares of the company’s stock, valued at approximately $14,664,323.42. The trade was a 1.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 15,806 shares of company stock valued at $857,468. 10.49% of the stock is owned by company insiders.
Analysts Set New Price Targets
XYZ has been the topic of several recent analyst reports. HSBC raised shares of Block from a “hold” rating to a “buy” rating and increased their price objective for the company from $70.00 to $77.00 in a report on Tuesday, March 3rd. Wall Street Zen raised shares of Block from a “hold” rating to a “buy” rating in a research note on Saturday. Loop Capital initiated coverage on shares of Block in a research note on Tuesday, March 31st. They issued a “buy” rating and a $75.00 price target on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Block from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, January 2nd. Finally, Citigroup decreased their price target on shares of Block from $105.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, February 5th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $81.72.
Check Out Our Latest Research Report on XYZ
Block Stock Performance
NYSE:XYZ opened at $66.16 on Wednesday. The company’s 50-day moving average price is $58.69 and its 200-day moving average price is $64.79. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.26. The company has a market cap of $39.64 billion, a P/E ratio of 31.50, a P/E/G ratio of 1.11 and a beta of 2.61. Block, Inc. has a twelve month low of $44.27 and a twelve month high of $82.50.
Block (NYSE:XYZ – Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.39. Block had a net margin of 5.40% and a return on equity of 6.66%. The firm had revenue of $6.25 billion during the quarter. During the same quarter in the previous year, the business posted $0.71 earnings per share. Block’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, sell-side analysts forecast that Block, Inc. will post 2.54 earnings per share for the current fiscal year.
Block 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.