SpiderRock Advisors LLC Decreases Stock Holdings in Block, Inc. (NYSE:SQ)

SpiderRock Advisors LLC cut its stake in Block, Inc. (NYSE:SQ) by 75.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,592 shares of the technology company’s stock after selling 36,197 shares during the period. SpiderRock Advisors LLC’s holdings in Block were worth $778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in Block in the 1st quarter valued at $34,000. Unique Wealth Strategies LLC purchased a new stake in shares of Block in the second quarter valued at about $34,000. V Square Quantitative Management LLC acquired a new stake in Block during the third quarter worth about $46,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Block during the second quarter worth about $44,000. Finally, Hobbs Group Advisors LLC acquired a new position in Block in the 2nd quarter valued at about $49,000. Institutional investors and hedge funds own 70.44% of the company’s stock.

Block Stock Performance

Shares of SQ stock opened at $74.56 on Monday. The company has a market cap of $45.90 billion, a P/E ratio of 41.89, a PEG ratio of 1.02 and a beta of 2.48. The firm has a fifty day moving average price of $68.86 and a 200 day moving average price of $66.97. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.26. Block, Inc. has a 12 month low of $50.86 and a 12 month high of $87.52.

Insider Transactions at Block

In other news, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now owns 580,086 shares of the company’s stock, valued at approximately $37,572,170.22. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Ajmere Dale sold 1,406 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $64.70, for a total value of $90,968.20. Following the completion of the transaction, the chief accounting officer now owns 90,960 shares in the company, valued at approximately $5,885,112. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Brian Grassadonia sold 8,328 shares of Block stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now owns 580,086 shares in the company, valued at $37,572,170.22. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,214 shares of company stock valued at $1,637,932. 10.49% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on SQ shares. Macquarie restated an “outperform” rating and set a $100.00 price target on shares of Block in a report on Friday, July 26th. Morgan Stanley reduced their target price on Block from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods increased their price target on Block from $71.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday. New Street Research assumed coverage on shares of Block in a report on Monday, September 9th. They issued a “neutral” rating and a $70.00 price objective on the stock. Finally, William Blair raised shares of Block to a “strong-buy” rating in a research note on Wednesday, July 31st. One investment 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 given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.56.

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.