Block, Inc. (NYSE:SQ) Shares Bought by QRG Capital Management Inc.

VaselineAugust 11, 2024

0 4 minutes read

QRG Capital Management Inc. increased its stake in Block, Inc. (NYSE:SQ – Free Report ) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 104,306 shares of the technology company’s stock after buying an additional 2,751 shares during the quarter. The holdings of QRG Capital Management Inc. holdings in Block were worth $6,727,000 at the end of the most recent quarter.

Other institutional investors have recently modified their positions in the company. Allworth Financial LP raised its holdings in Block by 114.1% during the 4th quarter. Allworth Financial LP now owns 2,972 shares of the technology company’s stock valued at $230,000 after buying an additional 1,584 shares in the last quarter . Nisa Investment Advisors LLC raised its stake in shares of Block by 55.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 73,450 shares of the technology company’s stock valued at $5,681,000 after acquiring an additional 26,100 shares in the last quarter. Bleakley Financial Group LLC increased its position in shares of Block by 33.1% in the fourth quarter. Bleakley Financial Group LLC now owns 6,508 shares of the technology company’s stock worth $503,000 after purchasing an additional 1,620 shares during the last quarter. Valley National Advisers Inc. raised its position in shares of Block by 72.3% in the fourth quarter. Valley National Advisers Inc. now owns 610 shares of the technology company’s stock worth $47,000 after acquiring an additional 256 shares during the last quarter. Finally, Strategic Blueprint LLC purchased a new position in shares of Block in the fourth quarter worth approximately $297,000. 70.44% of the shares are held by hedge funds and other institutional investors.

Changes in Analyst Ratings

Several equities research analysts have issued reports on the company. Canaccord Genuity Group restated a “buy” rating and set a $95.00 price objective on shares of Block in a report on Friday, May 3rd. Keefe, Bruyette & Woods decreased their price target on shares of Block from $82.00 to $74.00 and set a “market perform” rating for the company in a research note on Monday, July 8th. Benchmark reaffirmed a “buy” rating and issued a $99.00 target price on shares of Block in a report on Friday, August 2nd. Monness Crespi & Hardt reissued a “neutral” rating on shares of Block in a report on Thursday, May 2nd. Finally, Wells Fargo & Company decreased their target price on shares of Block from $95.00 to $85.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd . One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Moderate Buy” and a consensus price target of $86.20, according to MarketBeat.

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Trading stuck up 1.5%

Shares of SQ stock opened at $62.14 on Friday. Block, Inc. has a 1 year low of $38.85 and a 1 year high of $87.52. The stock has a fifty day moving average of $63.90 and a two hundred day moving average of $69.99. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82, and a current ratio of 1.82. The firm has a market cap of $38.34 billion, a PE ratio of 80.70, a price-to-earnings-growth ratio of 1.33 and a beta of 2.52.

Block (NYSE:SQ – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.09. Block had a return on equity of 3.77% and a net margin of 3.47%. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.27 billion. During the same period last year, the firm earned $0.40 EPS. The company’s revenue for the quarter was up 11.2% year-over-year. As a group, research analysts expect Block, Inc. to record 1.3 EPS for the current year.

Insiders place their bets

In related news, Director Roelof Botha acquired 434,405 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $57.55 per share, for a total transaction of $25,000,007.75. Following the acquisition, the director now owns 434,405 shares in the company, valued at $25,000,007.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. In other Block news, CAO Ajmere Dale sold 1,278 shares of Block stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $71.26, for a total transaction of $91,070.28. Following the completion of the sale, the chief accounting officer now owns 93,337 shares of the company’s stock, valued at approximately $6,651,194.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Roelof Botha acquired 434,405 shares of Block stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average cost of $57.55 per share, with a total value of $25,000,007.75. Following the transaction, the director now owns 434,405 shares of the company’s stock, valued at approximately $25,000,007.75. Disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 24,505 shares of company stock worth $1,683,811. 10.49% of shares are held by insiders.

Block the profile

(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 enable merchants to turn mobile and computing devices into payment and point-of-sale solutions. Offers hardware products, including the Magstripe reader, which enables swipe 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 allows swipe transactions with magnetic stripe cards; Square Stand, which allows an iPad to be used as a payment terminal or a complete point of sale solution; and Square Register, which combines hardware, point-of-sale software and payment technology, as well as managed payment solutions.