Pursue Wealth Partners LLC Reduces Holdings in Block, Inc. (NYSE:SQ)

Pursue Wealth Partners LLC reduced its holdings in shares of Block, Inc. (NYSE:SQ) by 8.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 40,406 shares of the technology company’s stock after selling 3,930 shares during the period. Block accounts for approximately 2.0% of Pursue Wealth Partners LLC’s investment portfolio, making the stock its 16th largest holding. Pursue Wealth Partners LLC’s holdings in Block were worth $3,125,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SQ. Oak Thistle LLC acquired a new stake in shares of Block during the 3rd quarter worth about $321,000. Handelsbanken Fonder AB boosted its position in shares of Block by 2.5% in the third quarter. Handelsbanken Fonder AB now owns 113,235 shares of the technology company’s stock worth $5,012,000 after acquiring an additional 2,713 shares during the last quarter. Slow Capital Inc. boosted its position in shares of Block by 4.0% in the third quarter. Slow Capital Inc. now owns 20,999 shares of the technology company’s stock worth $929,000 after acquiring an additional 799 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Block by 21.0% in the third quarter. Harbor Capital Advisors Inc. now owns 34,910 shares of the technology company’s stock worth $1,545,000 after acquiring an additional 6,066 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Block by 0.3% in the third quarter. Commonwealth Equity Services LLC now owns 276,975 shares of the technology company’s stock worth $12,259,000 after acquiring an additional 748 shares during the last quarter. 70.44% of the stock is currently owned by hedge funds and other institutional investors.

Block Price Performance

SQ stock traded up $1.69 during trading on Friday, hitting $74.48. The company had a trading volume of 4,649,162 shares, compared to its average volume of 6,455,119. The firm has a market capitalization of $45.86 billion, a price-to-earnings ratio of 438.12, a P/E/G ratio of 2.06 and a beta of 2.55. The business has a 50 day moving average of $77.39 and a 200 day moving average of $67.26. Block, Inc. has a fifty-two week low of $38.85 and a fifty-two week high of $87.52. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.22.

Block (NYSE:SQ) last posted its quarterly earnings data on Thursday, February 22nd. The technology company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.69 billion. Block had a net margin of 0.04% and a return on equity of 0.63%. As a group, research analysts predict that Block, Inc. will post 1.11 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SQ shares. Monness Crespi & Hardt raised their target price on shares of Block from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Truist Financial raised their target price on shares of Block from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Benchmark raised their price target on shares of Block from $89.00 to $99.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Susquehanna restated a “positive” rating and issued a $100.00 price target on shares of Block in a report on Monday, April 22nd. Finally, Royal Bank of Canada raised their price target on shares of Block from $77.00 to $88.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.67.

Insider Buying and Selling

In other Block news, insider Brian Grassadonia sold 127,800 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the sale, the insider now directly owns 405,224 shares in the company, valued at $26,521,910.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Block news, insider Brian Grassadonia sold 127,800 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $65.45, for a total value of $8,364,510.00. Following the sale, the insider now directly owns 405,224 shares in the company, valued at $26,521,910.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Ajmere Dale sold 656 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $64.30, for a total transaction of $42,180.80. Following the completion of the sale, the chief accounting officer now owns 68,823 shares in the company, valued at $4,425,318.90. The disclosure for this sale can be found here. Insiders sold 363,801 shares of company stock valued at $27,284,175 over the last 90 days. 10.79% of the stock is currently owned by company insiders.

Block Company Profile

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.