Block (NYSE:SQ) investors have reason to celebrate as the one-year price target for the company has received a significant boost, now standing at 85.51 per share. This uptick represents a 5.57% surge from the previous estimate set on January 16, 2024.
Analysts have put forth a spectrum of expectations, with the most conservative target at 40.40 and the most bullish at 105.00 per share. The average price target signals an 8.37% increase from Block’s latest closing price of 78.91 per share.
Have Funds Changed Their Tune?
Interest in Block is gaining momentum among funds and institutions, with 1640 of them now reporting positions in the company. This marks a 10.44% increase in ownership from the preceding quarter. The average portfolio weight committed to SQ stands at 0.42%, indicating an 11.71% escalation. Institutions collectively own 438,278K shares, reflecting a 5.16% rise over the last three months. The put/call ratio for SQ stands at a promising 0.66, hinting at a bullish future.
Insight into Shareholder Actions
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares currently holds 17,117K shares, translating to a 2.78% stake in the company. Their previous filing reported 16,982K shares, showcasing a 0.79% increase in ownership. Conversely, the fund trimmed its portfolio allocation by 30.44% over the last quarter.
Sands Capital Management follows suit, holding 13,749K shares or a 2.23% ownership of Block. Their last filing disclosed 14,043K shares, symbolizing a 2.14% reduction in ownership. Interestingly, the fund boosted its portfolio allocation by an impressive 52.80% in the last quarter.
Capital World Investors are also in the game with 12,514K shares, representing 2.03% ownership of the company. They reported 12,302K shares in their prior filing, reflecting a 1.70% increase in ownership. Moreover, the fund hiked its portfolio allocation by a remarkable 59.61% over the last quarter.
ARK Investment Management holds 11,888K shares, denoting a 1.93% ownership of the company. They have increased their ownership by 8.42% compared to the prior filing. Sumitomo Mitsui Trust Holdings follows with 10,378K shares and a 1.69% ownership, showing a 0.72% increase in ownership from the last filing.
Delving into Block’s Profile
(Description provided by the company)
Square, Inc. is at the forefront of building tools that enable businesses and individuals to actively engage in the economy. With Square, sellers can conveniently reach buyers both online and in person, as well as efficiently manage their business operations. The company has a global presence, with offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK.
Fintel is a premier investment research platform catering to individual investors, traders, financial advisors, and small hedge funds. Our all-encompassing data spans the globe and includes fundamental insights, analyst reports, ownership data, fund sentiment, options activity, insider trading, and more. Furthermore, our exclusive stock selections are backed by sophisticated, rigorously tested quantitative models designed to enhance profitability.
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