One of Block’s (NYSE:SQ) directors, Roelof Botha, recently undertook a huge buy transaction worth $27.5 million. Block is a financial services and mobile payment company that provides innovative solutions.
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As per the SEC filing, Botha bought 540,646 shares of SQ between November 8 and November 13 at an average price of $50.89 per share. After the latest purchase, the total value of his holdings in SQ now stands at about $65.2 million.
Investors could keep close track of these notable insider activities, as they reflect the perception of key insiders about the company’s prospects.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Recent Updates
It is worth highlighting that the insider initiated the purchase of Block shares within a week of the company releasing its better-than-expected third-quarter results. Alongside earnings, SQ announced its first-ever $1 billion stock buyback program to offset potential dilution effects from share-based compensation.
Following the earnings release on November 2, SQ received 19 Buy ratings and six Hold ratings from Wall Street analysts. Among the bullish analysts, Jason Kupferberg of Bank of America Securities is optimistic about the company’s future.
Is Block a Buy or Sell?
Overall, analysts have a Strong Buy consensus rating on SQ stock based on 25 Buys and eight Holds assigned in the past three months. Furthermore, the average SQ price target of $71.69 per share implies 37.8% upside potential.
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