Block, Inc. (NYSE:SQ)Number of Hedge Fund Investors In Q1 2024:...

Block, Inc. (NYSE:SQ)Number of Hedge Fund Investors In Q1 2024: 65YTD Return: -19.7%Block, Inc. (NYSE:SQ) enables businesses and retailers to use its software platform to understand and analyze their transaction and payment data. The firm's first quarter earnings, reported in May 2024, saw it beat respective analyst revenue and EPS estimates of $5.89 billion and $0.71 by posting $5.96 billion and $0.85. The firm's announcement that it will reinvest its Bitcoin profits to buy more Bitcoin also impressed investors, with the shares soaring by as much as 9% after the results. Following the results, TD Cowen raised Block, Inc. (NYSE:SQ)'s share price target to $92 from $90 and kept a Buy rating on the shares. The firm shared that Block, Inc. (NYSE:SQ)'s 11% operating income beat and an upward guidance revision was evidence of management's strong focus on both cost control and growth.The average of 39 one year analyst share price targets for Block, Inc. (NYSE:SQ) is $91.09, marking an upside of 46% over the recent share price of $62.15. The shares are rated Buy on average. Clearbridge Investments mentioned the firm in its Q4 2023 investor letter. According to the firm:The sector [financials] also contained our top individual holding during the period: Block, whose stock price maintained its upward momentum after it announced that Square retailers saw substantial increases in holiday spending trends and transactions, and greater optimism for a soft landing helped alleviate investor concerns over consumer spending.Overall SQ ranks 9th on our list of the best SaaS stocks to buy.

https://finance.yahoo.com/news/block-inc-sq-good-software-180258893.html