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Block, inc.'s chief legal officer sells shares worth $272,175

Published 12/04/2024, 05:34 PM
SQ
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OAKLAND, CA—Esperanza Chrysty, the Chief Legal Officer at Block, Inc. (NYSE:SQ), recently sold a portion of her holdings in the company. On December 2, Chrysty sold 2,865 shares of Block's Class A Common Stock at a price of $95 per share, totaling $272,175. The sale comes as Block's stock trades near its 52-week high of $98.95, with the company showing strong momentum through a 54% price return over the past six months.

In addition to the sale, Chrysty also executed stock options, converting Class B Common Stock into Class A Common Stock. The transactions were carried out under a pre-established Rule 10b5-1 trading plan, which was adopted on March 1, 2024. Following these transactions, Chrysty now holds 85,235 shares of Block's Class A Common Stock.

The sale and conversion activities are part of routine financial management for company executives, allowing them to diversify their investment portfolios while remaining in compliance with insider trading regulations.

In other recent news, Block Inc. has delivered strong financial performance, reporting a 19% increase in gross profit to $2.25 billion and a significant rise in adjusted free cash flow to $1.5 billion from $945 million in the previous year. The company projects a 14% year-over-year growth for Q4 2024. In terms of analyst ratings, Mizuho (NYSE:MFG) increased its price target for Block Inc. to $110, retaining an Outperform rating, while Bernstein and BMO Capital Markets maintain an Outperform rating with price targets of $90 and $94 respectively.

The company also introduced a new inheritance feature for its Bitkey bitcoin wallet, aiming to enhance user experience and security in digital asset management. Furthermore, Block Inc. aims to achieve the Rule of 40 by 2026, focusing on mid-teens gross profit growth and a mid-20% adjusted operating income margin. This is part of the company's expansion efforts, which include enhancing product offerings such as the rollout of Afterpay on the Cash Card. These are among the recent developments in the company's strategy for continued growth.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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