Block, Inc. (NYSE:SQ) Shares Sold by Covenant Asset Management LLC

Covenant Asset Management LLC reduced its position in Block, Inc. (NYSE:SQ) by 21.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,281 shares of the technology company’s stock after selling 1,757 shares during the quarter. Covenant Asset Management LLC’s holdings in Block were worth $418,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Block during the 4th quarter worth $353,954,000. ARK Investment Management LLC boosted its position in shares of Block by 16.3% during the 1st quarter. ARK Investment Management LLC now owns 10,470,931 shares of the technology company’s stock worth $718,829,000 after purchasing an additional 1,467,630 shares in the last quarter. Echo Street Capital Management LLC boosted its position in shares of Block by 133.3% during the 4th quarter. Echo Street Capital Management LLC now owns 2,353,238 shares of the technology company’s stock worth $147,877,000 after purchasing an additional 1,344,567 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Block by 14.6% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,733,484 shares of the technology company’s stock worth $668,204,000 after purchasing an additional 1,243,014 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its position in shares of Block by 17.8% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 8,205,524 shares of the technology company’s stock worth $551,252,000 after buying an additional 1,237,427 shares in the last quarter. 61.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $90.00 price objective on shares of Block in a research report on Tuesday, August 29th. Jefferies Financial Group boosted their price objective on shares of Block from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, July 24th. Truist Financial decreased their price objective on shares of Block from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, August 4th. BNP Paribas upgraded shares of Block from an “underperform” rating to an “outperform” rating and set a $95.00 price objective on the stock in a research report on Friday, July 28th. Finally, KeyCorp boosted their price objective on shares of Block from $75.00 to $85.00 in a research report on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.32.

Block Trading Down 2.4 %

SQ traded down $1.25 on Tuesday, reaching $50.00. 5,564,483 shares of the company’s stock were exchanged, compared to its average volume of 12,181,715. The company has a market cap of $30.50 billion, a price-to-earnings ratio of -116.47 and a beta of 2.34. Block, Inc. has a twelve month low of $49.59 and a twelve month high of $89.97. The company’s 50 day moving average is $64.25 and its 200-day moving average is $64.72. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.92 and a current ratio of 1.92.

Block (NYSE:SQ) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The firm had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.10 billion. Block had a negative return on equity of 0.61% and a negative net margin of 1.38%. Block’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.19) EPS. Equities analysts predict that Block, Inc. will post -0.27 earnings per share for the current year.

Insiders Place Their Bets

In other Block news, insider Alyssa Henry sold 2,357 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $56.49, for a total value of $133,146.93. Following the completion of the transaction, the insider now owns 479,708 shares in the company, valued at approximately $27,098,704.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Alyssa Henry sold 2,357 shares of the stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $56.49, for a total transaction of $133,146.93. Following the completion of the transaction, the insider now directly owns 479,708 shares in the company, valued at approximately $27,098,704.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Brian Grassadonia sold 5,431 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $66.84, for a total value of $363,008.04. Following the transaction, the insider now owns 310,570 shares of the company’s stock, valued at $20,758,498.80. The disclosure for this sale can be found here. Insiders sold a total of 34,200 shares of company stock worth $2,310,864 in the last 90 days. 10.79% of the stock is owned by company insiders.

About Block

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.