Cerity Partners LLC Increases Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Cerity Partners LLC raised its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.7% during the fourth quarter, HoldingsChannel reports. The fund owned 14,204 shares of the cryptocurrency exchange’s stock after purchasing an additional 98 shares during the quarter. Cerity Partners LLC’s holdings in Coinbase Global were worth $3,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Coinbase Global during the 4th quarter valued at $536,484,000. Groupama Asset Managment bought a new stake in shares of Coinbase Global during the fourth quarter valued at about $372,450,000. Proficio Capital Partners LLC lifted its holdings in shares of Coinbase Global by 30,664.4% in the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after buying an additional 417,036 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock valued at $81,612,000 after acquiring an additional 302,595 shares during the period. Finally, Franklin Resources Inc. grew its stake in Coinbase Global by 614.8% during the fourth quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange’s stock valued at $85,253,000 after acquiring an additional 295,313 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $270.99, for a total transaction of $6,774,750.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $142,540.74. This represents a 97.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of Coinbase Global stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total value of $7,531,746.30. Following the sale, the director now owns 10,417 shares in the company, valued at $3,114,162.15. This represents a 70.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,767 shares of company stock worth $48,326,134. 23.43% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Cantor Fitzgerald initiated coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They issued an “overweight” rating and a $245.00 price target for the company. Barclays reduced their target price on Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Bank of America lowered their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Oppenheimer reissued an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $350.00 target price on shares of Coinbase Global in a research report on Friday, February 21st. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $298.74.

Coinbase Global Trading Up 0.6 %

Shares of COIN stock opened at $176.58 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $349.75. The stock has a market capitalization of $44.83 billion, a PE ratio of 18.59 and a beta of 3.65. The business has a 50-day moving average of $208.05 and a 200 day moving average of $242.29.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.