Coinbase Global (NASDAQ:COIN) Price Target Raised to $280.00

Coinbase Global (NASDAQ:COIN) had its price target increased by Canaccord Genuity Group from $240.00 to $280.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

COIN has been the topic of a number of other research reports. Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $160.00 to $230.00 and gave the stock a market perform rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group upgraded Coinbase Global from a sell rating to a neutral rating in a report on Friday, March 8th. Sanford C. Bernstein increased their price objective on shares of Coinbase Global from $80.00 to $200.00 and gave the stock a market perform rating in a research report on Thursday, April 18th. Barclays boosted their target price on shares of Coinbase Global from $146.00 to $179.00 and gave the company an underweight rating in a research note on Monday, April 8th. Finally, Wedbush increased their price objective on Coinbase Global from $180.00 to $200.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $192.60.

Coinbase Global Trading Down 2.4 %

Shares of Coinbase Global stock opened at $223.25 on Friday. The company has a market capitalization of $54.09 billion, a P/E ratio of 44.56 and a beta of 3.46. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.03 and a current ratio of 1.03. The company has a fifty day moving average of $236.37 and a 200 day moving average of $167.06. Coinbase Global has a fifty-two week low of $46.43 and a fifty-two week high of $283.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $1.13. The business had revenue of $953.80 million during the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 10.24% and a net margin of 33.98%. The firm’s revenue for the quarter was up 51.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($2.46) EPS. On average, sell-side analysts anticipate that Coinbase Global will post 2.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, insider Paul Grewal sold 42,113 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the completion of the sale, the insider now owns 66,122 shares of the company’s stock, valued at $12,585,661.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Paul Grewal sold 42,113 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $190.34, for a total transaction of $8,015,788.42. Following the transaction, the insider now directly owns 66,122 shares of the company’s stock, valued at approximately $12,585,661.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 82,130 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the sale, the director now directly owns 4,662 shares of the company’s stock, valued at approximately $558,181.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 420,597 shares of company stock valued at $86,053,862. 33.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Coinbase Global by 2.9% during the fourth quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock worth $2,483,800,000 after buying an additional 408,046 shares during the period. Morgan Stanley raised its stake in Coinbase Global by 18.5% in the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock worth $246,250,000 after acquiring an additional 511,397 shares during the last quarter. Norges Bank acquired a new stake in Coinbase Global during the 4th quarter worth about $202,936,000. Northern Trust Corp grew its stake in Coinbase Global by 4.3% during the 3rd quarter. Northern Trust Corp now owns 897,166 shares of the cryptocurrency exchange’s stock valued at $67,359,000 after purchasing an additional 37,019 shares during the last quarter. Finally, a16z Perennial Management L.P. acquired a new position in shares of Coinbase Global in the fourth quarter valued at about $147,646,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

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.