Prudential Financial Inc. Reduces Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Prudential Financial Inc. cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 64.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,222 shares of the cryptocurrency exchange’s stock after selling 9,349 shares during the period. Prudential Financial Inc.’s holdings in Coinbase Global were worth $1,297,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in shares of Coinbase Global by 168.2% in the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock valued at $4,648,000 after purchasing an additional 16,363 shares during the last quarter. McElhenny Sheffield Capital Management LLC acquired a new position in Coinbase Global during the fourth quarter worth approximately $252,000. Virtu Financial LLC purchased a new stake in Coinbase Global in the third quarter valued at approximately $3,866,000. Savant Capital LLC acquired a new stake in shares of Coinbase Global in the fourth quarter valued at approximately $591,000. Finally, XTX Topco Ltd grew its position in shares of Coinbase Global by 818.2% during the third quarter. XTX Topco Ltd now owns 13,167 shares of the cryptocurrency exchange’s stock worth $2,346,000 after acquiring an additional 11,733 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 5,700 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the completion of the transaction, the chief financial officer now owns 144,470 shares of the company’s stock, valued at approximately $38,554,708.90. This trade represents a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the company’s stock in a transaction 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 completion of 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. Insiders have sold 190,609 shares of company stock worth $52,238,258 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $305.00 price target on shares of Coinbase Global in a research note on Wednesday, March 26th. JMP Securities increased their target price on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. Canaccord Genuity Group raised their price target on Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Sanford C. Bernstein raised Coinbase Global to a “strong-buy” rating in a research note on Tuesday, March 18th. Finally, HC Wainwright reiterated a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research note on Friday, February 21st. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $314.72.

Coinbase Global Price Performance

COIN stock opened at $160.55 on Friday. The firm has a 50 day moving average of $226.99 and a 200-day moving average of $242.60. The company has a market cap of $40.76 billion, a price-to-earnings ratio of 16.90 and a beta of 3.65. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75.

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

About Coinbase Global

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.