Intech Investment Management LLC Grows Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Intech Investment Management LLC increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 454.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,556 shares of the cryptocurrency exchange’s stock after purchasing an additional 33,240 shares during the quarter. Intech Investment Management LLC’s holdings in Coinbase Global were worth $10,752,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Coinbase Global by 31.8% in the 3rd quarter. Wellington Management Group LLP now owns 50,925 shares of the cryptocurrency exchange’s stock valued at $3,823,000 after buying an additional 12,301 shares in the last quarter. Nordea Investment Management AB grew its stake in Coinbase Global by 5.9% during the 4th quarter. Nordea Investment Management AB now owns 11,665 shares of the cryptocurrency exchange’s stock worth $2,025,000 after buying an additional 652 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new stake in Coinbase Global in the fourth quarter valued at approximately $227,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Coinbase Global by 135.6% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,946 shares of the cryptocurrency exchange’s stock valued at $338,000 after acquiring an additional 1,120 shares during the period. Finally, Brookstone Capital Management purchased a new position in shares of Coinbase Global during the fourth quarter worth approximately $408,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on COIN. Bank of America upgraded shares of Coinbase Global from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $110.00 to $217.00 in a research note on Friday, May 17th. Barclays reduced their price objective on Coinbase Global from $204.00 to $196.00 and set an “underweight” rating for the company in a research note on Wednesday, July 10th. Oppenheimer lifted their target price on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Needham & Company LLC restated a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research note on Friday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $320.00 price objective on shares of Coinbase Global in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Coinbase Global presently has an average rating of “Hold” and a consensus price target of $225.38.

Insider Activity

In related news, CAO Jennifer N. Jones sold 450 shares of Coinbase Global stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $225.70, for a total transaction of $101,565.00. Following the completion of the sale, the chief accounting officer now owns 1,686 shares in the company, valued at approximately $380,530.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Coinbase Global news, CAO Jennifer N. Jones sold 450 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $225.70, for a total transaction of $101,565.00. Following the sale, the chief accounting officer now directly owns 1,686 shares of the company’s stock, valued at approximately $380,530.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alesia J. Haas sold 4,500 shares of Coinbase Global stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $229.09, for a total transaction of $1,030,905.00. Following the sale, the chief financial officer now owns 182,903 shares of the company’s stock, valued at $41,901,248.27. The disclosure for this sale can be found here. Insiders have sold 298,056 shares of company stock worth $64,899,898 over the last three months. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Price Performance

Shares of NASDAQ:COIN traded up $24.55 during midday trading on Friday, hitting $257.79. 12,501,856 shares of the stock were exchanged, compared to its average volume of 7,439,799. The stock has a market cap of $63.31 billion, a P/E ratio of 51.46 and a beta of 3.40. Coinbase Global, Inc. has a twelve month low of $69.63 and a twelve month high of $283.48. The company has a 50 day moving average price of $231.04 and a 200-day moving average price of $208.59. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.52.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.61. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. On average, research analysts forecast that Coinbase Global, Inc. will post 5 earnings per share for the current 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.