Teacher Retirement System of Texas Purchases 65,926 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Teacher Retirement System of Texas lifted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 5,182.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,198 shares of the cryptocurrency exchange’s stock after purchasing an additional 65,926 shares during the period. Teacher Retirement System of Texas’ holdings in Coinbase Global were worth $16,685,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in COIN. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global in the third quarter worth about $409,919,000. Proficio Capital Partners LLC grew 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 purchasing an additional 417,036 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after purchasing an additional 314,388 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Coinbase Global in the fourth quarter worth about $56,142,000. Finally, Trivest Advisors Ltd bought a new position in shares of Coinbase Global in the fourth quarter worth about $54,869,000. 68.84% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Alesia J. Haas sold 5,700 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total value of $1,521,159.00. Following the transaction, the chief financial officer now owns 144,470 shares in the company, valued at approximately $38,554,708.90. This represents a 3.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now owns 69,407 shares in the company, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock worth $60,955,968 over the last 90 days. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global Stock Performance

COIN opened at $189.86 on Friday. Coinbase Global, Inc. has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market cap of $48.20 billion, a P/E ratio of 19.99 and a beta of 3.66. The firm’s 50-day moving average price is $247.26 and its 200-day moving average price is $240.47.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate 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, equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on COIN. Sanford C. Bernstein upgraded shares of Coinbase Global to a “strong-buy” rating in a report on Tuesday. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a research note on Tuesday, February 18th. Barclays upped their price objective on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. HC Wainwright reaffirmed a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Finally, Canaccord Genuity Group upped their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $314.72.

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.