California Public Employees Retirement System Sells 17,601 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

California Public Employees Retirement System reduced its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 5.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 317,874 shares of the cryptocurrency exchange’s stock after selling 17,601 shares during the quarter. California Public Employees Retirement System owned 0.13% of Coinbase Global worth $78,928,000 at the end of the most recent quarter.

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

Insider Activity at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the sale, the insider now owns 69,407 shares in the company, valued at $17,816,082.83. This trade represents a 12.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $261.07, for a total transaction of $6,526,750.00. Following the transaction, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $137,322.82. This represents a 97.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 225,609 shares of company stock valued at $61,331,908. 23.43% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on COIN. Mizuho dropped their price target on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $330.00 target price on shares of Coinbase Global in a research report on Thursday, February 13th. Barclays increased their price target on Coinbase Global from $282.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Monness Crespi & Hardt set a $420.00 price objective on Coinbase Global in a report on Tuesday, February 18th. Finally, Keefe, Bruyette & Woods increased their target price on Coinbase Global from $255.00 to $305.00 and gave the company a “market perform” rating in a report on Tuesday, February 18th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $314.72.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $172.23 on Tuesday. The stock has a market cap of $43.73 billion, a PE ratio of 18.13 and a beta of 3.66. Coinbase Global, Inc. has a 1 year low of $146.12 and a 1 year high of $349.75. The firm has a fifty day moving average price of $236.90 and a 200-day moving average price of $242.89. 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 (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal 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.