Perkins Coie Trust Co Purchases Shares of 250 Coinbase Global, Inc. (NASDAQ:COIN)

Perkins Coie Trust Co purchased a new stake in Coinbase Global, Inc. (NASDAQ:COIN) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 250 shares of the cryptocurrency exchange’s stock, valued at approximately $43,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in COIN. Vanguard Group Inc. increased its holdings in shares of Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock valued at $4,573,462,000 after purchasing an additional 128,802 shares during the period. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares during the period. Norges Bank acquired a new position in shares of Coinbase Global in the fourth quarter valued at about $536,484,000. Groupama Asset Managment acquired a new position in shares of Coinbase Global in the fourth quarter valued at about $372,450,000. Finally, Northern Trust Corp increased its holdings in shares of Coinbase Global by 20.3% in the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock valued at $321,488,000 after purchasing an additional 218,400 shares during the period. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Coinbase Global

In other news, CFO Alesia J. Haas sold 7,575 shares of Coinbase Global stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $200.00, for a total value of $1,515,000.00. Following the sale, the chief financial officer now directly owns 114,866 shares of the company’s stock, valued at $22,973,200. The trade was a 6.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total value of $1,981,200.00. Following the transaction, the insider now owns 83,313 shares in the company, valued at approximately $16,505,971.56. The trade was a 10.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,717 shares of company stock valued at $42,980,101 over the last ninety days. Insiders own 17.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on COIN. Bank of America dropped their target price on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Oppenheimer set a $293.00 target price on Coinbase Global in a report on Thursday, May 15th. Barclays raised their target price on Coinbase Global from $169.00 to $202.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. Keefe, Bruyette & Woods raised their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a report on Friday, May 9th. Finally, Needham & Company LLC dropped their target price on Coinbase Global from $330.00 to $270.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Eleven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus target price of $266.10.

Coinbase Global Stock Up 2.9%

Shares of COIN opened at $251.27 on Friday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average is $212.70 and its two-hundred day moving average is $243.78. The firm has a market cap of $63.79 billion, a P/E ratio of 26.45 and a beta of 3.61. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $349.75.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The firm had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s revenue was up 24.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.53 earnings per share. Analysts predict 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.