Circle Internet Group (NYSE:CRCL) Stock Gets Price Target Increase from Needham & Company LLC

Circle Internet Group (NYSE:CRCL) had its target price boosted by equities researchers at Needham & Company LLC from $130.00 to $134.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 56.18% from the stock’s previous close.

A number of other research firms have also recently weighed in on CRCL. William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, August 5th. TD Cowen increased their target price on shares of Circle Internet Group from $87.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, September 17th. Compass Point set a $62.00 target price on shares of Circle Internet Group in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods began coverage on shares of Circle Internet Group in a research note on Tuesday, September 8th. They set a “market perform” rating and a $105.00 target price on the stock. Finally, The Goldman Sachs Group reaffirmed an “underperform” rating on shares of Circle Internet Group in a report on Wednesday, September 9th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $98.24.

Circle Internet Group Stock Performance

Shares of Circle Internet Group stock opened at $85.80 on Wednesday. The stock has a market cap of $21.78 billion, a P/E ratio of 58.77 and a beta of 0.73. The stock’s fifty day moving average is $86.72 and its 200 day moving average is $86.45. Circle Internet Group has a one year low of $49.90 and a one year high of $147.44.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.08). The company had revenue of $701.32 million for the quarter. Circle Internet Group had a net margin of 15.53% and a return on equity of 13.58%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($4.48) earnings per share. Analysts predict that Circle Internet Group will post 1.10 EPS for the current year.

Insider Buying and Selling

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 4,238 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $85.78, for a total transaction of $363,535.64. Following the sale, the chief financial officer directly owned 302,930 shares in the company, valued at $25,985,335.40. This represents a 1.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Nikhil Chandhok sold 26,668 shares of the stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $79.59, for a total value of $2,122,506.12. Following the sale, the insider owned 715,331 shares in the company, valued at $56,933,194.29. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 485,657 shares of company stock valued at $39,207,306 in the last three months. Corporate insiders own 10.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. WPG Advisers LLC bought a new position in Circle Internet Group in the 1st quarter valued at $31,000. First Horizon Corp purchased a new stake in Circle Internet Group in the first quarter worth $35,000. Abound Financial LLC bought a new stake in shares of Circle Internet Group during the first quarter worth $38,000. Global Assets Advisory LLC bought a new stake in shares of Circle Internet Group during the first quarter worth $43,000. Finally, Western Wealth Management LLC purchased a new stake in shares of Circle Internet Group during the first quarter valued at $57,000.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.