Sterling Capital Management LLC Reduces Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Sterling Capital Management LLC decreased its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 2.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,957 shares of the cryptocurrency exchange’s stock after selling 515 shares during the quarter. Sterling Capital Management LLC’s holdings in Coinbase Global were worth $6,197,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in shares of Coinbase Global by 168.2% during the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after purchasing an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Coinbase Global during the fourth quarter worth $252,000. Virtu Financial LLC acquired a new stake in shares of Coinbase Global in the third quarter valued at $3,866,000. Savant Capital LLC purchased a new stake in shares of Coinbase Global in the 4th quarter valued at $591,000. Finally, Principal Financial Group Inc. lifted its stake in Coinbase Global by 219.2% during the 3rd quarter. Principal Financial Group Inc. now owns 53,648 shares of the cryptocurrency exchange’s stock worth $9,558,000 after acquiring an additional 36,843 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Activity

In other Coinbase Global news, insider Paul Grewal sold 10,978 shares of Coinbase Global stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the completion of the sale, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. The trade was a 11.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 15,000 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $88,646.78. This trade represents a 96.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 182,767 shares of company stock worth $48,326,134 over the last quarter. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Trading Up 3.5 %

NASDAQ:COIN opened at $175.50 on Friday. The company has a market cap of $44.56 billion, a PE ratio of 18.47 and a beta of 3.65. The business’s 50 day moving average is $210.02 and its two-hundred day moving average is $241.96. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, analysts predict that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research note on Friday, February 21st. Monness Crespi & Hardt set a $420.00 price target on shares of Coinbase Global in a research report on Tuesday, February 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a research report on Thursday, February 13th. Cantor Fitzgerald began coverage on Coinbase Global in a research note on Tuesday. They issued an “overweight” rating and a $245.00 price objective on the stock. Finally, Barclays lowered their target price on Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating for the company in a research note on Monday, April 7th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $298.74.

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.