Ameriprise Financial Inc. Sells 129,868 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Ameriprise Financial Inc. trimmed its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 38.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 204,884 shares of the cryptocurrency exchange's stock after selling 129,868 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.08% of Coinbase Global worth $50,821,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank purchased a new stake in Coinbase Global in the 4th quarter worth about $536,484,000. Groupama Asset Managment purchased a new stake in shares of Coinbase Global in the fourth quarter worth approximately $372,450,000. Proficio Capital Partners LLC boosted its holdings in shares of Coinbase Global by 30,664.4% during 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 period. Wellington Management Group LLP grew its position in Coinbase Global by 1,159.9% during the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange's stock valued at $81,612,000 after purchasing an additional 302,595 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Coinbase Global by 614.8% in the 4th quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange's stock valued at $85,253,000 after buying an additional 295,313 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on COIN. JPMorgan Chase & Co. lowered their price target on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and issued a $260.00 target price on shares of Coinbase Global in a research note on Monday. 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 research report on Tuesday, February 25th. The Goldman Sachs Group lifted their price target on Coinbase Global from $189.00 to $209.00 and gave the company a "neutral" rating in a report on Monday. Finally, Barclays raised their price objective on shares of Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a research report on Monday. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $262.75.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $200.54, for a total value of $5,013,500.00. Following the completion of the transaction, the chief executive officer now owns 526 shares of the company's stock, valued at $105,484.04. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of Coinbase Global stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $295.10, for a total value of $2,246,891.40. Following the sale, the director now directly owns 10,417 shares in the company, valued at $3,074,056.70. The trade was a 42.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 128,742 shares of company stock worth $25,758,259 over the last three months. 17.65% of the stock is currently owned by insiders.

Coinbase Global Stock Performance

Coinbase Global stock traded up $6.51 on Wednesday, reaching $263.41. 18,285,913 shares of the stock were exchanged, compared to its average volume of 9,856,910. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75. The firm has a fifty day moving average price of $187.93 and a two-hundred day moving average price of $243.41. The stock has a market cap of $66.87 billion, a PE ratio of 27.73 and a beta of 3.62.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same period in the prior year, the firm posted $2.53 EPS. Coinbase Global's revenue for the quarter was up 24.2% on a year-over-year basis. Sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.