Piper Sandler Boosts Coinbase Global (NASDAQ:COIN) Price Target to $350.00

Coinbase Global (NASDAQ:COIN) had its price target upped by research analysts at Piper Sandler from $190.00 to $350.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the cryptocurrency exchange's stock. Piper Sandler's price target would indicate a potential downside of 13.46% from the company's previous close.

Several other equities research analysts have also recently issued reports on the company. China Renaissance initiated coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price objective on the stock. Monness Crespi & Hardt upgraded Coinbase Global from a "neutral" rating to a "buy" rating and set a $300.00 price objective on the stock in a report on Tuesday, May 13th. Argus initiated coverage on Coinbase Global in a report on Monday, July 14th. They issued a "buy" rating and a $400.00 price objective on the stock. JMP Securities lifted their price objective on Coinbase Global from $400.00 to $440.00 and gave the stock a "market outperform" rating in a report on Monday, July 14th. Finally, Canaccord Genuity Group reiterated a "buy" rating and issued a $400.00 price objective on shares of Coinbase Global in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $320.06.

Coinbase Global Stock Down 2.2%

Coinbase Global stock traded down $9.19 during mid-day trading on Monday, reaching $404.44. 14,502,651 shares of the company were exchanged, compared to its average volume of 11,113,299. The business has a fifty day moving average of $302.29 and a 200 day moving average of $251.26. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The firm has a market cap of $102.68 billion, a P/E ratio of 75.74, a PEG ratio of 32.00 and a beta of 3.70. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $444.65.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business's revenue for the quarter was up 24.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.53 EPS. Research analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total value of $7,622,597.56. Following the sale, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. The trade was a 74.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 336,265 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer owned 526 shares in the company, valued at $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,245,915 shares of company stock valued at $447,462,456. 23.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Mascagni Wealth Management Inc. acquired a new stake in shares of Coinbase Global during the 4th quarter worth about $25,000. Copia Wealth Management acquired a new stake in Coinbase Global in the 4th quarter valued at about $26,000. Mpwm Advisory Solutions LLC acquired a new stake in Coinbase Global in the 4th quarter valued at about $35,000. Brooklands Fund Management Ltd acquired a new stake in Coinbase Global in the 4th quarter valued at about $37,245,000. Finally, Ameriflex Group Inc. acquired a new stake in Coinbase Global in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 68.84% of the company's stock.

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.