Coinbase Global (NASDAQ:COIN) Price Target Lowered to $270.00 at Needham & Company LLC

Coinbase Global (NASDAQ:COIN) had its price target decreased by research analysts at Needham & Company LLC from $330.00 to $270.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the cryptocurrency exchange's stock. Needham & Company LLC's target price would indicate a potential upside of 35.36% from the company's current price.

A number of other analysts also recently commented on the company. Cantor Fitzgerald initiated coverage on Coinbase Global in a report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price objective for the company. Monness Crespi & Hardt downgraded shares of Coinbase Global from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group began coverage on Coinbase Global in a research report on Thursday, March 20th. They issued a "neutral" rating and a $195.00 target price on the stock. Rosenblatt Securities restated a "buy" rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday. Finally, Bank of America cut 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. Eleven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $266.40.

Coinbase Global Price Performance

Coinbase Global stock opened at $199.47 on Monday. The firm has a market capitalization of $50.64 billion, a PE ratio of 21.00 and a beta of 3.62. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $349.75. The firm's 50-day simple moving average is $187.38 and its 200 day simple moving average is $243.30. 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 (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.18 by ($0.24). The business had revenue of $2.03 billion during the quarter, compared to analysts' expectations of $2.22 billion. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The firm's revenue for the quarter was up 24.2% on a year-over-year basis. During the same period last year, the company earned $2.53 EPS. On average, equities research analysts predict that Coinbase Global will post 7.22 EPS for the current fiscal year.

Insider Transactions at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 7,575 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the completion of the transaction, the chief financial officer now directly owns 114,866 shares in the company, valued at $22,973,200. This represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Grewal sold 10,978 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the sale, the insider now owns 83,313 shares of the company's stock, valued at $17,656,524.09. This trade represents a 11.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 153,742 shares of company stock worth $32,639,759. 17.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Coinbase Global by 4.8% in the 1st quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock worth $3,323,084,000 after purchasing an additional 875,359 shares during the period. Geode Capital Management LLC boosted its position in Coinbase Global by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock worth $882,822,000 after purchasing an additional 127,075 shares during the period. ARK Investment Management LLC raised its holdings in Coinbase Global by 1.1% in the 1st quarter. ARK Investment Management LLC now owns 3,069,107 shares of the cryptocurrency exchange's stock valued at $528,592,000 after acquiring an additional 34,462 shares during the period. Norges Bank acquired a new stake in Coinbase Global during the 4th quarter worth approximately $536,484,000. Finally, Groupama Asset Managment acquired a new position in shares of Coinbase Global in the fourth quarter valued at about $372,450,000. 68.84% of the stock is owned by institutional investors and hedge funds.

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.

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