Coinbase Global (NASDAQ:COIN) Price Target Raised to $400.00

Key Points

• Needham & Company LLC has increased its price target for Coinbase Global from $270 to $400, maintaining a "buy" rating, indicating a potential upside of 5.89% from the current stock price.
• Several analysts have adjusted their target prices for Coinbase Global, with Sanford C. Bernstein setting a new high target of $510, while the average consensus price target is $344.85.
• Coinbase Global reported earnings of $5.14 per share for the last quarter, significantly exceeding the consensus estimate of $0.91.

Coinbase Global (NASDAQ:COIN) had its price objective boosted by Needham & Company LLC from $270.00 to $400.00 in a report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the cryptocurrency exchange's stock.

COIN has been the subject of a number of other research reports. Piper Sandler reissued a "neutral" rating and set a $350.00 target price on shares of Coinbase Global in a research note on Thursday. Cantor Fitzgerald assumed coverage on Coinbase Global in a research note on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research report on Friday, May 9th. Benchmark raised their price objective on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $344.55.

Coinbase Global Stock Performance

Shares of NASDAQ:COIN traded down $63.07 during trading on Friday, hitting $314.69. 31,265,570 shares of the stock traded hands, compared to its average volume of 12,904,831. The company has a fifty day moving average price of $327.63 and a two-hundred day moving average price of $259.53. Coinbase Global has a 52-week low of $142.58 and a 52-week high of $444.64. The company has a market cap of $79.89 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 21.92 and a beta of 3.70. The company has a quick ratio of 2.52, a current ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.95% and a net margin of 40.87%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. As a group, equities analysts predict that Coinbase Global will post 7.22 EPS for the current year.

Insider Transactions at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 30,167 shares of Coinbase Global stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total value of $7,622,597.56. Following the completion of the transaction, the director directly owned 10,417 shares in the company, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $190,732.86. The trade was a 99.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,208,340 shares of company stock valued at $439,997,456 over the last 90 days. 17.65% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

Several hedge funds have recently added to or reduced their stakes in COIN. Groupama Asset Managment grew its holdings in shares of Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange's stock worth $516,690,000 after purchasing an additional 1,500,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Coinbase Global by 4.8% in the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange's stock valued at $3,323,084,000 after buying an additional 875,359 shares during the last quarter. Nuveen LLC purchased a new stake in Coinbase Global in the first quarter valued at approximately $83,454,000. Amundi grew its position in shares of Coinbase Global by 44.1% during the first quarter. Amundi now owns 1,574,434 shares of the cryptocurrency exchange's stock worth $268,850,000 after acquiring an additional 481,786 shares during the last quarter. Finally, Two Sigma Advisers LP increased its holdings in shares of Coinbase Global by 445.4% in the 4th quarter. Two Sigma Advisers LP now owns 408,500 shares of the cryptocurrency exchange's stock valued at $101,431,000 after acquiring an additional 333,600 shares during the period. 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.