2,894 Shares in Coinbase Global, Inc. (NASDAQ:COIN) Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc bought a new stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,894 shares of the cryptocurrency exchange's stock, valued at approximately $498,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in COIN. Arbor Capital Management Inc. ADV grew its holdings in shares of Coinbase Global by 17.7% in the 1st quarter. Arbor Capital Management Inc. ADV now owns 7,131 shares of the cryptocurrency exchange's stock valued at $1,256,000 after acquiring an additional 1,072 shares in the last quarter. Rossby Financial LCC acquired a new position in Coinbase Global during the first quarter valued at approximately $166,000. DAVENPORT & Co LLC boosted its position in Coinbase Global by 6.6% during the first quarter. DAVENPORT & Co LLC now owns 3,083 shares of the cryptocurrency exchange's stock valued at $531,000 after purchasing an additional 191 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Coinbase Global by 7.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 19,406 shares of the cryptocurrency exchange's stock valued at $3,342,000 after purchasing an additional 1,292 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its position in shares of Coinbase Global by 45.1% during the 1st quarter. Vontobel Holding Ltd. now owns 25,065 shares of the cryptocurrency exchange's stock worth $4,317,000 after purchasing an additional 7,791 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Stock Up 0.3%

COIN stock opened at $355.58 on Friday. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $382.00. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The stock has a market capitalization of $90.27 billion, a price-to-earnings ratio of 66.59, a PEG ratio of 25.93 and a beta of 3.70. The business's fifty day moving average price is $262.31 and its two-hundred day moving average price is $242.92.

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

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 336,265 shares of Coinbase Global stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction that occurred 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 sale, the director directly owned 10,417 shares in the company, valued at $2,632,167.56. This represents a 74.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 685,915 shares of company stock worth $222,081,432. Company insiders own 17.65% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on COIN shares. Cantor Fitzgerald assumed coverage on Coinbase Global in a report on Tuesday, April 8th. They issued an "overweight" rating and a $245.00 price objective for the company. The Goldman Sachs Group increased their price target on shares of Coinbase Global from $189.00 to $209.00 and gave the company a "neutral" rating in a research note on Monday, May 12th. Compass Point upgraded shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective on the stock in a research note on Monday, May 12th. Needham & Company LLC dropped their target price on shares of Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Finally, William Blair initiated coverage on shares of Coinbase Global in a research note on Wednesday, June 11th. They issued an "outperform" rating for the company. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Coinbase Global currently has an average rating of "Moderate Buy" and a consensus price target of $291.06.

Coinbase Global 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.

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