42,583 Shares in Circle Internet Group, Inc. $CRCL Bought by Arizona State Retirement System

Key Points

• Arizona State Retirement System bought 42,583 Circle Internet Group shares during the second quarter, valued at approximately $2.67 million. Other institutions also adjusted their positions, including a major increase by California State Teachers’ Retirement System.
• Analyst sentiment is mixed: Circle has a consensus rating of “Hold” and an average price target of $99.67, with targets ranging from $65 to $140.
• Circle reported quarterly revenue of $701.3 million, up 6.6% year over year, but earnings of $0.18 per share missed estimates of $0.26. Shares opened at $90.65, while insiders sold more than $75.7 million of stock over the past three months.

Arizona State Retirement System purchased a new stake in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 42,583 shares of the company's stock, valued at approximately $2,667,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nykredit A S acquired a new position in Circle Internet Group during the 2nd quarter worth approximately $1,773,000. Parkside Financial Bank & Trust boosted its stake in shares of Circle Internet Group by 32.2% during the 2nd quarter. Parkside Financial Bank & Trust now owns 981 shares of the company's stock worth $61,000 after buying an additional 239 shares during the last quarter. Corient Private Wealth LP boosted its stake in shares of Circle Internet Group by 20.7% during the 2nd quarter. Corient Private Wealth LP now owns 7,688 shares of the company's stock worth $482,000 after buying an additional 1,318 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Circle Internet Group in the 2nd quarter valued at about $2,409,000. Finally, California State Teachers Retirement System grew its holdings in shares of Circle Internet Group by 222,662.5% in the 2nd quarter. California State Teachers Retirement System now owns 13,871,418 shares of the company's stock valued at $868,767,000 after acquiring an additional 13,865,191 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRCL shares. Sanford C. Bernstein reiterated an "outperform" rating and set a $140.00 target price on shares of Circle Internet Group in a report on Wednesday, July 29th. Robert W. Baird dropped their price objective on Circle Internet Group from $138.00 to $100.00 and set an "outperform" rating on the stock in a research note on Monday, July 13th. Seaport Research Partners set a $100.00 target price on shares of Circle Internet Group in a report on Monday, August 17th. KeyCorp assumed coverage on shares of Circle Internet Group in a report on Tuesday, May 26th. They set a "sector weight" rating on the stock. Finally, Wolfe Research upped their price target on shares of Circle Internet Group from $50.00 to $65.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $99.67.

Circle Internet Group Stock Up 0.1%

Shares of NYSE:CRCL opened at $90.65 on Monday. The company's 50 day moving average price is $75.22 and its two-hundred day moving average price is $90.13. Circle Internet Group, Inc. has a 12-month low of $49.90 and a 12-month high of $159.47. The firm has a market cap of $23.01 billion, a PE ratio of 62.09 and a beta of 0.59.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.08). Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The business had revenue of $701.32 million for the quarter. During the same quarter in the previous year, the company earned ($4.48) earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, research analysts expect that Circle Internet Group, Inc. will post 1.05 EPS for the current year.

Insider Activity

In other Circle Internet Group news, insider Hossein Razzaghi sold 7,458 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $87.87, for a total value of $655,334.46. Following the sale, the insider owned 644,865 shares of the company's stock, valued at approximately $56,664,287.55. This trade represents a 1.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jeremy Allaire sold 56,200 shares of the firm's stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $98.04, for a total value of $5,509,848.00. Following the completion of the sale, the chief executive officer directly owned 333,760 shares in the company, valued at $32,721,830.40. This trade represents a 14.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,018,123 shares of company stock valued at $75,708,773. Company insiders own 10.85% of the company's stock.

Circle Internet Group Company Profile

Circle Internet Group, Inc is a global financial technology company focused on digital currency and blockchain infrastructure. The company is best known as the issuer of USD Coin (USDC), a dollar-denominated stablecoin designed to maintain a consistent value and facilitate digital payments, trading, and transfers on blockchain networks. Circle also issues EURC, a euro-denominated stablecoin.

Circle provides products and services for businesses, financial institutions, developers, and digital-asset platforms.

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