Allspring Global Investments Holdings LLC Takes $21.76 Million Position in Circle Internet Group, Inc. $CRCL

Key Points

• Allspring Global Investments opened a new position in Circle Internet Group during the first quarter, buying 239,821 shares worth about $21.76 million. The stake represented roughly 0.10% of the company at the end of the reporting period.
• Circle shares rose 8.1% in the session highlighted, opening at $65.34, though the stock remains well below its 12-month high of $231.88. The company’s market value was about $16.24 billion.
• Circle’s latest quarterly results showed EPS of $0.21, missing expectations, while revenue climbed 20% year over year to $694.13 million. Analyst sentiment is mixed, with an average Hold rating and a consensus price target of $113.25.

Allspring Global Investments Holdings LLC bought a new stake in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 239,821 shares of the company's stock, valued at approximately $21,761,000. Allspring Global Investments Holdings LLC owned 0.10% of Circle Internet Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new stake in Circle Internet Group during the 2nd quarter valued at approximately $27,000. Larson Financial Group LLC lifted its position in Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after purchasing an additional 190 shares during the period. Harbour Investments Inc. lifted its position in Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company's stock valued at $30,000 after purchasing an additional 238 shares during the period. National Bank of Canada FI purchased a new stake in Circle Internet Group in the third quarter valued at $37,000. Finally, Federation des caisses Desjardins du Quebec boosted its holdings in Circle Internet Group by 5.4% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 5,391 shares of the company's stock valued at $428,000 after purchasing an additional 278 shares during the last quarter.

Circle Internet Group Trading Up 8.1%

Shares of CRCL stock opened at $65.34 on Tuesday. Circle Internet Group, Inc. has a 12-month low of $49.90 and a 12-month high of $231.88. The business's 50 day moving average is $85.44 and its two-hundred day moving average is $87.76. The company has a market capitalization of $16.24 billion and a P/E ratio of -20.42.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The business had revenue of $694.13 million during the quarter. Circle Internet Group's revenue was up 20.0% compared to the same quarter last year. On average, research analysts predict that Circle Internet Group, Inc. will post 0.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRCL has been the subject of a number of recent research reports. Freedom Capital upgraded Circle Internet Group to a "hold" rating in a research note on Tuesday, April 21st. Wall Street Zen downgraded Circle Internet Group from a "hold" rating to a "sell" rating in a research note on Saturday, April 11th. Compass Point set a $62.00 target price on Circle Internet Group in a report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on Circle Internet Group from $111.00 to $142.00 and gave the company an "overweight" rating in a research report on Tuesday, May 5th. Finally, Needham & Company LLC upped their price objective on Circle Internet Group from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Circle Internet Group has an average rating of "Hold" and an average price target of $113.25.

Insider Transactions at Circle Internet Group

In other news, Director Patrick Sean Neville sold 1,034,396 shares of the firm's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $82.87, for a total value of $85,720,396.52. Following the transaction, the director owned 2,018 shares in the company, valued at $167,231.66. This trade represents a 99.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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, insider Hossein Razzaghi sold 34,623 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total value of $2,730,023.55. Following the completion of the transaction, the insider owned 666,404 shares in the company, valued at approximately $52,545,955.40. This trade represents a 4.94% decrease in their position. 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. Insiders sold a total of 1,956,527 shares of company stock worth $155,711,921 in the last three months. 10.85% of the stock is owned by corporate insiders.

Circle Internet Group Company Profile

Circle Internet Group NYSE: CRCL is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.

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