Circle Internet Group, Inc. $CRCL Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Circle Internet Group stake by purchasing 13.87 million additional shares, bringing its holdings to 13.87 million shares worth approximately $868.8 million, or 5.46% of the company.
• Circle reported quarterly revenue of $701.3 million, up 6.6% year over year, but earnings of $0.18 per share fell short of the $0.26 analyst consensus. Shares opened at $90.65, compared with a 52-week range of $49.90 to $159.47.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $99.67. Meanwhile, insiders sold more than 1 million shares worth $75.7 million over the past 90 days, including sales by the CEO and CFO under pre-arranged trading plans.

California State Teachers Retirement System raised its holdings in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) by 222,662.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,871,418 shares of the company's stock after purchasing an additional 13,865,191 shares during the quarter. California State Teachers Retirement System owned 5.46% of Circle Internet Group worth $868,767,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CRCL. Larson Financial Group LLC raised its holdings in Circle Internet Group by 3,800.0% in the 3rd quarter. Larson Financial Group LLC now owns 195 shares of the company's stock valued at $26,000 after buying an additional 190 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Circle Internet Group during the second quarter worth about $27,000. Harbour Investments Inc. boosted its stake in Circle Internet Group by 170.0% during the fourth quarter. Harbour Investments Inc. now owns 378 shares of the company's stock worth $30,000 after buying an additional 238 shares during the period. WPG Advisers LLC acquired a new stake in shares of Circle Internet Group during the first quarter valued at about $31,000. Finally, First Horizon Corp acquired a new stake in shares of Circle Internet Group during the first quarter valued at about $35,000.

Circle Internet Group Stock Performance

Shares of CRCL opened at $90.65 on Monday. The stock has a market capitalization of $23.01 billion, a PE ratio of 62.09 and a beta of 0.59. Circle Internet Group, Inc. has a 1 year low of $49.90 and a 1 year high of $159.47. The company's 50-day simple moving average is $75.22 and its 200-day simple moving average is $90.13.

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

Analyst Ratings Changes

CRCL has been the topic of a number of research analyst reports. William Blair reissued an "outperform" rating on shares of Circle Internet Group in a research note on Wednesday, August 5th. Needham & Company LLC dropped their target price on shares of Circle Internet Group from $150.00 to $127.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Compass Point set a $62.00 target price on Circle Internet Group in a research report on Wednesday, July 15th. Wall Street Zen lowered Circle Internet Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 1st. Finally, Seaport Research Partners set a $100.00 price target on Circle Internet Group in a research note on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Circle Internet Group currently has an average rating of "Hold" and a consensus price target of $99.67.

Insider Buying and Selling at Circle Internet Group

In other news, CFO Jeremy Fox-Geen sold 45,000 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $90.00, for a total value of $4,050,000.00. Following the sale, the chief financial officer directly owned 323,837 shares in the company, valued at approximately $29,145,330. This trade represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Allaire sold 56,200 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $67.16, for a total value of $3,774,392.00. Following the completion of the sale, the chief executive officer owned 454,379 shares in the company, valued at approximately $30,516,093.64. The trade was a 11.01% 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 90 days, insiders sold 1,018,123 shares of company stock worth $75,708,773. 10.85% of the stock is currently owned by corporate insiders.

Circle Internet Group 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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