Coinbase Global, Inc. $COIN Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in Coinbase Global by 3.3% during the first quarter, owning 123,289 shares worth approximately $19.66 million after the sale.
• Insider selling included significant transactions, with CEO Brian Armstrong offloading 25,000 shares, marking a 97.94% decrease in his position, while total insider sales in the last quarter reached approximately $438.9 million.
• Coinbase reported earnings of $0.12 per share for the last quarter, significantly missing analysts' estimates of $0.91, with revenue of $1.50 billion falling short of expectations as well.

APG Asset Management N.V. cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 123,289 shares of the cryptocurrency exchange's stock after selling 4,209 shares during the quarter. APG Asset Management N.V.'s holdings in Coinbase Global were worth $19,658,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its holdings in Coinbase Global by 14.2% in the first quarter. Smartleaf Asset Management LLC now owns 1,134 shares of the cryptocurrency exchange's stock valued at $197,000 after purchasing an additional 141 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Coinbase Global by 6.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 53,080 shares of the cryptocurrency exchange's stock valued at $9,142,000 after purchasing an additional 2,986 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Coinbase Global by 0.8% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 37,226 shares of the cryptocurrency exchange's stock valued at $6,411,000 after purchasing an additional 305 shares in the last quarter. AlphaQuest LLC boosted its holdings in Coinbase Global by 29.6% in the first quarter. AlphaQuest LLC now owns 643 shares of the cryptocurrency exchange's stock valued at $111,000 after purchasing an additional 147 shares in the last quarter. Finally, Kestra Advisory Services LLC boosted its holdings in Coinbase Global by 31.5% in the first quarter. Kestra Advisory Services LLC now owns 22,318 shares of the cryptocurrency exchange's stock valued at $3,844,000 after purchasing an additional 5,348 shares in the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Paul Grewal sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total transaction of $3,486,400.00. Following the completion of the sale, the insider owned 82,328 shares in the company, valued at $28,702,833.92. This represents a 10.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $326.71, for a total value of $8,167,750.00. Following the sale, the chief executive officer owned 526 shares of the company's stock, valued at $171,849.46. This trade represents a 97.94% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,185,704 shares of company stock valued at $438,918,732. 23.43% of the stock is owned by company insiders.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $319.85 on Monday. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The stock has a 50 day moving average of $346.00 and a two-hundred day moving average of $261.98. The stock has a market cap of $82.18 billion, a P/E ratio of 30.93 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its quarterly earnings data 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 net margin of 40.87% and a return on equity of 16.02%. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the firm posted $0.14 EPS. Coinbase Global's quarterly revenue was up 3.3% compared to the same quarter last year. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 9th. China Renaissance assumed coverage on Coinbase Global in a report on Tuesday, June 17th. They issued a "buy" rating and a $353.30 price target for the company. Williams Trading set a $405.00 price target on Coinbase Global in a report on Thursday, July 31st. Barclays upped their price target on Coinbase Global from $352.00 to $365.00 and gave the company an "equal weight" rating in a report on Friday, August 15th. Finally, Needham & Company LLC upped their price target on Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Thirteen analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $352.72.

About Coinbase Global

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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