Allspring Global Investments Holdings LLC Reduces Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Allspring Global Investments Holdings LLC lessened its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 15.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,226 shares of the cryptocurrency exchange's stock after selling 1,366 shares during the period. Allspring Global Investments Holdings LLC's holdings in Coinbase Global were worth $1,261,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in COIN. Vanguard Group Inc. raised its stake in shares of Coinbase Global by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange's stock valued at $4,573,462,000 after purchasing an additional 128,802 shares during the period. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock valued at $882,822,000 after purchasing an additional 127,075 shares during the period. Norges Bank bought a new stake in shares of Coinbase Global during the 4th quarter valued at $536,484,000. Groupama Asset Managment bought a new stake in shares of Coinbase Global during the 4th quarter valued at $372,450,000. Finally, Northern Trust Corp raised its stake in shares of Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock valued at $321,488,000 after purchasing an additional 218,400 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on COIN. Canaccord Genuity Group reiterated a "buy" rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Friday, May 9th. William Blair began coverage on Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating on the stock. JMP Securities reiterated a "market outperform" rating and set a $400.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 25th. Keefe, Bruyette & Woods upped their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. Finally, Benchmark upped their target price on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, Coinbase Global presently has an average rating of "Hold" and an average target price of $298.60.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated 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 directly owned 82,328 shares in the company, valued at $28,702,833.92. This represents a 10.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the sale, the chief financial officer owned 97,366 shares of the company's stock, valued at $35,071,233.20. This represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 685,915 shares of company stock worth $222,081,432 in the last ninety days. 17.65% of the stock is owned by company insiders.

Coinbase Global Price Performance

Shares of COIN traded down $1.90 during midday trading on Friday, reaching $387.06. The stock had a trading volume of 16,560,793 shares, compared to its average volume of 10,940,417. The company's 50-day moving average is $282.06 and its 200 day moving average is $246.55. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $395.50. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $98.27 billion, a price-to-earnings ratio of 55.14, a price-to-earnings-growth ratio of 28.35 and a beta of 3.70.

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

Coinbase Global Company 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.