Coinbase Global, Inc. (NASDAQ:COIN) Holdings Trimmed by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 62,280 shares of the cryptocurrency exchange's stock after selling 4,918 shares during the period. Teacher Retirement System of Texas' holdings in Coinbase Global were worth $10,726,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Amalgamated Bank raised its holdings in Coinbase Global by 4.8% during the first quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange's stock worth $2,368,000 after purchasing an additional 629 shares in the last quarter. KCM Investment Advisors LLC purchased a new stake in Coinbase Global in the 4th quarter valued at approximately $507,000. GAMMA Investing LLC boosted its stake in shares of Coinbase Global by 8.1% during the first quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange's stock valued at $193,000 after acquiring an additional 84 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of Coinbase Global by 124.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange's stock worth $453,000 after purchasing an additional 1,454 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its stake in Coinbase Global by 10.4% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 2,456 shares of the cryptocurrency exchange's stock worth $610,000 after acquiring an additional 232 shares during the period. Hedge funds and other institutional investors own 68.84% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on COIN. Piper Sandler lifted their price target on Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Rosenblatt Securities restated a "buy" rating and set a $300.00 price objective on shares of Coinbase Global in a research note on Monday, June 16th. Jefferies Financial Group reaffirmed a "hold" rating and set a $260.00 price target (up from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. JMP Securities reaffirmed a "market outperform" rating and issued a $400.00 target price on shares of Coinbase Global in a research report on Wednesday, June 25th. Finally, Benchmark boosted their price objective on Coinbase Global from $301.00 to $421.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $291.06.

Coinbase Global Price Performance

COIN stock traded up $2.82 during trading on Monday, hitting $358.62. The company had a trading volume of 3,228,542 shares, compared to its average volume of 10,762,011. The business has a 50 day moving average of $265.23 and a 200 day moving average of $242.75. The firm has a market capitalization of $91.05 billion, a price-to-earnings ratio of 67.08, a P/E/G ratio of 26.03 and a beta of 3.70. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $382.00.

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

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company's stock, valued at $190,732.86. This represents a 99.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the sale, the director owned 10,417 shares of the company's stock, valued at $2,632,167.56. The trade was a 74.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 685,915 shares of company stock valued at $222,081,432. 23.43% of the stock is currently owned by corporate insiders.

Coinbase Global 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.