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

Teacher Retirement System of Texas reduced its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 62,280 shares of the cryptocurrency exchange's stock after selling 4,918 shares during the quarter. Teacher Retirement System of Texas' holdings in Coinbase Global were worth $10,726,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. US Bancorp DE grew its holdings in Coinbase Global by 2.9% during the fourth quarter. US Bancorp DE now owns 8,010 shares of the cryptocurrency exchange's stock worth $1,989,000 after buying an additional 224 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Coinbase Global by 125.8% during the 4th quarter. Jones Financial Companies Lllp now owns 490 shares of the cryptocurrency exchange's stock valued at $122,000 after purchasing an additional 273 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Coinbase Global by 10.9% during the 4th quarter. Victory Capital Management Inc. now owns 71,933 shares of the cryptocurrency exchange's stock valued at $17,861,000 after purchasing an additional 7,096 shares during the last quarter. Assetmark Inc. boosted its holdings in Coinbase Global by 27.0% during the 4th quarter. Assetmark Inc. now owns 3,657 shares of the cryptocurrency exchange's stock valued at $908,000 after acquiring an additional 778 shares during the period. Finally, M&T Bank Corp boosted its holdings in Coinbase Global by 23.4% during the 4th quarter. M&T Bank Corp now owns 8,760 shares of the cryptocurrency exchange's stock valued at $2,175,000 after acquiring an additional 1,660 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Stock Performance

Shares of NASDAQ COIN traded up $1.13 during trading on Friday, hitting $355.58. The company had a trading volume of 6,704,285 shares, compared to its average volume of 10,790,355. The stock has a 50 day simple moving average of $265.23 and a 200 day simple moving average of $242.97. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $382.00. The firm has a market capitalization of $90.27 billion, a P/E ratio of 66.59, a price-to-earnings-growth ratio of 26.02 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The business's revenue was up 24.2% on a year-over-year basis. During the same period last year, the company earned $2.53 EPS. As a group, analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, 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 value of $7,622,597.56. Following the completion of the sale, the director directly owned 10,417 shares of the company's stock, valued at $2,632,167.56. This trade represents a 74.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 336,265 shares of the stock in a transaction 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 in the company, valued at approximately $190,732.86. This represents a 99.84% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 685,915 shares of company stock valued at $222,081,432. 17.65% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on COIN shares. Piper Sandler increased their price objective on Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Oppenheimer reiterated an "outperform" rating and issued a $395.00 price objective (up previously from $293.00) on shares of Coinbase Global in a report on Thursday, June 26th. Barclays raised their target price on Coinbase Global from $169.00 to $202.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. reduced their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, JMP Securities reissued a "market outperform" rating and issued a $400.00 target price on shares of Coinbase Global in a report on Wednesday, June 25th. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $291.06.

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.