Kestra Private Wealth Services LLC Boosts Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Kestra Private Wealth Services LLC grew its stake in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 12.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,827 shares of the cryptocurrency exchange's stock after buying an additional 2,275 shares during the period. Kestra Private Wealth Services LLC's holdings in Coinbase Global were worth $3,587,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Coinbase Global by 0.7% in 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 last quarter. Geode Capital Management LLC raised its position in shares of Coinbase Global by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange's stock valued at $882,822,000 after buying an additional 127,075 shares during the last quarter. Norges Bank purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $536,484,000. Groupama Asset Managment purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $372,450,000. Finally, Northern Trust Corp boosted its position in Coinbase Global by 20.3% during the fourth quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange's stock worth $321,488,000 after acquiring an additional 218,400 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on COIN shares. Needham & Company LLC reduced their price target on Coinbase Global from $330.00 to $270.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Benchmark increased their target price on Coinbase Global from $301.00 to $421.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. HC Wainwright restated a "sell" rating and issued a $300.00 price target (down previously from $305.00) on shares of Coinbase Global in a report on Thursday, July 10th. The Goldman Sachs Group raised their target price on shares of Coinbase Global from $239.00 to $268.00 and gave the stock a "neutral" rating in a research report on Monday, July 7th. Finally, Argus began coverage on shares of Coinbase Global in a research report on Monday, July 14th. They set a "buy" rating and a $400.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $313.10.

Coinbase Global Stock Performance

Coinbase Global stock opened at $419.78 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52. The firm's fifty day moving average price is $302.29 and its 200 day moving average price is $251.26. The company has a market capitalization of $106.57 billion, a price-to-earnings ratio of 78.61, a price-to-earnings-growth ratio of 32.00 and a beta of 3.70. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.65.

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

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the business's stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the sale, the insider directly owned 82,328 shares of the company's stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 198,300 shares of Coinbase Global stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $397.87, for a total value of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at approximately $209,279.62. The trade was a 99.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,245,915 shares of company stock valued at $447,462,456. 23.43% of the stock is currently owned by corporate insiders.

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.

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