Klingenstein Fields & Co. LP Acquires Shares of 95,641 Circle Internet Group, Inc. $CRCL

Key Points

• Klingenstein Fields & Co. LP opened a new position in Circle Internet Group, buying 95,641 shares worth about $7.58 million in the fourth quarter.
• Circle’s stock was down 5.8% in recent trading, opening at $77.85, well below its 52-week high of $298.99.
• The company missed earnings expectations last quarter, posting $0.21 EPS versus the $0.27 estimate, even though revenue rose 20% year over year to $694.13 million.

Klingenstein Fields & Co. LP acquired a new stake in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 95,641 shares of the company's stock, valued at approximately $7,584,000.

A number of other institutional investors have also modified their holdings of the stock. General Catalyst Group Management LLC purchased a new position in shares of Circle Internet Group during the 2nd quarter valued at about $3,647,694,000. IDG Accel China Capital II Associates L.P. purchased a new position in shares of Circle Internet Group during the 4th quarter valued at about $554,792,000. Accel XI Associates L.L.C. purchased a new position in shares of Circle Internet Group during the 4th quarter valued at about $513,844,000. Vanguard Group Inc. raised its stake in shares of Circle Internet Group by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,653,110 shares of the company's stock valued at $448,292,000 after buying an additional 74,414 shares during the last quarter. Finally, ARK Investment Management LLC raised its stake in shares of Circle Internet Group by 39.6% during the 4th quarter. ARK Investment Management LLC now owns 4,141,628 shares of the company's stock valued at $328,431,000 after buying an additional 1,174,688 shares during the last quarter.

Circle Internet Group Stock Down 5.8%

NYSE:CRCL opened at $77.85 on Friday. Circle Internet Group, Inc. has a 52 week low of $49.90 and a 52 week high of $298.99. The stock has a market capitalization of $19.35 billion and a PE ratio of -24.33. The stock's 50-day moving average price is $101.91 and its 200-day moving average price is $89.84.

Circle Internet Group (NYSE:CRCL - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.06). Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The business had revenue of $694.13 million for the quarter. The business's revenue was up 20.0% compared to the same quarter last year. Sell-side analysts expect that Circle Internet Group, Inc. will post 1.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Heath Tarbert sold 39,240 shares of Circle Internet Group stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $81.47, for a total value of $3,196,882.80. Following the sale, the president directly owned 502,558 shares in the company, valued at approximately $40,943,400.26. The trade was a 7.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Hossein Razzaghi sold 34,623 shares of Circle Internet Group stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $78.85, for a total value of $2,730,023.55. Following the completion of the sale, the insider owned 666,404 shares in the company, valued at approximately $52,545,955.40. The trade was a 4.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,415,984 shares of company stock worth $120,091,637 in the last quarter. 10.85% of the stock is owned by insiders.

Analyst Ratings Changes

CRCL has been the subject of a number of recent research reports. Zacks Research upgraded Circle Internet Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, March 17th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $101.00 target price on shares of Circle Internet Group in a research report on Tuesday, May 12th. KeyCorp began coverage on Circle Internet Group in a research report on Tuesday, May 26th. They set a "sector weight" rating on the stock. Robert W. Baird raised their target price on Circle Internet Group from $110.00 to $138.00 and gave the company an "outperform" rating in a research report on Tuesday, March 17th. Finally, William Blair restated an "outperform" rating on shares of Circle Internet Group in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $134.18.

About Circle Internet Group

Circle Internet Group NYSE: CRCL is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.

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