KMG Fiduciary Partners LLC Makes New Investment in Coinbase Global, Inc. (NASDAQ:COIN)

KMG Fiduciary Partners LLC bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,469 shares of the cryptocurrency exchange's stock, valued at approximately $1,803,000.

Several other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Coinbase Global by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange's stock worth $4,573,462,000 after acquiring an additional 128,802 shares in the last quarter. Geode Capital Management LLC grew its position in 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 worth $882,822,000 after acquiring an additional 127,075 shares in the last quarter. Norges Bank bought a new stake in shares of Coinbase Global during the 4th quarter worth $536,484,000. Groupama Asset Managment bought a new stake in shares of Coinbase Global during the 4th quarter worth $372,450,000. Finally, Northern Trust Corp boosted its holdings 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 worth $321,488,000 after buying an additional 218,400 shares during the period. 68.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

COIN has been the subject of several recent analyst reports. Compass Point raised shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price objective for the company in a report on Monday, May 12th. Keefe, Bruyette & Woods upped their price objective on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a report on Friday, May 9th. Benchmark upped their price objective on shares of Coinbase Global from $252.00 to $301.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Oppenheimer set a $293.00 price objective on shares of Coinbase Global in a report on Thursday, May 15th. Finally, Cantor Fitzgerald initiated coverage on shares of Coinbase Global in a report on Tuesday, April 8th. They set an "overweight" rating and a $245.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $266.10.

Coinbase Global Price Performance

NASDAQ:COIN opened at $251.27 on Monday. The company has a 50-day moving average of $212.70 and a 200-day moving average of $242.88. The company has a market capitalization of $63.79 billion, a price-to-earnings ratio of 26.45 and a beta of 3.61. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $349.75. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.18 by ($0.24). The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Coinbase Global's revenue was up 24.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.53 earnings per share. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $247.15, for a total transaction of $6,178,750.00. Following the completion of the sale, the chief executive officer now owns 526 shares in the company, valued at $130,000.90. This trade represents a 97.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the sale, the insider now owns 83,313 shares of the company's stock, valued at $16,505,971.56. This trade represents a 10.72% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 195,717 shares of company stock valued at $42,980,101. Company insiders own 17.65% of the company's stock.

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.

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