Norges Bank Acquires New Position in Circle Internet Group, Inc. $CRCL

Key Points

• Norges Bank opened a new position in Circle Internet Group, buying 765,502 shares worth about $60.7 million in the fourth quarter.
• Other big investors have also been active, including Vanguard, which increased its stake significantly, and Sumitomo Mitsui Trust Group, which nearly doubled its holdings.
• Analysts remain mixed on CRCL: the stock has a Hold consensus rating, even though some firms recently upgraded it while others lowered price targets; the average target price is $134.18.

Norges Bank purchased a new stake in Circle Internet Group, Inc. (NYSE:CRCL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 765,502 shares of the company's stock, valued at approximately $60,704,000. Norges Bank owned approximately 0.33% of Circle Internet Group as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. CloudAlpha Capital Management Limited Hong Kong raised its holdings in shares of Circle Internet Group by 181.1% in the 3rd quarter. CloudAlpha Capital Management Limited Hong Kong now owns 283,964 shares of the company's stock valued at $37,648,000 after purchasing an additional 182,954 shares in the last quarter. New York State Common Retirement Fund bought a new stake in shares of Circle Internet Group in the 3rd quarter valued at about $3,248,000. Vanguard Group Inc. raised its holdings in shares of Circle Internet Group by 61.6% in the 3rd quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company's stock valued at $739,624,000 after purchasing an additional 2,126,072 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Circle Internet Group by 98.2% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,575,684 shares of the company's stock valued at $204,252,000 after purchasing an additional 1,276,310 shares in the last quarter. Finally, CenterBook Partners LP raised its holdings in Circle Internet Group by 1,069.9% in the third quarter. CenterBook Partners LP now owns 66,357 shares of the company's stock worth $8,798,000 after purchasing an additional 60,685 shares in the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CRCL shares. Weiss Ratings restated a "sell (d)" rating on shares of Circle Internet Group in a report on Monday, April 20th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $101.00 price objective on shares of Circle Internet Group in a research note on Tuesday, May 12th. HC Wainwright upgraded shares of Circle Internet Group from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $85.00 to $150.00 in a research note on Monday, May 18th. Mizuho reduced their price objective on shares of Circle Internet Group from $135.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday. Finally, Clear Str upgraded shares of Circle Internet Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 16th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $134.18.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, Director M Michele Burns sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $120.15, for a total transaction of $1,201,500.00. Following the sale, the director owned 330,206 shares of the company's stock, valued at approximately $39,674,250.90. The trade was a 2.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Nikhil Chandhok sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $111.00, for a total transaction of $1,110,000.00. Following the sale, the insider directly owned 532,745 shares in the company, valued at approximately $59,134,695. This represents a 1.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 236,617 shares of company stock worth $25,045,808 in the last 90 days. 10.85% of the stock is owned by insiders.

Circle Internet Group Trading Down 0.1%

NYSE:CRCL opened at $80.19 on Monday. The company has a market cap of $19.93 billion and a PE ratio of -25.06. Circle Internet Group, Inc. has a twelve month low of $49.90 and a twelve month high of $298.99. The company's 50 day moving average is $103.19 and its two-hundred day moving average is $89.64.

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

Circle Internet Group Company Profile

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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