Principal Financial Group Inc. Lowers Position in Coinbase Global, Inc. (NASDAQ:COIN)

Principal Financial Group Inc. lessened its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 18.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,024 shares of the cryptocurrency exchange's stock after selling 2,942 shares during the quarter. Principal Financial Group Inc.'s holdings in Coinbase Global were worth $2,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Mutual Advisors LLC raised its position in Coinbase Global by 35.3% in the 1st quarter. Mutual Advisors LLC now owns 3,893 shares of the cryptocurrency exchange's stock worth $670,000 after buying an additional 1,015 shares during the last quarter. Clarity Capital Partners LLC raised its position in Coinbase Global by 5.8% in the 1st quarter. Clarity Capital Partners LLC now owns 17,814 shares of the cryptocurrency exchange's stock worth $3,068,000 after buying an additional 974 shares during the last quarter. Cannon Global Investment Management LLC purchased a new position in Coinbase Global in the 1st quarter worth about $362,000. Arlington Trust Co LLC raised its position in Coinbase Global by 521.5% in the 1st quarter. Arlington Trust Co LLC now owns 578 shares of the cryptocurrency exchange's stock worth $100,000 after buying an additional 485 shares during the last quarter. Finally, Pinnacle Financial Partners Inc purchased a new position in Coinbase Global in the 1st quarter worth about $498,000. Hedge funds and other institutional investors own 68.84% of the company's stock.

Insider Activity at Coinbase Global

In other Coinbase Global news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total value of $1,080,600.00. Following the sale, the chief financial officer owned 97,366 shares in the company, valued at approximately $35,071,233.20. This represents a 2.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 198,300 shares of the company's 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 sale, the chief executive officer owned 526 shares in the company, valued at approximately $209,279.62. This represents a 99.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,245,915 shares of company stock worth $447,462,456 over the last quarter. Insiders own 17.65% of the company's stock.

Coinbase Global Trading Up 2.2%

Shares of NASDAQ:COIN traded up $9.03 on Friday, hitting $419.78. 27,962,527 shares of the company's stock were exchanged, compared to its average volume of 11,075,868. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $444.65. The stock 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. The business's 50 day simple moving average is $302.29 and its two-hundred day simple moving average is $251.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

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 the consensus estimate of $2.18 by ($0.24). The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. Coinbase Global had a net margin of 21.14% and a return on equity of 20.25%. The business's revenue was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.53 earnings per share. Analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on COIN shares. Sanford C. Bernstein increased their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Argus started coverage on shares of Coinbase Global in a report on Monday, July 14th. They issued a "buy" rating and a $400.00 target price for the company. Jefferies Financial Group reissued a "hold" rating and issued a $260.00 target price (up from $210.00) on shares of Coinbase Global in a report on Tuesday, May 27th. Piper Sandler increased their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Oppenheimer increased their target price on shares of Coinbase Global from $395.00 to $417.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. One analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $313.10.

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.