Sumitomo Mitsui DS Asset Management Company Ltd Acquires 5,257 Shares of Coinbase Global, Inc. $COIN

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Coinbase Global by 27.1%, acquiring an additional 5,257 shares, bringing their total holdings to 24,663 shares valued at approximately $8.64 million.
• Coinbase CEO Brian Armstrong sold 25,000 shares for over $8 million, decreasing his total ownership by nearly 98%, while CFO Alesia J. Haas sold 4,675 shares, reducing her shareholding by 5%.
• Despite recent sales by executives, several analysts have raised their price targets for Coinbase, with JMP Securities setting a new target of $440 and Needham increasing theirs to $400, indicating a positive outlook for the stock.

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 27.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,663 shares of the cryptocurrency exchange's stock after buying an additional 5,257 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Coinbase Global were worth $8,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mascagni Wealth Management Inc. acquired a new position in Coinbase Global in the fourth quarter valued at $25,000. Copia Wealth Management acquired a new position in Coinbase Global in the fourth quarter valued at $26,000. Bessemer Group Inc. lifted its holdings in Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after buying an additional 113 shares during the period. McClarren Financial Advisors Inc. acquired a new position in Coinbase Global in the first quarter valued at $30,000. Finally, S Bank Fund Management Ltd acquired a new position in Coinbase Global in the first quarter valued at $31,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $322.28, for a total value of $8,057,000.00. Following the sale, the chief executive officer owned 526 shares in the company, valued at $169,519.28. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alesia J. Haas sold 4,675 shares of the company's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.24, for a total transaction of $1,506,472.00. Following the completion of the sale, the chief financial officer owned 89,220 shares in the company, valued at $28,750,252.80. This represents a 4.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,202,515 shares of company stock worth $448,306,941 over the last ninety days. Insiders own 17.65% of the company's stock.

Coinbase Global Trading Up 7.0%

COIN opened at $343.13 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The firm has a market capitalization of $88.16 billion, a PE ratio of 33.18 and a beta of 3.68. The company's 50-day moving average is $337.55 and its 200 day moving average is $270.18.

Coinbase Global (NASDAQ:COIN - Get Free Report) last posted its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company earned $0.14 EPS. The company's revenue was up 3.3% on a year-over-year basis. As a group, research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. JMP Securities boosted their target price on shares of Coinbase Global from $400.00 to $440.00 and gave the company a "market outperform" rating in a report on Monday, July 14th. Wall Street Zen upgraded shares of Coinbase Global from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Erste Group Bank initiated coverage on shares of Coinbase Global in a report on Wednesday, July 23rd. They set a "buy" rating on the stock. Needham & Company LLC upped their price objective on shares of Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Jefferies Financial Group upped their price objective on shares of Coinbase Global from $260.00 to $405.00 and gave the company a "hold" rating in a report on Tuesday, July 29th. Thirteen analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $356.18.

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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