Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,796,982 shares of the cryptocurrency exchange's stock after selling 57,427 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 1.10% of Coinbase Global worth $481,724,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Farther Finance Advisors LLC raised its stake in shares of Coinbase Global by 4.3% in the fourth quarter. Farther Finance Advisors LLC now owns 964 shares of the cryptocurrency exchange's stock valued at $239,000 after acquiring an additional 40 shares in the last quarter. IPG Investment Advisors LLC raised its stake in Coinbase Global by 2.0% in the fourth quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange's stock valued at $561,000 after buying an additional 45 shares in the last quarter. Vivaldi Capital Management LP lifted its holdings in Coinbase Global by 0.3% during the 4th quarter. Vivaldi Capital Management LP now owns 13,843 shares of the cryptocurrency exchange's stock worth $3,437,000 after buying an additional 47 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Coinbase Global by 0.5% during the 4th quarter. MetLife Investment Management LLC now owns 11,061 shares of the cryptocurrency exchange's stock worth $2,746,000 after acquiring an additional 55 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Coinbase Global by 2.3% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,630 shares of the cryptocurrency exchange's stock valued at $653,000 after acquiring an additional 60 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

Shares of COIN opened at $353.43 on Friday. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $382.00. The stock's 50 day moving average is $249.67 and its two-hundred day moving average is $241.93. The firm has a market capitalization of $89.73 billion, a PE ratio of 66.19, a P/E/G ratio of 27.43 and a beta of 3.61. The company has a current ratio of 2.52, a quick ratio of 2.52 and a debt-to-equity ratio of 0.40.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.24). The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. Coinbase Global's revenue was up 24.2% compared to the same quarter last year. During the same period last year, the firm earned $2.53 EPS. Research analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on COIN. Oppenheimer restated an "outperform" rating and set a $395.00 target price (up previously from $293.00) on shares of Coinbase Global in a research note on Thursday. Piper Sandler increased their price target on shares of Coinbase Global from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Compass Point upgraded shares of Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 price target on the stock in a research note on Monday, May 12th. JMP Securities reiterated a "market outperform" rating and set a $400.00 target price on shares of Coinbase Global in a research report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their target price on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research report on Friday, May 9th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $291.06.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 15,000 shares of Coinbase Global stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $178.79, for a total transaction of $2,681,850.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $94,043.54. The trade was a 96.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 7,575 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total value of $1,515,000.00. Following the completion of the transaction, the chief financial officer now owns 107,291 shares of the company's stock, valued at $21,458,200. This trade represents a 6.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 665,915 shares of company stock worth $212,665,732 in the last ninety days. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.