Coinbase Global, Inc. (NASDAQ:COIN) Shares Sold by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP reduced its stake in Coinbase Global by 0.5%, now holding approximately $49.73 million worth of shares.
• Multiple institutional investors, including Envestnet Asset Management Inc. and Kingswood Wealth Advisors LLC, have adjusted their holdings in Coinbase, with Envestnet increasing its stake by 24% during the first quarter.
• Analysts have set varied price targets for Coinbase, with estimates ranging from $215 to $510, while the stock currently holds an average rating of "Hold" with a consensus target price of $352.18.

Westfield Capital Management Co. LP trimmed its position in shares of Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 288,763 shares of the cryptocurrency exchange's stock after selling 1,543 shares during the period. Westfield Capital Management Co. LP owned approximately 0.11% of Coinbase Global worth $49,734,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Mascagni Wealth Management Inc. acquired a new stake in Coinbase Global during the 4th quarter valued at $25,000. Copia Wealth Management bought a new position in Coinbase Global during the 4th quarter valued at $26,000. Bessemer Group Inc. boosted its stake in Coinbase Global by 297.4% during the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock valued at $26,000 after acquiring an additional 113 shares during the last quarter. NBT Bank N A NY bought a new position in Coinbase Global during the 1st quarter valued at $33,000. Finally, Berbice Capital Management LLC bought a new position in Coinbase Global during the 1st quarter valued at $34,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Barclays reduced their price objective on shares of Coinbase Global from $359.00 to $352.00 and set an "equal weight" rating on the stock in a research note on Friday. Compass Point reiterated a "sell" rating and set a $248.00 price objective (down from $330.00) on shares of Coinbase Global in a research note on Monday. Sanford C. Bernstein increased their price objective on shares of Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Needham & Company LLC increased their price objective on shares of Coinbase Global from $270.00 to $400.00 and gave the company a "buy" rating in a research note on Friday. Finally, Piper Sandler reiterated a "neutral" rating and set a $350.00 price objective on shares of Coinbase Global in a research note on Thursday, July 31st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Coinbase Global has an average rating of "Hold" and an average price target of $352.18.

Coinbase Global Stock Performance

Shares of COIN stock traded down $20.18 during trading hours on Tuesday, reaching $297.99. The stock had a trading volume of 16,799,939 shares, compared to its average volume of 14,682,992. 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 twelve month low of $142.58 and a twelve month high of $444.64. The firm has a 50-day simple moving average of $329.37 and a 200-day simple moving average of $259.80. The firm has a market capitalization of $75.65 billion, a PE ratio of 28.82, a price-to-earnings-growth ratio of 24.46 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the business earned $0.14 EPS. The firm's revenue was up 3.3% on a year-over-year basis. As a group, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Activity

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the transaction, the director owned 10,417 shares of the company's stock, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Brian Armstrong sold 336,265 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total transaction of $121,933,051.65. Following the transaction, the chief executive officer directly owned 526 shares in the company, valued at approximately $190,732.86. The trade was a 99.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,183,340 shares of company stock worth $434,983,956. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Company Profile

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.