Coinbase Global, Inc. (NASDAQ:COIN) Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Coinbase Global, Inc. by 15.6%, owning 97,151 shares valued at $16.7 million by the end of Q1.
• Insider transactions showed significant sales, including CEO Brian Armstrong selling 336,265 shares, reducing his ownership by 99.84%.
• Analysts remain optimistic with upgraded target prices for Coinbase, with a consensus target of $336.58, despite recent earnings falling short of expectations.

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 15.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 97,151 shares of the cryptocurrency exchange's stock after buying an additional 13,146 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Coinbase Global were worth $16,732,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $25,000. Copia Wealth Management acquired a new stake in shares of Coinbase Global in the 4th quarter valued at $26,000. Bessemer Group Inc. increased its stake in shares of Coinbase Global by 297.4% in the 1st 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. NBT Bank N A NY acquired a new stake in shares of Coinbase Global in the 1st quarter valued at $33,000. Finally, Berbice Capital Management LLC acquired a new stake in shares of Coinbase Global in the 1st quarter valued at $34,000. Institutional investors and hedge funds own 68.84% of the company's stock.

Coinbase Global Stock Down 16.7%

NASDAQ:COIN traded down $63.07 during midday trading on Friday, reaching $314.69. 31,265,570 shares of the stock traded hands, compared to its average volume of 11,559,282. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $444.64. The business has a 50-day moving average of $326.60 and a two-hundred day moving average of $259.23. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. The stock has a market capitalization of $79.89 billion, a PE ratio of 58.93, a price-to-earnings-growth ratio of 26.30 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 net margin of 21.14% and a return on equity of 20.25%. The firm had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the firm posted $0.14 EPS. The firm's quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts forecast that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, CFO Alesia J. Haas sold 3,000 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares of the company's stock, valued at $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 1,208,340 shares of company stock valued at $439,997,456 in the last ninety days. Company insiders own 17.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on COIN shares. JPMorgan Chase & Co. decreased their price objective on Coinbase Global from $276.00 to $215.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. William Blair started coverage on Coinbase Global in a research note on Wednesday, June 11th. They set an "outperform" rating for the company. Barclays decreased their price objective on Coinbase Global from $359.00 to $352.00 and set an "equal weight" rating for the company in a research note on Friday. Keefe, Bruyette & Woods lifted their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a "market perform" rating in a research note on Friday, May 9th. Finally, Compass Point upgraded Coinbase Global from a "sell" rating to a "neutral" rating and set a $195.00 target price on the stock in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $344.55.

Coinbase Global 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.