The Goldman Sachs Group Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Key Points

• Goldman Sachs has raised its target price for Coinbase Global (NASDAQ: COIN) from $351 to $363, maintaining a "neutral" rating, which implies a potential downside of 2.44% from the current stock price.
• Other analysts have varied in their assessments, with price targets ranging from $310 to $510, resulting in a consensus rating of "Hold" and a price target of $367.27.
• Insider sales have been significant, with the CEO and another insider reducing their shares substantially, amidst a broader trend where insiders sold 714,515 shares worth approximately $272 million over the last quarter.

Coinbase Global (NASDAQ:COIN) had its target price lifted by equities research analysts at The Goldman Sachs Group from $351.00 to $363.00 in a research report issued on Friday,MarketScreener reports. The brokerage presently has a "neutral" rating on the cryptocurrency exchange's stock. The Goldman Sachs Group's price objective would suggest a potential downside of 2.44% from the stock's current price.

A number of other research analysts have also recently weighed in on COIN. Sanford C. Bernstein raised their price target on Coinbase Global from $310.00 to $510.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Rothschild & Co Redburn upgraded shares of Coinbase Global from a "neutral" rating to a "buy" rating and increased their price target for the company from $325.00 to $417.00 in a research report on Friday. Rosenblatt Securities reissued a "buy" rating and set a $470.00 price target on shares of Coinbase Global in a research report on Friday, August 1st. Citigroup lifted their price objective on Coinbase Global from $270.00 to $505.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $400.00 price target on shares of Coinbase Global in a research note on Friday, August 1st. Fifteen equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Coinbase Global currently has a consensus rating of "Hold" and a consensus price target of $367.27.

Coinbase Global Stock Performance

NASDAQ:COIN opened at $372.07 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. Coinbase Global has a fifty-two week low of $142.58 and a fifty-two week high of $444.64. The firm's fifty day simple moving average is $323.85 and its 200-day simple moving average is $279.47. The stock has a market cap of $95.60 billion, a PE ratio of 35.98 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN - Get Free Report) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%.The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company's quarterly revenue was up 3.3% compared to the same quarter last year. Analysts expect that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In other Coinbase Global news, insider Lawrence J. Brock sold 5,903 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $311.37, for a total value of $1,838,017.11. Following the transaction, the insider directly owned 478 shares of the company's stock, valued at $148,834.86. This trade represents a 92.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Brian Armstrong sold 25,000 shares of the business's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $322.28, for a total value of $8,057,000.00. Following the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $169,519.28. This represents a 97.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 714,515 shares of company stock valued at $272,046,775 over the last quarter. Company insiders own 17.65% of the company's stock.

Institutional Investors Weigh In On Coinbase Global

Several hedge funds have recently modified their holdings of the stock. Bessemer Group Inc. boosted its holdings in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange's stock worth $26,000 after acquiring an additional 113 shares during the period. Evelyn Partners Investment Management Europe Ltd lifted its position in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange's stock worth $29,000 after purchasing an additional 36 shares in the last quarter. McClarren Financial Advisors Inc. purchased a new position in shares of Coinbase Global in the first quarter valued at $30,000. Cullen Frost Bankers Inc. acquired a new stake in Coinbase Global during the 2nd quarter valued at $30,000. Finally, S Bank Fund Management Ltd purchased a new stake in Coinbase Global during the 1st quarter worth $31,000. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

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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