Wells Fargo & Company Forecasts Strong Price Appreciation for Circle Internet Group (NYSE:CRCL) Stock

Key Points

• Wells Fargo raised its price target on Circle (CRCL) from $111 to $142 and kept an “overweight” rating, implying about a 23.95% upside from the current price.
• Strong quarterly results: Circle reported $0.43 EPS vs. $0.25 expected and revenue of $770.23M (up 76.9% YoY), with analysts forecasting $0.84 EPS for the fiscal year.
• Mixed market view and insider activity: the consensus rating averages to a “Hold” with an average target of $129.06, while insiders sold roughly 554,347 shares (~$53.94M) in the past 90 days (insiders own 10.85%).

Circle Internet Group (NYSE:CRCL - Get Free Report) had its price objective boosted by investment analysts at Wells Fargo & Company from $111.00 to $142.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price target indicates a potential upside of 23.95% from the company's current price.

CRCL has been the subject of several other reports. Canaccord Genuity Group reiterated a "buy" rating and set a $160.00 price target on shares of Circle Internet Group in a research report on Wednesday, March 25th. Morgan Stanley set a $80.00 price objective on Circle Internet Group in a report on Monday, April 20th. Compass Point reaffirmed a "sell" rating and set a $77.00 target price (down from $79.00) on shares of Circle Internet Group in a research note on Thursday, April 9th. Wall Street Zen lowered shares of Circle Internet Group from a "hold" rating to a "sell" rating in a report on Saturday, April 11th. Finally, Zacks Research upgraded shares of Circle Internet Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $129.06.

Circle Internet Group Trading Down 4.2%

CRCL stock opened at $114.56 on Tuesday. Circle Internet Group has a 12-month low of $49.90 and a 12-month high of $298.99. The business's 50-day moving average is $100.04 and its 200 day moving average is $90.55. The stock has a market cap of $28.28 billion and a price-to-earnings ratio of -61.54.

Circle Internet Group (NYSE:CRCL - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.18. The firm had revenue of $770.23 million for the quarter. The firm's revenue was up 76.9% on a year-over-year basis. As a group, equities analysts forecast that Circle Internet Group will post 0.84 EPS for the current fiscal year.

Insider Activity

In other Circle Internet Group news, Director Rajeev V. Date sold 23,254 shares of the company's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $89.62, for a total value of $2,084,023.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Heath Tarbert sold 122,007 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $94.23, for a total value of $11,496,719.61. Following the completion of the sale, the president directly owned 599,156 shares of the company's stock, valued at $56,458,469.88. This trade represents a 16.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 554,347 shares of company stock valued at $53,940,311 in the last 90 days. 10.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Circle Internet Group

Hedge funds have recently modified their holdings of the company. Creative Planning purchased a new position in Circle Internet Group during the second quarter worth about $295,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Circle Internet Group in the 2nd quarter valued at approximately $1,474,000. Invesco Ltd. acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $47,640,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Circle Internet Group during the 2nd quarter worth approximately $27,000. Finally, Baird Financial Group Inc. purchased a new stake in shares of Circle Internet Group during the 2nd quarter valued at approximately $2,649,000.

About Circle Internet Group

Circle Internet Group NYSE: CRCL is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.

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