Needham & Company LLC Cuts Coinbase Global (NASDAQ:COIN) Price Target to $330.00

Coinbase Global (NASDAQ:COIN) had its price objective lowered by Needham & Company LLC from $420.00 to $330.00 in a research report released on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the cryptocurrency exchange’s stock.

COIN has been the topic of several other reports. Oppenheimer lowered their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Monness Crespi & Hardt increased their target price on shares of Coinbase Global from $245.00 to $390.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Canaccord Genuity Group reiterated a “buy” rating and set a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Keefe, Bruyette & Woods decreased their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. Finally, Bank of America lifted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Coinbase Global currently has an average rating of “Moderate Buy” and a consensus target price of $284.06.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $274.49 on Friday. The business has a 50 day simple moving average of $285.22 and a two-hundred day simple moving average of $236.69. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $68.72 billion, a P/E ratio of 46.84 and a beta of 3.61. Coinbase Global has a 12 month low of $125.81 and a 12 month high of $349.75.

Insider Transactions at Coinbase Global

In other news, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total value of $447,465.00. Following the completion of the sale, the chief operating officer now directly owns 177,576 shares of the company’s stock, valued at approximately $52,972,696.56. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brian Armstrong sold 58,269 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 361,798 shares of company stock valued at $107,826,444. Corporate insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after acquiring an additional 314,388 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock worth $570,341,000 after purchasing an additional 71,398 shares during the last quarter. Clear Street Derivatives LLC acquired a new position in Coinbase Global in the third quarter valued at $409,919,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Coinbase Global by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 935,032 shares of the cryptocurrency exchange’s stock valued at $232,168,000 after buying an additional 15,954 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in shares of Coinbase Global by 30,664.4% during the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after buying an additional 417,036 shares during the period. Hedge funds and other institutional investors own 68.84% 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.