Principal Financial Group Inc. Raises Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Principal Financial Group Inc. lifted its position in Coinbase Global, Inc. (NASDAQ:COIN) by 219.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,648 shares of the cryptocurrency exchange’s stock after purchasing an additional 36,843 shares during the period. Principal Financial Group Inc.’s holdings in Coinbase Global were worth $9,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Banco Santander S.A. increased its stake in Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock worth $26,531,000 after buying an additional 16,737 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after purchasing an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong bought a new stake in Coinbase Global during the 3rd quarter valued at approximately $29,756,000. Lindbrook Capital LLC lifted its holdings in Coinbase Global by 30.2% in the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after purchasing an additional 6,963 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in Coinbase Global in the 2nd quarter worth approximately $2,908,000. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

Shares of COIN opened at $255.56 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50 day moving average price of $275.98 and a 200-day moving average price of $227.65. Coinbase Global, Inc. has a fifty-two week low of $114.51 and a fifty-two week high of $349.75. The stock has a market capitalization of $63.98 billion, a PE ratio of 43.61 and a beta of 3.57.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the company earned ($0.01) EPS. The firm’s quarterly revenue was up 78.8% on a year-over-year basis. Equities analysts predict that Coinbase Global, Inc. will post 4.44 earnings per share for the current fiscal year.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total transaction of $2,099,800.00. Following the transaction, the insider now directly owns 74,956 shares of the company’s stock, valued at $15,739,260.88. This represents a 11.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 400 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $204.44, for a total transaction of $81,776.00. Following the completion of the transaction, the director now directly owns 7,771 shares of the company’s stock, valued at $1,588,703.24. The trade was a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 270,641 shares of company stock valued at $80,937,273 over the last quarter. 23.43% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on COIN shares. Bank of America boosted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Keefe, Bruyette & Woods raised their price objective on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Barclays increased their price target on Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. B. Riley initiated coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Finally, Oppenheimer lifted their price target on Coinbase Global from $265.00 to $358.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $286.22.

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.