Principal Financial Group Inc. Lowers Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Principal Financial Group Inc. decreased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 70.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,966 shares of the cryptocurrency exchange’s stock after selling 37,682 shares during the quarter. Principal Financial Group Inc.’s holdings in Coinbase Global were worth $3,964,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. RPg Family Wealth Advisory LLC purchased a new position in shares of Coinbase Global in the third quarter valued at approximately $25,000. Wingate Wealth Advisors Inc. acquired a new stake in Coinbase Global in the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB raised its holdings in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in Coinbase Global by 408.0% in the third quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares in the last quarter. Finally, Bogart Wealth LLC raised its holdings in Coinbase Global by 252.5% in the fourth quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock valued at $52,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on COIN. Piper Sandler raised their target price on shares of Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. HC Wainwright reaffirmed a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a report on Friday, February 21st. JMP Securities raised their price objective on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a “buy” rating and set a $330.00 price objective on shares of Coinbase Global in a report on Thursday, February 13th. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average price target of $311.56.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $212.55 on Wednesday. The firm has a market capitalization of $53.96 billion, a P/E ratio of 22.37 and a beta of 3.61. Coinbase Global, Inc. has a one year low of $146.12 and a one year high of $349.75. The company’s fifty day moving average is $265.52 and its two-hundred day moving average is $241.38. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. Analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Paul Grewal sold 10,000 shares of Coinbase Global stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the transaction, the insider now owns 69,407 shares of the company’s stock, valued at $17,816,082.83. The trade was a 12.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 11,421 shares of Coinbase Global stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $273.23, for a total value of $3,120,559.83. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $2,846,236.91. This trade represents a 52.30 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 219,455 shares of company stock worth $60,955,968. Corporate insiders own 23.43% of the company’s stock.

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.