Envestnet Asset Management Inc. Decreases Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Envestnet Asset Management Inc. lowered its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 14.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,495 shares of the cryptocurrency exchange’s stock after selling 7,072 shares during the period. Envestnet Asset Management Inc.’s holdings in Coinbase Global were worth $10,303,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in COIN. Norges Bank bought a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $536,484,000. Groupama Asset Managment bought a new stake in Coinbase Global in the 4th quarter valued at about $372,450,000. Proficio Capital Partners LLC boosted its position 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. Wellington Management Group LLP grew its stake in shares of Coinbase Global by 1,159.9% in the fourth quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock worth $81,612,000 after purchasing an additional 302,595 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of Coinbase Global by 614.8% during the fourth quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange’s stock valued at $85,253,000 after purchasing an additional 295,313 shares during the period. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $175.03 on Friday. The company’s fifty day moving average is $200.17 and its two-hundred day moving average is $241.39. The company has a market cap of $44.44 billion, a P/E ratio of 18.42 and a beta of 3.65. Coinbase Global, Inc. has a 12-month low of $142.58 and a 12-month high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Equities analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on COIN shares. Rosenblatt Securities reduced their price objective on shares of Coinbase Global from $305.00 to $290.00 and set a “buy” rating for the company in a report on Thursday. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a report on Tuesday, February 18th. Barclays lowered their price objective on shares of Coinbase Global from $328.00 to $169.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. HC Wainwright restated a “buy” rating and issued a $350.00 target price on shares of Coinbase Global in a research report on Friday, February 21st. Finally, Mizuho lowered their price target on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 11th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Coinbase Global currently has a consensus rating of “Moderate Buy” and a consensus price target of $297.95.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $270.99, for a total transaction of $6,774,750.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at $142,540.74. The trade was a 97.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frederick Ernest Ehrsam III sold 10,216 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $310.14, for a total transaction of $3,168,390.24. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $3,230,728.38. This trade represents a 49.51 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 166,805 shares of company stock valued at $41,907,752. Corporate insiders own 23.43% of the company’s stock.

Coinbase Global Company 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.