Coinbase Global (NASDAQ:COIN) Price Target Raised to $400.00

Coinbase Global (NASDAQ:COIN) had its price objective hoisted by Needham & Company LLC from $270.00 to $400.00 in a research report report published on Friday morning,Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

Several other equities analysts also recently issued reports on the stock. JMP Securities upped their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. Canaccord Genuity Group reiterated a “buy” rating and issued a $400.00 price target on shares of Coinbase Global in a report on Friday. Keefe, Bruyette & Woods increased their price target on Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research note on Friday, May 9th. Argus assumed coverage on Coinbase Global in a research report on Monday, July 14th. They issued a “buy” rating and a $400.00 price objective for the company. Finally, HC Wainwright reiterated a “sell” rating and issued a $300.00 target price (down from $305.00) on shares of Coinbase Global in a research note on Thursday, July 10th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $344.55.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $314.69 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.12 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $327.63 and a 200 day moving average price of $259.38. Coinbase Global has a 52 week low of $142.58 and a 52 week high of $444.64. The company has a market cap of $79.89 billion, a P/E ratio of 30.43, a PEG ratio of 21.92 and a beta of 3.70.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). Coinbase Global had a return on equity of 16.02% and a net margin of 40.87%. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. Research analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Activity

In other news, CFO Alesia J. Haas sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total value of $1,080,600.00. Following the transaction, the chief financial officer owned 97,366 shares in the company, valued at $35,071,233.20. This represents a 2.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the completion of the transaction, the chief executive officer owned 526 shares in the company, valued at approximately $209,279.62. This represents a 99.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,183,340 shares of company stock worth $434,983,956. Insiders own 23.43% of the company’s stock.

Institutional Investors Weigh In On Coinbase Global

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new position in shares of Coinbase Global during the 4th quarter valued at about $25,000. Copia Wealth Management acquired a new position in shares of Coinbase Global during the 4th quarter valued at about $26,000. Bessemer Group Inc. grew its holdings in Coinbase Global by 297.4% in the 1st quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after buying an additional 113 shares during the last quarter. McClarren Financial Advisors Inc. acquired a new stake in Coinbase Global in the 1st quarter valued at approximately $30,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Coinbase Global in the 2nd quarter valued at approximately $30,000. 68.84% of the stock is owned by hedge funds and other institutional investors.

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.