Coinbase Global (NASDAQ:COIN) Price Target Raised to $363.00 at The Goldman Sachs Group

Coinbase Global (NASDAQ:COIN) had its price objective boosted by The Goldman Sachs Group from $351.00 to $363.00 in a research note released on Friday morning,MarketScreener reports. The brokerage currently has a neutral rating on the cryptocurrency exchange’s stock.

Other analysts have also recently issued reports about the company. Citigroup increased their price target on Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Monness Crespi & Hardt downgraded Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. Sanford C. Bernstein raised their target price on Coinbase Global from $310.00 to $510.00 and gave the company an “outperform” rating in a research note on Wednesday, June 25th. Keefe, Bruyette & Woods lowered their price target on shares of Coinbase Global from $355.00 to $335.00 and set a “market perform” rating for the company in a research report on Monday, August 4th. Finally, JMP Securities increased their price objective on shares of Coinbase Global from $400.00 to $440.00 and gave the stock a “market outperform” rating in a report on Monday, July 14th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $367.27.

Coinbase Global Stock Up 2.1%

COIN stock opened at $380.02 on Friday. The firm has a market cap of $97.64 billion, a price-to-earnings ratio of 36.75 and a beta of 3.68. Coinbase Global has a 1-year low of $142.58 and a 1-year high of $444.64. The firm has a fifty day moving average price of $323.62 and a two-hundred day moving average price of $280.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.12 and a quick ratio of 2.13.

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

Insiders Place Their Bets

In related news, insider Paul Grewal sold 15,439 shares of Coinbase Global stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $310.80, for a total value of $4,798,441.20. Following the transaction, the insider owned 82,328 shares of the company’s stock, valued at approximately $25,587,542.40. This trade represents a 15.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Brian Armstrong sold 198,300 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 714,515 shares of company stock valued at $272,046,775 in the last quarter. 17.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in COIN. Bessemer Group Inc. lifted its holdings in shares of Coinbase Global by 297.4% in the first quarter. Bessemer Group Inc. now owns 151 shares of the cryptocurrency exchange’s stock valued at $26,000 after purchasing an additional 113 shares in the last quarter. Evelyn Partners Investment Management Europe Ltd grew its holdings in shares of Coinbase Global by 92.3% during the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock valued at $29,000 after buying an additional 36 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in Coinbase Global during the first quarter valued at $30,000. Cullen Frost Bankers Inc. acquired a new position in Coinbase Global during the second quarter valued at $30,000. Finally, S Bank Fund Management Ltd purchased a new stake in Coinbase Global in the 1st quarter worth about $31,000. 68.84% of the stock is currently 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.