Vestcor Inc Raises Position in Coinbase Global, Inc. (NASDAQ:COIN)

Vestcor Inc increased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 22.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,580 shares of the cryptocurrency exchange’s stock after purchasing an additional 1,950 shares during the period. Vestcor Inc’s holdings in Coinbase Global were worth $2,627,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Banco Santander S.A. boosted its holdings in shares of Coinbase Global by 12.7% in the 3rd quarter. Banco Santander S.A. now owns 148,906 shares of the cryptocurrency exchange’s stock valued at $26,531,000 after purchasing an additional 16,737 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Coinbase Global by 168.2% in the 3rd quarter. Wellington Management Group LLP now owns 26,089 shares of the cryptocurrency exchange’s stock worth $4,648,000 after buying an additional 16,363 shares during the period. McElhenny Sheffield Capital Management LLC acquired a new position in Coinbase Global in the fourth quarter valued at $252,000. Virtu Financial LLC purchased a new stake in Coinbase Global during the third quarter valued at about $3,866,000. Finally, Blueshift Asset Management LLC increased its stake in Coinbase Global by 916.8% during the third quarter. Blueshift Asset Management LLC now owns 18,852 shares of the cryptocurrency exchange’s stock worth $3,359,000 after acquiring an additional 16,998 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $183.12 on Friday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $46.49 billion, a price-to-earnings ratio of 19.28 and a beta of 3.66. Coinbase Global, Inc. has a twelve month low of $146.12 and a twelve month high of $349.75. The business has a 50 day simple moving average of $255.08 and a 200-day simple moving average of $240.49.

Coinbase Global (NASDAQ:COIN) last released its 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 net margin of 39.34% and a return on equity of 20.64%. As a group, equities research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Wall Street Analyst Weigh In

COIN has been the topic of several research analyst reports. Piper Sandler lifted their price objective on Coinbase Global from $285.00 to $310.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Monness Crespi & Hardt set a $420.00 price target on Coinbase Global in a research report on Tuesday, February 18th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Barclays boosted their target price on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Finally, Mizuho lowered their price target on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $307.89.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 25,000 shares of Coinbase Global stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $261.07, for a total value of $6,526,750.00. Following the sale, the chief executive officer now directly owns 526 shares in the company, valued at $137,322.82. This trade represents a 97.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 25,194 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $298.95, for a total transaction of $7,531,746.30. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at $3,114,162.15. The trade was a 70.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 219,455 shares of company stock worth $60,955,968 over the last quarter. 23.43% of the stock is owned by company insiders.

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.