Zurcher Kantonalbank Zurich Cantonalbank Has $15.92 Million Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 9.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,651 shares of the cryptocurrency exchange’s stock after buying an additional 6,410 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Coinbase Global were worth $15,923,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in COIN. Fifth Third Bancorp raised its position in Coinbase Global by 0.4% during the second quarter. Fifth Third Bancorp now owns 12,498 shares of the cryptocurrency exchange’s stock valued at $2,777,000 after purchasing an additional 55 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Coinbase Global by 75.0% in the second quarter. Versant Capital Management Inc now owns 133 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 57 shares during the last quarter. Capital Advisors Wealth Management LLC grew its stake in shares of Coinbase Global by 4.6% in the second quarter. Capital Advisors Wealth Management LLC now owns 1,413 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 62 shares during the last quarter. Concord Wealth Partners grew its stake in shares of Coinbase Global by 322.2% in the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after purchasing an additional 87 shares during the last quarter. Finally, Corient Private Wealth LLC grew its stake in shares of Coinbase Global by 1.1% in the fourth quarter. Corient Private Wealth LLC now owns 8,813 shares of the cryptocurrency exchange’s stock worth $1,533,000 after purchasing an additional 94 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on COIN shares. Keefe, Bruyette & Woods boosted their price objective on shares of Coinbase Global from $230.00 to $240.00 and gave the stock a “market perform” rating in a research note on Friday, May 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Coinbase Global in a research report on Monday, August 5th. Oppenheimer upped their price objective on shares of Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. Finally, Compass Point dropped their price objective on shares of Coinbase Global from $325.00 to $295.00 and set a “buy” rating on the stock in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $248.38.

Coinbase Global Stock Performance

Shares of COIN traded down $6.83 during mid-day trading on Friday, hitting $181.45. 4,694,258 shares of the company traded hands, compared to its average volume of 10,746,719. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a 50-day moving average price of $217.25 and a two-hundred day moving average price of $223.34. Coinbase Global, Inc. has a 1 year low of $69.63 and a 1 year high of $283.48. The stock has a market cap of $44.56 billion, a price-to-earnings ratio of 37.58 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, August 1st. The cryptocurrency exchange reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.93). The business had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.40 billion. Coinbase Global had a net margin of 31.46% and a return on equity of 14.72%. The business’s quarterly revenue was up 104.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.42) earnings per share. Equities analysts anticipate that Coinbase Global, Inc. will post 4.95 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the completion of the transaction, the insider now owns 75,556 shares in the company, valued at $15,637,069.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Coinbase Global news, insider Paul Grewal sold 16,962 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $206.96, for a total transaction of $3,510,455.52. Following the transaction, the insider now owns 75,556 shares in the company, valued at approximately $15,637,069.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Armstrong sold 23,075 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $220.31, for a total transaction of $5,083,653.25. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $115,883.06. The disclosure for this sale can be found here. Insiders sold a total of 78,987 shares of company stock worth $17,535,714 over the last three months. 23.43% of the stock is currently owned by company insiders.

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.