Cynosure Group LLC Sells 19,567 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Cynosure Group LLC trimmed its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 74.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,846 shares of the cryptocurrency exchange’s stock after selling 19,567 shares during the period. Cynosure Group LLC’s holdings in Coinbase Global were worth $1,700,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Coinbase Global by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 18,419,097 shares of the cryptocurrency exchange’s stock worth $4,573,462,000 after purchasing an additional 128,802 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Coinbase Global by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock valued at $882,822,000 after purchasing an additional 127,075 shares during the period. Norges Bank bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $536,484,000. Groupama Asset Managment acquired a new stake in Coinbase Global in the 4th quarter valued at $372,450,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Coinbase Global by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 935,032 shares of the cryptocurrency exchange’s stock worth $232,168,000 after acquiring an additional 15,954 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Transactions at Coinbase Global

In related news, CEO Brian Armstrong sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $198.15, for a total value of $1,981,500.00. Following the transaction, the chief executive officer now owns 526 shares in the company, valued at approximately $104,226.90. This represents a 95.00 % 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 22,842 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the transaction, the director now owns 10,417 shares of the company’s stock, valued at $2,936,968.98. This represents a 68.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 225,609 shares of company stock valued at $61,331,908. Corporate insiders own 23.43% of the company’s stock.

Wall Street Analyst Weigh In

COIN has been the topic of several analyst reports. Monness Crespi & Hardt set a $420.00 price objective on shares of Coinbase Global in a report on Tuesday, February 18th. Keefe, Bruyette & Woods boosted their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Oppenheimer reissued an “outperform” rating on shares of Coinbase Global in a report on Monday, February 10th. Mizuho reduced their target price on Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Finally, Piper Sandler upped their price objective on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $314.72.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $174.52 on Wednesday. The company has a market capitalization of $44.31 billion, a P/E ratio of 18.37 and a beta of 3.66. Coinbase Global, Inc. has a 1-year low of $146.12 and a 1-year high of $349.75. The firm’s 50 day simple moving average is $234.50 and its two-hundred day simple moving average is $242.97. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS 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%. Research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

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.