Coinbase Global (NASDAQ:COIN) Price Target Cut to $340.00 by Analysts at The Goldman Sachs Group

Coinbase Global (NASDAQ:COIN) had its price objective cut by The Goldman Sachs Group from $397.00 to $340.00 in a report published on Friday,Benzinga reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

A number of other equities analysts have also commented on COIN. Canaccord Genuity Group restated a “buy” rating and set a $280.00 price objective on shares of Coinbase Global in a research note on Thursday, October 31st. Mizuho raised their price target on Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. Piper Sandler upped their price objective on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday. Oppenheimer raised their target price on shares of Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price target on shares of Coinbase Global in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Coinbase Global has a consensus rating of “Hold” and an average price target of $285.28.

Coinbase Global Stock Down 0.5 %

COIN opened at $258.78 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a fifty day moving average of $287.26 and a 200-day moving average of $229.55. Coinbase Global has a fifty-two week low of $114.51 and a fifty-two week high of $349.75. The company has a market capitalization of $64.79 billion, a P/E ratio of 44.16 and a beta of 3.59.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm earned ($0.01) EPS. The business’s revenue for the quarter was up 78.8% on a year-over-year basis. On average, equities analysts expect that Coinbase Global will post 4.44 EPS for the current year.

Insider Activity

In other news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $209.98, for a total value of $2,099,800.00. Following the completion of the sale, the insider now directly owns 74,956 shares in the company, valued at $15,739,260.88. This trade represents a 11.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jennifer N. Jones sold 1,837 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now directly owns 1,160 shares in the company, valued at approximately $342,223.20. This trade represents a 61.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 328,483 shares of company stock valued at $96,470,997 in the last ninety days. 23.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the company. Banco Santander S.A. raised 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 worth $26,531,000 after acquiring an additional 16,737 shares during the last quarter. Global Retirement Partners LLC grew its holdings in Coinbase Global by 135.1% during the third quarter. Global Retirement Partners LLC now owns 2,680 shares of the cryptocurrency exchange’s stock worth $477,000 after buying an additional 1,540 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Coinbase Global in the 3rd quarter valued at $29,756,000. Lindbrook Capital LLC boosted its holdings in Coinbase Global by 30.2% during the 3rd quarter. Lindbrook Capital LLC now owns 30,012 shares of the cryptocurrency exchange’s stock worth $5,347,000 after acquiring an additional 6,963 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Coinbase Global in the 2nd quarter worth $2,908,000. 68.84% of the stock is currently owned by institutional investors.

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.