Klingenstein Fields & Co. LP Buys New Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Klingenstein Fields & Co. LP bought a new position in Coinbase Global, Inc. (NASDAQ:COIN) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 837 shares of the cryptocurrency exchange’s stock, valued at approximately $208,000.

Several other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Coinbase Global by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Coinbase Global by 2.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,201,106 shares of the cryptocurrency exchange’s stock valued at $570,341,000 after purchasing an additional 71,398 shares during the period. Clear Street Derivatives LLC purchased a new position in Coinbase Global during the 3rd quarter valued at about $409,919,000. Charles Schwab Investment Management Inc. grew its position in Coinbase Global by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock worth $163,752,000 after purchasing an additional 52,856 shares during the last quarter. Finally, Ribbit Management Company LLC grew its position in Coinbase Global by 4.7% during the 3rd quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock worth $70,217,000 after purchasing an additional 17,650 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Monness Crespi & Hardt upped their price objective on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Piper Sandler increased their price target on shares of Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, January 7th. B. Riley assumed coverage on shares of Coinbase Global in a report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. Finally, Bank of America increased their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $286.00.

Insiders Place Their Bets

In other Coinbase Global news, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $172,528. This trade represents a 99.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Grewal sold 7,104 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $307.80, for a total transaction of $2,186,611.20. Following the sale, the insider now directly owns 79,407 shares in the company, valued at approximately $24,441,474.60. The trade was a 8.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 386,798 shares of company stock valued at $114,707,944. 23.43% of the stock is owned by corporate insiders.

Coinbase Global Trading Up 8.4 %

NASDAQ COIN opened at $298.11 on Friday. The firm has a 50 day simple moving average of $282.36 and a 200-day simple moving average of $237.88. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03. Coinbase Global, Inc. has a one year low of $146.12 and a one year high of $349.75. The firm has a market cap of $74.63 billion, a price-to-earnings ratio of 50.87 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Equities research analysts anticipate that Coinbase Global, Inc. will post 4.81 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.