Sumitomo Mitsui Trust Group Inc. Has $708.75 Million Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Sumitomo Mitsui Trust Group Inc. lowered its position in Coinbase Global, Inc. (NASDAQ:COIN) by 10.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,854,409 shares of the cryptocurrency exchange’s stock after selling 346,697 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 1.14% of Coinbase Global worth $708,750,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in 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 valued at $609,789,000 after purchasing an additional 314,388 shares during the period. Clear Street Derivatives LLC bought a new position in shares of Coinbase Global in the third quarter valued at $409,919,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Coinbase Global by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 919,078 shares of the cryptocurrency exchange’s stock valued at $163,752,000 after buying an additional 52,856 shares during the last quarter. Ribbit Management Company LLC increased its position in shares of Coinbase Global by 4.7% during the third quarter. Ribbit Management Company LLC now owns 394,100 shares of the cryptocurrency exchange’s stock worth $70,217,000 after acquiring an additional 17,650 shares in the last quarter. Finally, Eagle Asset Management Inc. raised its holdings in shares of Coinbase Global by 46.5% in the 3rd quarter. Eagle Asset Management Inc. now owns 375,600 shares of the cryptocurrency exchange’s stock worth $66,921,000 after acquiring an additional 119,259 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $270.37 on Friday. The firm has a market capitalization of $67.69 billion, a P/E ratio of 46.14 and a beta of 3.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48. The stock’s 50-day simple moving average is $285.66 and its two-hundred day simple moving average is $236.83. Coinbase Global, Inc. has a twelve month low of $114.51 and a twelve month high of $349.75.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Needham & Company LLC boosted their price objective on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Bank of America raised their price objective on Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 target price on shares of Coinbase Global in a research note on Thursday, October 31st. Monness Crespi & Hardt raised their price target on shares of Coinbase Global from $245.00 to $390.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Coinbase Global in a research report on Tuesday, October 29th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $289.06.

Insiders Place Their Bets

In other news, Director Frederick Ernest Ehrsam III sold 15,228 shares of the stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $280.51, for a total transaction of $4,271,606.28. Following the transaction, the director now directly owns 10,417 shares in the company, valued at approximately $2,922,072.67. This represents a 59.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at $172,528. The trade was a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 401,798 shares of company stock valued at $119,826,444 in the last quarter. Corporate insiders own 23.43% of the company’s stock.

About Coinbase Global

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.