Coinbase Global (NASDAQ:COIN) Given New $350.00 Price Target at Piper Sandler

Coinbase Global (NASDAQ:COIN) had its target price increased by analysts at Piper Sandler from $190.00 to $350.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the cryptocurrency exchange’s stock. Piper Sandler’s target price points to a potential downside of 19.21% from the stock’s current price.

COIN has been the topic of a number of other reports. Keefe, Bruyette & Woods upped their target price on Coinbase Global from $183.00 to $205.00 and gave the company a “market perform” rating in a research report on Friday, May 9th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $400.00 target price on shares of Coinbase Global in a research report on Friday, May 9th. China Renaissance started coverage on Coinbase Global in a research report on Tuesday, June 17th. They issued a “buy” rating and a $353.30 target price on the stock. Rosenblatt Securities upped their target price on Coinbase Global from $300.00 to $470.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Monness Crespi & Hardt raised Coinbase Global from a “neutral” rating to a “buy” rating and set a $300.00 price target on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Coinbase Global has an average rating of “Moderate Buy” and an average target price of $320.06.

Coinbase Global Trading Up 3.2%

Shares of NASDAQ:COIN traded up $13.46 during trading on Monday, reaching $433.24. 4,796,979 shares of the stock were exchanged, compared to its average volume of 11,054,371. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.52 and a current ratio of 2.52. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $444.65. The firm has a market cap of $109.99 billion, a price-to-earnings ratio of 80.57, a price-to-earnings-growth ratio of 32.00 and a beta of 3.70. The firm’s 50-day moving average price is $302.29 and its 200 day moving average price is $251.26.

Coinbase Global (NASDAQ:COIN) last issued its earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm’s revenue for the quarter was up 24.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.53 EPS. On average, sell-side analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 30,167 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $252.68, for a total transaction of $7,622,597.56. Following the completion of the sale, the director directly owned 10,417 shares in the company, valued at approximately $2,632,167.56. This trade represents a 74.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 336,265 shares of the business’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $362.61, for a total value of $121,933,051.65. Following the completion of the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at $190,732.86. The trade was a 99.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,245,915 shares of company stock valued at $447,462,456 over the last quarter. 23.43% of the stock is owned by corporate insiders.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cadent Capital Advisors LLC increased its position in Coinbase Global by 1.0% in the 2nd quarter. Cadent Capital Advisors LLC now owns 3,162 shares of the cryptocurrency exchange’s stock valued at $1,108,000 after buying an additional 30 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Coinbase Global by 4.2% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,015 shares of the cryptocurrency exchange’s stock valued at $356,000 after buying an additional 41 shares during the period. Pallas Capital Advisors LLC grew its position in Coinbase Global by 1.6% during the second quarter. Pallas Capital Advisors LLC now owns 2,662 shares of the cryptocurrency exchange’s stock valued at $933,000 after buying an additional 41 shares during the period. IPG Investment Advisors LLC grew its position in Coinbase Global by 2.0% during the fourth quarter. IPG Investment Advisors LLC now owns 2,261 shares of the cryptocurrency exchange’s stock valued at $561,000 after buying an additional 45 shares during the period. Finally, Clare Market Investments LLC grew its position in Coinbase Global by 1.8% during the second quarter. Clare Market Investments LLC now owns 2,552 shares of the cryptocurrency exchange’s stock valued at $894,000 after buying an additional 45 shares during the period. 68.84% of the stock is owned by institutional investors.

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.