Allianz Asset Management GmbH Increases Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Allianz Asset Management GmbH lifted its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 461.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 70,925 shares of the cryptocurrency exchange’s stock after purchasing an additional 58,290 shares during the period. Allianz Asset Management GmbH’s holdings in Coinbase Global were worth $12,215,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC raised its stake in shares of Coinbase Global by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 3,552,694 shares of the cryptocurrency exchange’s stock worth $882,822,000 after acquiring an additional 127,075 shares in the last quarter. Norges Bank bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $536,484,000. Groupama Asset Managment bought a new position in shares of Coinbase Global during the 4th quarter worth approximately $372,450,000. Northern Trust Corp raised its stake in shares of Coinbase Global by 20.3% during the 4th quarter. Northern Trust Corp now owns 1,294,758 shares of the cryptocurrency exchange’s stock worth $321,488,000 after acquiring an additional 218,400 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Coinbase Global by 29.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 979,129 shares of the cryptocurrency exchange’s stock worth $243,118,000 after acquiring an additional 222,789 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Insider Buying and Selling

In related news, CEO Brian Armstrong sold 198,300 shares of the stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $397.87, for a total transaction of $78,897,621.00. Following the sale, the chief executive officer directly owned 526 shares of the company’s stock, valued at approximately $209,279.62. This represents a 99.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Alesia J. Haas sold 3,000 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $360.20, for a total transaction of $1,080,600.00. Following the sale, the chief financial officer directly owned 97,366 shares in the company, valued at $35,071,233.20. This trade represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,208,340 shares of company stock valued at $439,997,456. Corporate insiders own 17.65% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Citigroup reiterated an “outperform” rating on shares of Coinbase Global in a research note on Monday, July 14th. Jefferies Financial Group reiterated a “hold” rating and set a $260.00 price objective (up previously from $210.00) on shares of Coinbase Global in a research note on Tuesday, May 27th. JPMorgan Chase & Co. reduced their price objective on shares of Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. JMP Securities upped their price target on shares of Coinbase Global from $400.00 to $440.00 and gave the company a “market outperform” rating in a research note on Monday, July 14th. Finally, Rosenblatt Securities upped their price target on shares of Coinbase Global from $300.00 to $470.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $320.06.

Coinbase Global Stock Down 1.3%

NASDAQ:COIN opened at $391.66 on Friday. The firm has a market capitalization of $99.43 billion, a P/E ratio of 73.34, a PEG ratio of 30.24 and a beta of 3.70. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The company’s fifty day moving average price is $317.61 and its 200-day moving average price is $255.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.52 and a quick ratio of 2.52.

Coinbase Global (NASDAQ:COIN) last announced its quarterly 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). Coinbase Global had a return on equity of 20.25% and a net margin of 21.14%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same period last year, the company posted $2.53 earnings per share. The business’s quarterly revenue was up 24.2% on a year-over-year basis. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current 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.