Westfield Capital Management Co. LP Cuts Position in Coinbase Global, Inc. (NASDAQ:COIN)

Westfield Capital Management Co. LP lessened its position in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 288,763 shares of the cryptocurrency exchange’s stock after selling 1,543 shares during the quarter. Westfield Capital Management Co. LP owned about 0.11% of Coinbase Global worth $49,734,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its stake in shares of Coinbase Global by 24.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 51,447 shares of the cryptocurrency exchange’s stock worth $8,861,000 after acquiring an additional 9,952 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Coinbase Global by 4.8% during the 1st quarter. Amalgamated Bank now owns 13,747 shares of the cryptocurrency exchange’s stock worth $2,368,000 after acquiring an additional 629 shares during the last quarter. KCM Investment Advisors LLC bought a new stake in shares of Coinbase Global during the 4th quarter worth approximately $507,000. GAMMA Investing LLC lifted its stake in shares of Coinbase Global by 8.1% during the 1st quarter. GAMMA Investing LLC now owns 1,123 shares of the cryptocurrency exchange’s stock worth $193,000 after acquiring an additional 84 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in shares of Coinbase Global by 124.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,622 shares of the cryptocurrency exchange’s stock worth $453,000 after acquiring an additional 1,454 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on COIN. Sanford C. Bernstein raised their price target on Coinbase Global from $310.00 to $510.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 25th. Argus began coverage on Coinbase Global in a research note on Monday, July 14th. They set a “buy” rating and a $400.00 price target for the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $470.00 target price on shares of Coinbase Global in a research report on Friday. Compass Point reaffirmed a “sell” rating and set a $248.00 target price (down from $330.00) on shares of Coinbase Global in a research report on Monday. Finally, JPMorgan Chase & Co. decreased their target price on Coinbase Global from $276.00 to $215.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Coinbase Global currently has an average rating of “Hold” and a consensus target price of $352.18.

Coinbase Global Stock Up 1.1%

Coinbase Global stock opened at $318.17 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.13 and a current ratio of 2.12. The business’s 50-day simple moving average is $328.73 and its two-hundred day simple moving average is $259.54. The company has a market cap of $80.78 billion, a PE ratio of 30.77, a PEG ratio of 21.92 and a beta of 3.70. Coinbase Global, Inc. has a fifty-two week low of $142.58 and a fifty-two week high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, July 31st. The cryptocurrency exchange reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.79). The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Coinbase Global had a net margin of 40.87% and a return on equity of 16.02%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 EPS. Equities analysts anticipate that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insider Buying and Selling at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $348.64, for a total value of $3,486,400.00. Following the completion of the transaction, the insider owned 82,328 shares of the company’s stock, valued at $28,702,833.92. The trade was a 10.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Alesia J. Haas sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $360.20, for a total value of $1,080,600.00. Following the completion of the transaction, the chief financial officer directly owned 97,366 shares of the company’s stock, valued at approximately $35,071,233.20. This trade represents a 2.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,183,340 shares of company stock worth $434,983,956. 23.43% of the stock is currently owned by insiders.

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.