Center for Financial Planning Inc. Has $268,000 Stock Holdings in Coinbase Global, Inc. $COIN

Center for Financial Planning Inc. raised its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 189.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 764 shares of the cryptocurrency exchange’s stock after acquiring an additional 500 shares during the quarter. Center for Financial Planning Inc.’s holdings in Coinbase Global were worth $268,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Rede Wealth LLC lifted its stake in Coinbase Global by 0.6% in the second quarter. Rede Wealth LLC now owns 8,073 shares of the cryptocurrency exchange’s stock valued at $2,830,000 after acquiring an additional 46 shares during the last quarter. Bordeaux Wealth Advisors LLC lifted its stake in Coinbase Global by 5.3% in the second quarter. Bordeaux Wealth Advisors LLC now owns 1,461 shares of the cryptocurrency exchange’s stock valued at $512,000 after acquiring an additional 74 shares during the last quarter. Kovack Advisors Inc. acquired a new stake in Coinbase Global in the second quarter valued at approximately $1,330,000. Earned Wealth Advisors LLC acquired a new stake in Coinbase Global in the second quarter valued at approximately $236,000. Finally, IFG Advisory LLC acquired a new stake in Coinbase Global in the second quarter valued at approximately $311,000. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Bank of America reduced their target price on shares of Coinbase Global from $369.00 to $340.00 in a research note on Wednesday, October 1st. Canaccord Genuity Group restated a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research note on Friday, August 1st. Citigroup boosted their price objective on shares of Coinbase Global from $270.00 to $505.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Weiss Ratings restated a “hold (c)” rating on shares of Coinbase Global in a research note on Tuesday, October 14th. Finally, China Renaissance reduced their price objective on shares of Coinbase Global from $481.00 to $444.60 and set a “buy” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $398.58.

Insider Activity at Coinbase Global

In related news, insider Lawrence J. Brock sold 5,903 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $311.37, for a total transaction of $1,838,017.11. Following the completion of the transaction, the insider directly owned 478 shares in the company, valued at $148,834.86. This represents a 92.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Armstrong sold 25,000 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $355.47, for a total transaction of $8,886,750.00. Following the transaction, the chief executive officer owned 526 shares of the company’s stock, valued at approximately $186,977.22. The trade was a 97.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 205,657 shares of company stock worth $67,479,576 in the last ninety days. 17.65% of the stock is currently owned by insiders.

Coinbase Global Price Performance

Shares of Coinbase Global stock opened at $343.78 on Friday. The firm has a fifty day simple moving average of $333.43 and a 200-day simple moving average of $305.57. The company has a current ratio of 2.12, a quick ratio of 2.13 and a debt-to-equity ratio of 0.25. Coinbase Global, Inc. has a 1-year low of $142.58 and a 1-year high of $444.64. The stock has a market capitalization of $88.33 billion, a price-to-earnings ratio of 29.74 and a beta of 3.68.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, beating the consensus estimate of $1.04 by $0.40. The firm had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Coinbase Global had a net margin of 41.99% and a return on equity of 17.52%. The business’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.28 EPS. On average, sell-side analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Coinbase Global 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.