Circle Internet Group, Inc. $CRCL Stock: Sumitomo Mitsui Trust Group Inc. Raises Position

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Circle Internet Group, Inc. (NYSE:CRCL) by 24.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,970,939 shares of the company’s stock after acquiring an additional 785,213 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 1.56% of Circle Internet Group worth $326,292,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CRCL. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Circle Internet Group during the third quarter worth $848,000. SFE Investment Counsel raised its stake in Circle Internet Group by 7.9% in the third quarter. SFE Investment Counsel now owns 24,418 shares of the company’s stock valued at $2,006,000 after buying an additional 1,783 shares in the last quarter. Profund Advisors LLC acquired a new stake in Circle Internet Group in the third quarter valued at $439,000. State of Wyoming acquired a new stake in Circle Internet Group in the third quarter valued at $181,000. Finally, Choreo LLC purchased a new stake in Circle Internet Group during the 3rd quarter worth about $277,000.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRCL. Keefe, Bruyette & Woods assumed coverage on Circle Internet Group in a research report on Tuesday, September 8th. They set a “market perform” rating and a $105.00 price objective for the company. Weiss Ratings lowered Circle Internet Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 8th. HC Wainwright cut their target price on Circle Internet Group from $115.00 to $104.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen upgraded Circle Internet Group from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Robert W. Baird lowered their price target on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a report on Monday, July 13th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $98.12.

Circle Internet Group Price Performance

NYSE CRCL opened at $72.35 on Friday. The firm’s fifty day moving average price is $87.28 and its 200 day moving average price is $85.81. The company has a market capitalization of $18.37 billion, a price-to-earnings ratio of 49.55 and a beta of 0.73. Circle Internet Group, Inc. has a 12 month low of $49.90 and a 12 month high of $140.00.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.08). Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%. The company had revenue of $701.32 million for the quarter. During the same quarter in the prior year, the company earned ($4.48) EPS. Circle Internet Group’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Circle Internet Group, Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Circle Internet Group

In other Circle Internet Group news, CFO Jeremy Fox-Geen sold 45,000 shares of the firm’s stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $90.00, for a total transaction of $4,050,000.00. Following the transaction, the chief financial officer owned 323,837 shares of the company’s stock, valued at approximately $29,145,330. This trade represents a 12.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jeremy Allaire sold 56,200 shares of Circle Internet Group stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $62.03, for a total value of $3,486,086.00. Following the sale, the chief executive officer owned 398,179 shares in the company, valued at $24,699,043.37. This trade represents a 12.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 500,657 shares of company stock valued at $40,557,306. Corporate insiders own 10.85% of the company’s stock.

About Circle Internet Group

Circle Internet Group, Inc is a global financial technology company focused on digital currencies and blockchain-based payments. The company is best known for issuing USD Coin (USDC), a dollar-backed stablecoin designed to maintain a value of one U.S. dollar and support digital transactions, payments, trading and other financial applications. Circle also issues EURC, a euro-backed stablecoin.

Circle provides infrastructure and services for businesses, financial institutions and developers through products such as Circle Mint, which supports the creation, redemption and transfer of its stablecoins, as well as APIs and developer tools for integrating digital-asset payments and blockchain functionality.