California Public Employees Retirement System Sells 17,601 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

California Public Employees Retirement System decreased its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 5.2% in the fourth quarter, Holdings Channel reports. The fund owned 317,874 shares of the cryptocurrency exchange’s stock after selling 17,601 shares during the quarter. California Public Employees Retirement System’s holdings in Coinbase Global were worth $78,928,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wingate Wealth Advisors Inc. purchased a new position in shares of Coinbase Global in the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new stake in Coinbase Global in the fourth quarter worth $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in Coinbase Global in the 4th quarter worth about $50,000. Finally, Bogart Wealth LLC lifted its stake in Coinbase Global by 252.5% in the fourth quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock worth $52,000 after purchasing an additional 149 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Down 1.0 %

Shares of NASDAQ:COIN opened at $172.23 on Tuesday. Coinbase Global, Inc. has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41. The business has a fifty day moving average of $236.90 and a two-hundred day moving average of $242.89. The stock has a market cap of $43.73 billion, a P/E ratio of 18.13 and a beta of 3.66.

Coinbase Global (NASDAQ:COIN) last released its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. On average, research analysts expect that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $256.69, for a total transaction of $2,566,900.00. Following the completion of the sale, the insider now directly owns 69,407 shares of the company’s stock, valued at approximately $17,816,082.83. This trade represents a 12.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alesia J. Haas sold 5,700 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $266.87, for a total transaction of $1,521,159.00. Following the completion of the transaction, the chief financial officer now directly owns 144,470 shares in the company, valued at $38,554,708.90. The trade was a 3.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 225,609 shares of company stock worth $61,331,908 in the last 90 days. Insiders own 23.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Piper Sandler increased their price target on Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. JMP Securities raised their price target on shares of Coinbase Global from $400.00 to $475.00 and gave the stock a “market outperform” rating in a research note on Friday, February 14th. Canaccord Genuity Group boosted their price objective on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Oppenheimer reaffirmed an “outperform” rating on shares of Coinbase Global in a research report on Monday, February 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $330.00 price target on shares of Coinbase Global in a report on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Coinbase Global currently has a consensus rating of “Moderate Buy” and an average price target of $314.72.

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.