Logan Capital Management Inc. Cuts Stock Position in Coinbase Global, Inc. (NASDAQ:COIN)

Logan Capital Management Inc. trimmed its position in Coinbase Global, Inc. (NASDAQ:COIN) by 15.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,500 shares of the cryptocurrency exchange’s stock after selling 8,787 shares during the period. Logan Capital Management Inc.’s holdings in Coinbase Global were worth $12,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in COIN. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global in the 4th quarter valued at approximately $27,000. Atala Financial Inc acquired a new position in Coinbase Global during the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after purchasing an additional 106 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in shares of Coinbase Global during the 4th quarter worth approximately $50,000. Finally, BNP Paribas purchased a new position in shares of Coinbase Global in the fourth quarter valued at $50,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analysts Set New Price Targets

COIN has been the subject of a number of recent research reports. Citigroup reiterated a “neutral” rating on shares of Coinbase Global in a research report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. Rosenblatt Securities decreased their price target on Coinbase Global from $290.00 to $260.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Barclays reissued an “equal weight” rating on shares of Coinbase Global in a report on Thursday. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $400.00 target price on shares of Coinbase Global in a report on Friday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $268.65.

Coinbase Global Trading Down 3.4%

NASDAQ:COIN opened at $199.47 on Monday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market capitalization of $50.64 billion, a P/E ratio of 21.00 and a beta of 3.62. The stock’s 50 day moving average price is $187.38 and its 200 day moving average price is $243.30. Coinbase Global, Inc. has a 52 week low of $142.58 and a 52 week high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global’s quarterly revenue was up 24.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.53 EPS. On average, research analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insider Activity at Coinbase Global

In other news, CEO Brian Armstrong sold 15,000 shares of the firm’s stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total value of $2,527,950.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares in the company, valued at approximately $88,646.78. This trade represents a 96.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $295.10, for a total transaction of $2,246,891.40. Following the transaction, the director now owns 10,417 shares in the company, valued at approximately $3,074,056.70. This trade represents a 42.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 153,742 shares of company stock worth $32,639,759 in the last ninety days. 17.65% 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.