Mizuho Cuts Circle Internet Group (NYSE:CRCL) Price Target to $85.00

Circle Internet Group (NYSE:CRCL) had its target price lowered by stock analysts at Mizuho from $135.00 to $85.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price would suggest a potential downside of 0.14% from the stock’s previous close.

Several other brokerages have also recently issued reports on CRCL. KeyCorp initiated coverage on Circle Internet Group in a research note on Tuesday, May 26th. They issued a “sector weight” rating on the stock. Needham & Company LLC upped their target price on Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Robert W. Baird increased their price target on Circle Internet Group from $110.00 to $138.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. William Blair restated an “outperform” rating on shares of Circle Internet Group in a research note on Wednesday, February 25th. Finally, Compass Point restated a “sell” rating and issued a $77.00 price objective (down from $79.00) on shares of Circle Internet Group in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $134.18.

Circle Internet Group Price Performance

Shares of CRCL opened at $85.12 on Friday. The firm has a market capitalization of $21.16 billion and a price-to-earnings ratio of -26.74. Circle Internet Group has a 1-year low of $49.90 and a 1-year high of $298.99. The company has a 50-day moving average of $103.66 and a 200 day moving average of $89.61.

Circle Internet Group (NYSE:CRCL) last issued its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The company had revenue of $694.13 million for the quarter. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, equities analysts anticipate that Circle Internet Group will post 1.02 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Patrick Sean Neville sold 30,000 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $98.04, for a total value of $2,941,200.00. Following the completion of the sale, the director owned 30,000 shares of the company’s stock, valued at $2,941,200. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director M Michele Burns sold 11,670 shares of the company’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $112.71, for a total value of $1,315,325.70. Following the transaction, the director directly owned 343,538 shares in the company, valued at $38,720,167.98. This represents a 3.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 236,617 shares of company stock valued at $25,045,808 over the last three months. Company insiders own 10.85% of the company’s stock.

Institutional Investors Weigh In On Circle Internet Group

Institutional investors have recently added to or reduced their stakes in the business. General Catalyst Group Management LLC acquired a new position in shares of Circle Internet Group during the second quarter valued at about $3,647,694,000. IDG Accel China Capital II Associates L.P. acquired a new stake in Circle Internet Group in the 4th quarter worth approximately $554,792,000. Accel XI Associates L.L.C. purchased a new stake in Circle Internet Group during the 4th quarter worth approximately $513,844,000. Vanguard Group Inc. grew its position in Circle Internet Group by 61.6% during the 3rd quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock worth $739,624,000 after purchasing an additional 2,126,072 shares during the last quarter. Finally, Southpoint Capital Advisors LP increased its stake in Circle Internet Group by 175.0% during the 1st quarter. Southpoint Capital Advisors LP now owns 3,300,000 shares of the company’s stock valued at $314,853,000 after purchasing an additional 2,100,000 shares in the last quarter.

About Circle Internet Group

Circle Internet Group (NYSE: CRCL) is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.