Coinbase Global (NASDAQ:COIN) Given New $270.00 Price Target at Needham & Company LLC

Coinbase Global (NASDAQ:COIN) had its price target cut by research analysts at Needham & Company LLC from $330.00 to $270.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the cryptocurrency exchange’s stock. Needham & Company LLC’s price objective points to a potential upside of 35.36% from the company’s previous close.

Several other analysts also recently commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $260.00 price objective on shares of Coinbase Global in a research note on Monday. Keefe, Bruyette & Woods increased their price objective on Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research report on Friday. Monness Crespi & Hardt cut shares of Coinbase Global from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 6th. Canaccord Genuity Group reiterated a “buy” rating and issued a $400.00 price objective on shares of Coinbase Global in a research report on Friday. Finally, Oppenheimer cut their price objective on Coinbase Global from $279.00 to $269.00 and set an “outperform” rating on the stock in a research report on Friday. Eleven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $266.40.

Coinbase Global Stock Performance

Coinbase Global stock opened at $199.47 on Monday. The company has a market capitalization of $50.64 billion, a P/E ratio of 21.00 and a beta of 3.62. Coinbase Global has a 1 year low of $142.58 and a 1 year high of $349.75. The business has a 50 day moving average of $187.38 and a 200-day moving average of $243.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.28 and a quick ratio of 2.28.

Coinbase Global (NASDAQ:COIN) last issued 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). The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.22 billion. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. The business’s revenue was up 24.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.53 earnings per share. On average, equities research analysts predict that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Transactions at Coinbase Global

In related news, CFO Alesia J. Haas sold 7,575 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $200.00, for a total transaction of $1,515,000.00. Following the transaction, the chief financial officer now directly owns 107,291 shares in the company, valued at approximately $21,458,200. This represents a 6.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Brian Armstrong sold 15,000 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the completion of the sale, the chief executive officer now directly owns 526 shares of the company’s stock, valued at approximately $88,646.78. The trade was a 96.61% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 153,742 shares of company stock worth $32,639,759. 17.65% of the stock is currently owned by company insiders.

Institutional Trading of Coinbase Global

A number of hedge funds and other institutional investors have recently bought and sold shares of COIN. Mascagni Wealth Management Inc. purchased a new stake in Coinbase Global in the fourth quarter worth about $25,000. Copia Wealth Management bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $26,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global in the 4th quarter worth approximately $27,000. Atala Financial Inc bought a new position in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after buying an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

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.