Jennison Associates LLC Buys New Position in Circle Internet Group, Inc. $CRCL

Jennison Associates LLC bought a new stake in shares of Circle Internet Group, Inc. (NYSE:CRCL) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 136,824 shares of the company’s stock, valued at approximately $24,805,000. Jennison Associates LLC owned approximately 0.06% of Circle Internet Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. ARK Investment Management LLC bought a new position in Circle Internet Group in the second quarter worth $530,165,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth about $61,650,000. Liberty Street Advisors Inc. purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth about $52,610,000. Rheos Capital Works Inc. purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth about $45,323,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Circle Internet Group in the 2nd quarter worth about $18,397,000.

Circle Internet Group Stock Down 6.8%

Shares of NYSE:CRCL opened at $122.82 on Friday. Circle Internet Group, Inc. has a 1-year low of $64.00 and a 1-year high of $298.99. The firm’s fifty day moving average is $131.93.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($4.48) earnings per share for the quarter, missing the consensus estimate of $0.34 by ($4.82). The firm had revenue of $658.08 million during the quarter, compared to analysts’ expectations of $645.35 million. The firm’s quarterly revenue was up 53.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citizens Jmp assumed coverage on shares of Circle Internet Group in a research report on Tuesday, September 30th. They issued a “market perform” rating on the stock. Citigroup assumed coverage on shares of Circle Internet Group in a research report on Tuesday, September 30th. They issued a “market perform” rating on the stock. The Goldman Sachs Group assumed coverage on shares of Circle Internet Group in a research report on Tuesday, August 12th. They issued a “neutral” rating and a $83.00 target price on the stock. Rothschild Redb raised shares of Circle Internet Group to a “hold” rating in a research report on Friday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Circle Internet Group from $163.00 to $123.00 and set a “hold” rating for the company in a report on Wednesday, August 20th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, ten have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $165.43.

Insider Buying and Selling

In other Circle Internet Group news, Director Patrick Sean Neville sold 260,374 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $127.08, for a total transaction of $33,088,327.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jeremy Fox-Geen sold 33,608 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $121.45, for a total transaction of $4,081,691.60. Following the transaction, the chief financial officer owned 297,823 shares in the company, valued at $36,170,603.35. This represents a 10.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 831,014 shares of company stock worth $105,416,046 in the last three months.

Circle Internet Group Profile

Founded in 2013, Circle’s mission is to raise global economic prosperity through the frictionless exchange of value. We intend to connect the world more deeply by building a new global economic system on the foundation of the internet, and to facilitate the creation of a world where everyone, everywhere can share value as easily as we can today share information, content, and communications.