California Public Employees Retirement System Raises Stake in Coinbase Global, Inc. $COIN

California Public Employees Retirement System increased its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 42.2% in the second quarter, Holdings Channel reports. The firm owned 332,791 shares of the cryptocurrency exchange’s stock after acquiring an additional 98,827 shares during the period. California Public Employees Retirement System’s holdings in Coinbase Global were worth $116,640,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Evelyn Partners Investment Management Europe Ltd boosted its position in Coinbase Global by 92.3% during the 2nd quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after purchasing an additional 36 shares during the period. Cullen Frost Bankers Inc. purchased a new position in Coinbase Global in the second quarter valued at about $30,000. S Bank Fund Management Ltd acquired a new position in shares of Coinbase Global during the first quarter worth about $31,000. SouthState Corp boosted its position in shares of Coinbase Global by 128.4% in the first quarter. SouthState Corp now owns 185 shares of the cryptocurrency exchange’s stock worth $32,000 after buying an additional 104 shares during the period. Finally, City State Bank purchased a new stake in shares of Coinbase Global in the second quarter worth about $33,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Alesia J. Haas sold 5,500 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $273.62, for a total transaction of $1,504,910.00. Following the transaction, the chief financial officer owned 79,320 shares of the company’s stock, valued at approximately $21,703,538.40. This trade represents a 6.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jennifer N. Jones sold 1,787 shares of Coinbase Global stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $244.49, for a total value of $436,903.63. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 728,971 shares of company stock worth $225,494,313. Company insiders own 16.56% of the company’s stock.

Coinbase Global Stock Down 1.6%

COIN stock opened at $269.73 on Monday. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.37. The firm has a 50 day simple moving average of $315.13 and a 200-day simple moving average of $318.76. The company has a market capitalization of $72.73 billion, a P/E ratio of 23.33 and a beta of 3.69. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.40. Coinbase Global had a net margin of 41.99% and a return on equity of 15.70%. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the company posted $0.28 earnings per share. The firm’s quarterly revenue was up 55.1% on a year-over-year basis. On average, equities research analysts predict that Coinbase Global, Inc. will post 7.22 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Mizuho raised their target price on Coinbase Global from $300.00 to $320.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Rothschild & Co Redburn dropped their price objective on shares of Coinbase Global from $417.00 to $404.00 and set a “buy” rating on the stock in a research note on Friday, November 28th. JPMorgan Chase & Co. reduced their target price on shares of Coinbase Global from $404.00 to $399.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Barclays decreased their target price on shares of Coinbase Global from $361.00 to $357.00 and set an “equal weight” rating for the company in a research note on Friday, October 31st. Finally, China Renaissance lifted their price target on shares of Coinbase Global from $444.60 to $479.30 in a research note on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Coinbase Global presently has an average rating of “Moderate Buy” and a consensus price target of $396.94.

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.