Insider Selling: Circle Internet Group (NYSE:CRCL) Insider Sells $2,233,277.50 in Stock

Circle Internet Group, Inc. (NYSE:CRCL) insider Nikhil Chandhok sold 26,666 shares of Circle Internet Group stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $83.75, for a total value of $2,233,277.50. Following the completion of the transaction, the insider owned 521,809 shares in the company, valued at $43,701,503.75. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nikhil Chandhok also recently made the following trade(s):

• On Thursday, May 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $111.00, for a total value of $1,110,000.00.
• On Tuesday, April 21st, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $104.00, for a total value of $1,040,000.00.
• On Monday, March 23rd, Nikhil Chandhok sold 10,000 shares of Circle Internet Group stock. The stock was sold at an average price of $123.08, for a total value of $1,230,800.00.

Circle Internet Group Price Performance

NYSE:CRCL opened at $82.88 on Friday. The firm has a market cap of $20.60 billion and a price-to-earnings ratio of -25.90. The firm’s fifty day moving average price is $102.17 and its 200 day moving average price is $89.93. Circle Internet Group, Inc. has a 1-year low of $49.90 and a 1-year high of $298.99.

Circle Internet Group (NYSE:CRCL) last released its earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.06). The firm had revenue of $694.13 million during the quarter. Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The firm’s revenue was up 20.0% on a year-over-year basis. As a group, analysts expect that Circle Internet Group, Inc. will post 1.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Needham & Company LLC lifted their price objective on Circle Internet Group from $130.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Canaccord Genuity Group reissued a “buy” rating and issued a $160.00 price target on shares of Circle Internet Group in a report on Wednesday, March 25th. Wells Fargo & Company lifted their price target on Circle Internet Group from $111.00 to $142.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Freedom Capital raised Circle Internet Group to a “hold” rating in a report on Tuesday, April 21st. Finally, Zacks Research upgraded Circle Internet Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Circle Internet Group currently has a consensus rating of “Hold” and an average target price of $134.18.

Institutional Investors Weigh In On Circle Internet Group

Institutional investors and hedge funds have recently modified their holdings of the company. CloudAlpha Capital Management Limited Hong Kong raised its position in Circle Internet Group by 181.1% during the third quarter. CloudAlpha Capital Management Limited Hong Kong now owns 283,964 shares of the company’s stock worth $37,648,000 after acquiring an additional 182,954 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Circle Internet Group by 61.6% in the third quarter. Vanguard Group Inc. now owns 5,578,696 shares of the company’s stock valued at $739,624,000 after purchasing an additional 2,126,072 shares during the last quarter. Travelers Companies Inc. purchased a new position in shares of Circle Internet Group during the 4th quarter worth approximately $9,557,000. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Circle Internet Group by 98.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,575,684 shares of the company’s stock worth $204,252,000 after purchasing an additional 1,276,310 shares during the last quarter. Finally, CenterBook Partners LP raised its position in shares of Circle Internet Group by 1,069.9% during the 3rd quarter. CenterBook Partners LP now owns 66,357 shares of the company’s stock worth $8,798,000 after purchasing an additional 60,685 shares during the last quarter.

Circle Internet Group Company Profile

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.