Legal & General Group Plc Reduces Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Legal & General Group Plc reduced its position in Coinbase Global, Inc. (NASDAQ:COIN - Free Report) by 16.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,004,291 shares of the cryptocurrency exchange's stock after selling 198,281 shares during the period. Legal & General Group Plc owned approximately 0.40% of Coinbase Global worth $249,365,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of COIN. Wingate Wealth Advisors Inc. purchased a new position in shares of Coinbase Global during the fourth quarter valued at approximately $27,000. Atala Financial Inc bought a new position in Coinbase Global during the 4th quarter valued at $27,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange's stock worth $34,000 after acquiring an additional 106 shares during the last quarter. Cullen Frost Bankers Inc. bought a new stake in shares of Coinbase Global in the 4th quarter worth $50,000. Finally, Bogart Wealth LLC grew its stake in shares of Coinbase Global by 252.5% in the 4th quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange's stock worth $52,000 after acquiring an additional 149 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company's stock.

Insider Activity at Coinbase Global

In related news, insider Paul Grewal sold 10,978 shares of the firm's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $211.93, for a total transaction of $2,326,567.54. Following the transaction, the insider now directly owns 83,313 shares in the company, valued at $17,656,524.09. This trade represents a 11.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alesia J. Haas sold 5,700 shares of Coinbase Global stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $266.87, for a total value of $1,521,159.00. Following the completion of the transaction, the chief financial officer now directly owns 144,470 shares in the company, valued at $38,554,708.90. This trade represents a 3.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 182,767 shares of company stock valued at $48,326,134 over the last three months. 23.43% of the stock is owned by corporate insiders.

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Coinbase Global Price Performance

Shares of Coinbase Global stock traded up $5.88 during trading on Friday, hitting $175.50. The stock had a trading volume of 7,745,585 shares, compared to its average volume of 9,778,077. The firm has a market cap of $44.56 billion, a price-to-earnings ratio of 18.47 and a beta of 3.65. Coinbase Global, Inc. has a 12 month low of $142.58 and a 12 month high of $349.75. The business's 50-day moving average is $210.02 and its 200 day moving average is $242.39. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN - Get Free Report) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. As a group, sell-side analysts anticipate that Coinbase Global, Inc. will post 7.22 earnings per share for the current year.

Analysts Set New Price Targets

COIN has been the topic of several analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $305.00 price objective on shares of Coinbase Global in a research report on Wednesday, March 26th. HC Wainwright reaffirmed a "buy" rating and issued a $350.00 target price on shares of Coinbase Global in a report on Friday, February 21st. The Goldman Sachs Group assumed coverage on Coinbase Global in a research report on Thursday, March 20th. They issued a "neutral" rating and a $195.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $330.00 target price on shares of Coinbase Global in a research report on Thursday, February 13th. Finally, Sanford C. Bernstein raised shares of Coinbase Global to a "strong-buy" rating in a report on Tuesday, March 18th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $298.74.

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.