Needham & Company LLC Trims Coinbase Global (NASDAQ:COIN) Target Price to $260.00

Coinbase Global (NASDAQ:COIN) had its target price cut by Needham & Company LLC from $275.00 to $260.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the cryptocurrency exchange’s stock.

A number of other analysts have also commented on the company. Canaccord Genuity Group lifted their price target on Coinbase Global from $240.00 to $280.00 and gave the company a buy rating in a research note on Friday. HC Wainwright upped their price target on shares of Coinbase Global from $250.00 to $300.00 and gave the company a buy rating in a research report on Monday, April 29th. JPMorgan Chase & Co. lifted their price target on shares of Coinbase Global from $95.00 to $150.00 and gave the stock a neutral rating in a report on Friday, March 15th. Oppenheimer increased their price objective on Coinbase Global from $200.00 to $276.00 and gave the company an outperform rating in a report on Thursday, April 4th. Finally, TheStreet raised Coinbase Global from a d rating to a c- rating in a report on Friday, February 16th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $192.60.

Coinbase Global Trading Down 2.4 %

Shares of Coinbase Global stock opened at $223.25 on Friday. The firm’s 50 day moving average is $236.37 and its 200 day moving average is $167.06. The firm has a market capitalization of $54.09 billion, a PE ratio of 44.56 and a beta of 3.46. Coinbase Global has a 1 year low of $46.43 and a 1 year high of $283.48. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $1.13. Coinbase Global had a net margin of 33.98% and a return on equity of 10.24%. The firm had revenue of $953.80 million for the quarter, compared to analysts’ expectations of $826.10 million. During the same quarter in the previous year, the firm posted ($2.46) earnings per share. The company’s revenue was up 51.6% on a year-over-year basis. Equities research analysts forecast that Coinbase Global will post 2.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 82,130 shares of Coinbase Global stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the sale, the director now directly owns 4,662 shares of the company’s stock, valued at $558,181.26. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Frederick Ernest Ehrsam III sold 82,130 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $119.73, for a total value of $9,833,424.90. Following the completion of the sale, the director now directly owns 4,662 shares in the company, valued at approximately $558,181.26. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Brian Armstrong sold 23,075 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $147.03, for a total value of $3,392,717.25. The disclosure for this sale can be found here. Insiders have sold a total of 420,597 shares of company stock valued at $86,053,862 over the last ninety days. 33.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Coinbase Global

Large investors have recently modified their holdings of the company. Barrett & Company Inc. bought a new stake in Coinbase Global during the 4th quarter valued at $26,000. Creekmur Asset Management LLC acquired a new position in shares of Coinbase Global during the fourth quarter valued at about $27,000. Concord Wealth Partners increased its position in shares of Coinbase Global by 322.2% during the first quarter. Concord Wealth Partners now owns 114 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 87 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Coinbase Global by 833.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 112 shares of the cryptocurrency exchange’s stock worth $30,000 after acquiring an additional 100 shares during the last quarter. Finally, Mather Group LLC. bought a new position in Coinbase Global in the 1st quarter valued at about $32,000. 68.84% of the stock is currently owned by institutional investors.

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.