Mediolanum International Funds Ltd Buys New Stake in Circle Internet Group, Inc. $CRCL

Mediolanum International Funds Ltd purchased a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,847 shares of the company’s stock, valued at approximately $1,245,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Creative Planning acquired a new position in shares of Circle Internet Group in the 2nd quarter worth approximately $295,000. Arrowstreet Capital Limited Partnership bought a new stake in Circle Internet Group in the second quarter valued at $1,474,000. Invesco Ltd. bought a new stake in Circle Internet Group in the second quarter valued at $47,640,000. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group during the second quarter worth $27,000. Finally, Baird Financial Group Inc. acquired a new position in Circle Internet Group during the second quarter worth $2,649,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group reduced their target price on shares of Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. KeyCorp initiated coverage on shares of Circle Internet Group in a report on Tuesday, May 26th. They set a “sector weight” rating for the company. Canaccord Genuity Group restated a “buy” rating and issued a $160.00 price target on shares of Circle Internet Group in a research report on Wednesday, March 25th. William Blair reaffirmed an “outperform” rating on shares of Circle Internet Group in a research note on Thursday, June 11th. Finally, Needham & Company LLC raised their price objective on shares of Circle Internet Group from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $113.25.

Insider Buying and Selling

In other news, insider Hossein Razzaghi sold 34,623 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total transaction of $2,730,023.55. Following the transaction, the insider directly owned 666,404 shares in the company, valued at approximately $52,545,955.40. This represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Patrick Sean Neville sold 1,034,396 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $82.87, for a total transaction of $85,720,396.52. Following the sale, the director directly owned 2,018 shares in the company, valued at $167,231.66. This trade represents a 99.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 1,956,527 shares of company stock valued at $155,711,921. Insiders own 10.85% of the company’s stock.

Circle Internet Group Stock Performance

Shares of CRCL stock opened at $71.03 on Wednesday. Circle Internet Group, Inc. has a 52 week low of $49.90 and a 52 week high of $211.99. The stock has a market capitalization of $17.66 billion and a PE ratio of -22.20. The stock’s fifty day moving average is $84.39 and its 200-day moving average is $87.70.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings results on Monday, May 11th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The business had revenue of $694.13 million during the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. Circle Internet Group’s revenue was up 20.0% compared to the same quarter last year. As a group, analysts forecast that Circle Internet Group, Inc. will post 0.98 earnings per share for the current fiscal year.

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.