Brokerages Set Circle Internet Group, Inc. (NYSE:CRCL) Target Price at $99.35

Shares of Circle Internet Group, Inc. (NYSE:CRCL) have earned a consensus recommendation of “Hold” from the twenty-seven brokerages that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $99.3529.

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein reissued an “outperform” rating and set a $140.00 target price on shares of Circle Internet Group in a research report on Wednesday, July 29th. William Blair restated an “outperform” rating on shares of Circle Internet Group in a research report on Wednesday, August 5th. Needham & Company LLC dropped their price objective on shares of Circle Internet Group from $150.00 to $127.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Seaport Research Partners set a $100.00 price objective on shares of Circle Internet Group in a research report on Monday, August 17th. Finally, Morgan Stanley reduced their target price on shares of Circle Internet Group from $38.00 to $37.00 and set an “underweight” rating on the stock in a research note on Thursday, August 6th.

Circle Internet Group Trading Up 9.9%

Shares of NYSE:CRCL opened at $95.75 on Friday. The company has a market cap of $24.31 billion, a price-to-earnings ratio of 65.58 and a beta of 0.22. Circle Internet Group has a 12 month low of $49.90 and a 12 month high of $159.47. The company has a 50-day moving average price of $70.48 and a 200 day moving average price of $87.95.

Circle Internet Group (NYSE:CRCL) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.08). Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The company had revenue of $701.32 million for the quarter. During the same quarter in the prior year, the firm earned ($4.48) earnings per share. Circle Internet Group’s revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts forecast that Circle Internet Group will post 1.04 EPS for the current year.

Insider Activity at Circle Internet Group

In related news, President Heath Tarbert sold 39,240 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $81.47, for a total value of $3,196,882.80. Following the sale, the president directly owned 502,558 shares of the company’s stock, valued at $40,943,400.26. This represents a 7.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $82.87, for a total value of $85,720,396.52. Following the transaction, the director owned 2,018 shares of the company’s stock, valued at $167,231.66. This trade represents a 99.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 2,100,971 shares of company stock worth $163,146,343 in the last three months. 10.85% of the stock is owned by insiders.

Institutional Trading of Circle Internet Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC boosted its stake in shares of Circle Internet Group by 3,800.0% during the third quarter. Larson Financial Group LLC now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Circle Internet Group during the 2nd quarter valued at about $27,000. Harbour Investments Inc. boosted its position in Circle Internet Group by 170.0% in the 4th quarter. Harbour Investments Inc. now owns 378 shares of the company’s stock valued at $30,000 after buying an additional 238 shares during the period. WPG Advisers LLC bought a new position in Circle Internet Group in the 1st quarter worth about $31,000. Finally, First Horizon Corp bought a new stake in shares of Circle Internet Group during the first quarter valued at approximately $35,000.

About Circle Internet Group

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.