Needham & Company LLC Cuts Coinbase Global (NASDAQ:COIN) Price Target to $270.00

Coinbase Global (NASDAQ:COIN) had its target price lowered by Needham & Company LLC from $330.00 to $270.00 in a report issued on Monday morning, Marketbeat.com reports. Needham & Company LLC currently has a buy rating on the cryptocurrency exchange’s stock.

COIN has been the subject of a number of other research reports. Piper Sandler raised their target price on shares of Coinbase Global from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Oppenheimer reduced their price target on Coinbase Global from $279.00 to $269.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. Monness Crespi & Hardt cut Coinbase Global from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 6th. Keefe, Bruyette & Woods raised their price target on shares of Coinbase Global from $183.00 to $205.00 and gave the stock a “market perform” rating in a research report on Friday, May 9th. Finally, The Goldman Sachs Group initiated coverage on Coinbase Global in a research report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Coinbase Global presently has a consensus rating of “Moderate Buy” and an average price target of $262.75.

Coinbase Global Price Performance

NASDAQ:COIN opened at $263.41 on Monday. Coinbase Global has a 12-month low of $142.58 and a 12-month high of $349.75. The firm has a market capitalization of $66.87 billion, a price-to-earnings ratio of 27.73 and a beta of 3.62. The stock’s 50 day moving average price is $188.85 and its two-hundred day moving average price is $243.55. The company has a quick ratio of 2.28, a current ratio of 2.28 and a debt-to-equity ratio of 0.41.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 8th. The cryptocurrency exchange reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.24). Coinbase Global had a net margin of 39.34% and a return on equity of 20.64%. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter last year, the company posted $2.53 EPS. The firm’s revenue was up 24.2% on a year-over-year basis. On average, analysts anticipate that Coinbase Global will post 7.22 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Brian Armstrong sold 25,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $200.54, for a total transaction of $5,013,500.00. Following the completion of the transaction, the chief executive officer now directly owns 526 shares of the company’s stock, valued at $105,484.04. This represents a 97.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $198.12, for a total transaction of $1,981,200.00. Following the sale, the insider now directly owns 83,313 shares in the company, valued at approximately $16,505,971.56. This trade represents a 10.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 121,128 shares of company stock worth $23,511,368. Insiders own 17.65% of the company’s stock.

Institutional Trading of Coinbase Global

A number of institutional investors have recently added to or reduced their stakes in COIN. Norges Bank bought a new position in shares of Coinbase Global in the fourth quarter worth $536,484,000. Groupama Asset Managment boosted its stake in Coinbase Global by 100.0% during the first quarter. Groupama Asset Managment now owns 3,000,000 shares of the cryptocurrency exchange’s stock valued at $516,690,000 after buying an additional 1,500,000 shares during the period. Vanguard Group Inc. grew its position in Coinbase Global by 4.8% during the first quarter. Vanguard Group Inc. now owns 19,294,456 shares of the cryptocurrency exchange’s stock worth $3,323,084,000 after buying an additional 875,359 shares in the last quarter. Nuveen LLC bought a new position in Coinbase Global in the 1st quarter worth about $83,454,000. Finally, Proficio Capital Partners LLC raised its holdings in shares of Coinbase Global by 30,664.4% in the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after acquiring an additional 417,036 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

About Coinbase Global

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.