Rockefeller Capital Management L.P. Buys 46,634 Shares of Coinbase Global, Inc. (NASDAQ:COIN)

Rockefeller Capital Management L.P. boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 35.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 177,196 shares of the cryptocurrency exchange’s stock after purchasing an additional 46,634 shares during the period. Rockefeller Capital Management L.P.’s holdings in Coinbase Global were worth $43,998,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in COIN. Norges Bank bought a new position in shares of Coinbase Global in the 4th quarter worth approximately $536,484,000. Groupama Asset Managment bought a new position in Coinbase Global in the fourth quarter worth approximately $372,450,000. Proficio Capital Partners LLC boosted its stake in shares of Coinbase Global by 30,664.4% during the 4th quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock worth $103,888,000 after acquiring an additional 417,036 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Coinbase Global by 1,159.9% during the 4th quarter. Wellington Management Group LLP now owns 328,684 shares of the cryptocurrency exchange’s stock valued at $81,612,000 after acquiring an additional 302,595 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Coinbase Global by 614.8% in the 4th quarter. Franklin Resources Inc. now owns 343,348 shares of the cryptocurrency exchange’s stock worth $85,253,000 after purchasing an additional 295,313 shares in the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Coinbase Global Trading Up 3.5 %

Shares of COIN opened at $175.50 on Friday. The company’s fifty day simple moving average is $210.02 and its 200-day simple moving average is $241.96. The company has a market cap of $44.56 billion, a P/E ratio of 18.47 and a beta of 3.65. 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, Inc. has a twelve month low of $142.58 and a twelve month high of $349.75.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating the consensus estimate 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, analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current year.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 10,216 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $310.14, for a total value of $3,168,390.24. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $3,230,728.38. This represents a 49.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 15,000 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $168.53, for a total transaction of $2,527,950.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at $88,646.78. This trade represents a 96.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 182,767 shares of company stock worth $48,326,134 in the last three months. Corporate insiders own 23.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Bank of America cut their price target on Coinbase Global from $363.00 to $311.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. Mizuho reduced their target price on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating for the company in a report on Tuesday, March 11th. Rosenblatt Securities restated a “buy” rating and set a $305.00 target price on shares of Coinbase Global in a research note on Wednesday, March 26th. Keefe, Bruyette & Woods upped their price target on shares of Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Coinbase Global in a research report on Thursday, March 20th. They set a “neutral” rating and a $195.00 price objective on the stock. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $298.74.

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.