Cullinan Associates Inc. Trims Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Cullinan Associates Inc. lowered its holdings in shares of Coinbase Global, Inc. (NASDAQ:COIN) by 0.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 302,200 shares of the cryptocurrency exchange’s stock after selling 1,000 shares during the quarter. Coinbase Global accounts for about 4.5% of Cullinan Associates Inc.’s investment portfolio, making the stock its 4th largest holding. Cullinan Associates Inc.’s holdings in Coinbase Global were worth $80,119,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Coinbase Global by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 14,281,280 shares of the cryptocurrency exchange’s stock worth $2,483,800,000 after buying an additional 408,046 shares during the period. Morgan Stanley boosted its position in Coinbase Global by 18.5% during the 3rd quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after acquiring an additional 511,397 shares in the last quarter. Norges Bank purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $202,936,000. a16z Perennial Management L.P. purchased a new position in shares of Coinbase Global during the 4th quarter worth approximately $147,646,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Coinbase Global by 6.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 656,689 shares of the cryptocurrency exchange’s stock valued at $114,211,000 after purchasing an additional 37,847 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Price Performance

COIN stock traded down $6.17 during trading on Tuesday, hitting $227.20. 2,273,014 shares of the company’s stock traded hands, compared to its average volume of 11,776,133. Coinbase Global, Inc. has a 52 week low of $69.63 and a 52 week high of $283.48. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.02 and a current ratio of 1.02. The business has a fifty day simple moving average of $227.85 and a 200 day simple moving average of $202.76. The stock has a market capitalization of $55.79 billion, a price-to-earnings ratio of 45.71 and a beta of 3.40.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, May 2nd. The cryptocurrency exchange reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.61. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.26 billion. Coinbase Global had a net margin of 33.98% and a return on equity of 9.42%. As a group, research analysts expect that Coinbase Global, Inc. will post 5.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wedbush increased their price objective on Coinbase Global from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd. Oppenheimer lifted their price objective on Coinbase Global from $276.00 to $282.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. Bank of America raised shares of Coinbase Global from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $110.00 to $217.00 in a research report on Friday, May 17th. Barclays upped their target price on shares of Coinbase Global from $179.00 to $204.00 and gave the stock an “underweight” rating in a research note on Monday, May 6th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $320.00 target price on shares of Coinbase Global in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $215.50.

Insider Transactions at Coinbase Global

In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the transaction, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $219.45, for a total value of $2,194,500.00. Following the transaction, the insider now owns 71,195 shares of the company’s stock, valued at approximately $15,623,742.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alesia J. Haas sold 4,200 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $247.54, for a total transaction of $1,039,668.00. Following the completion of the transaction, the chief financial officer now directly owns 192,622 shares in the company, valued at approximately $47,681,649.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 343,641 shares of company stock worth $76,670,568. 23.43% of the stock is currently owned by insiders.

Coinbase Global 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.