Texas Permanent School Fund Corp Acquires Shares of 14,839 Coinbase Global, Inc. $COIN

Texas Permanent School Fund Corp bought a new position in shares of Coinbase Global, Inc. (NASDAQ:COIN) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 14,839 shares of the cryptocurrency exchange’s stock, valued at approximately $5,201,000.

Several other institutional investors have also recently made changes to their positions in COIN. Evelyn Partners Investment Management Europe Ltd grew its stake in Coinbase Global by 92.3% in the second quarter. Evelyn Partners Investment Management Europe Ltd now owns 75 shares of the cryptocurrency exchange’s stock worth $29,000 after purchasing an additional 36 shares during the period. Cullen Frost Bankers Inc. bought a new stake in shares of Coinbase Global during the 2nd quarter valued at $30,000. City State Bank purchased a new stake in shares of Coinbase Global in the 2nd quarter worth about $33,000. Financial Gravity Companies Inc. purchased a new stake in shares of Coinbase Global in the 2nd quarter worth about $34,000. Finally, Fourth Dimension Wealth LLC increased its stake in shares of Coinbase Global by 300.0% in the 2nd quarter. Fourth Dimension Wealth LLC now owns 100 shares of the cryptocurrency exchange’s stock worth $35,000 after acquiring an additional 75 shares in the last quarter. Institutional investors own 68.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on COIN. Redburn Partners set a $417.00 price objective on shares of Coinbase Global in a research note on Friday, October 3rd. BTIG Research lifted their target price on shares of Coinbase Global from $410.00 to $420.00 and gave the company a “buy” rating in a report on Friday, October 31st. The Goldman Sachs Group cut their price target on Coinbase Global from $314.00 to $294.00 and set a “neutral” rating on the stock in a research note on Friday, December 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $400.00 price objective on shares of Coinbase Global in a research report on Friday, October 31st. Finally, Rosenblatt Securities boosted their target price on Coinbase Global from $450.00 to $470.00 in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $388.18.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $243.78 on Thursday. The firm has a market cap of $65.73 billion, a P/E ratio of 21.09 and a beta of 3.69. Coinbase Global, Inc. has a twelve month low of $142.58 and a twelve month high of $444.64. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average of $298.95 and a 200 day moving average of $318.60.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, October 30th. The cryptocurrency exchange reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.40. Coinbase Global had a return on equity of 15.70% and a net margin of 41.99%.The business had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the company earned $0.28 EPS. The company’s quarterly revenue was up 55.1% compared to the same quarter last year. As a group, research analysts expect that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brian Armstrong sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $271.87, for a total transaction of $10,874,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 277,074 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $309.92, for a total transaction of $85,870,774.08. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 791,804 shares of company stock valued at $240,485,568. 16.56% of the stock is owned by insiders.

Coinbase Global Company 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.