Circle Internet Group (NYSE:CRCL) Given New $100.00 Price Target at Robert W. Baird

Circle Internet Group (NYSE:CRCL) had its target price reduced by analysts at Robert W. Baird from $138.00 to $100.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 50.66% from the stock’s previous close.

A number of other research firms have also recently commented on CRCL. Susquehanna began coverage on Circle Internet Group in a research report on Wednesday, July 1st. They set a “neutral” rating and a $69.00 target price on the stock. Wall Street Zen downgraded Circle Internet Group from a “hold” rating to a “sell” rating in a research report on Saturday, April 11th. Compass Point raised Circle Internet Group from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $97.00 to $55.00 in a report on Tuesday, June 30th. Canaccord Genuity Group restated a “buy” rating and issued a $160.00 price objective on shares of Circle Internet Group in a research report on Wednesday, March 25th. Finally, The Goldman Sachs Group reduced their target price on Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $115.00.

Circle Internet Group Price Performance

CRCL stock opened at $66.37 on Monday. The company has a market capitalization of $16.50 billion and a P/E ratio of -20.74. Circle Internet Group has a 12 month low of $49.90 and a 12 month high of $262.97. The firm’s fifty day simple moving average is $91.55 and its 200-day simple moving average is $88.53.

Circle Internet Group (NYSE:CRCL) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.06). Circle Internet Group had a positive return on equity of 2.89% and a negative net margin of 2.76%.The company had revenue of $694.13 million for the quarter. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Circle Internet Group will post 1.02 earnings per share for the current year.

Insider Activity

In related news, insider Hossein Razzaghi sold 34,623 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $78.85, for a total transaction of $2,730,023.55. Following the completion of the sale, the insider directly owned 666,404 shares in the company, valued at approximately $52,545,955.40. This trade represents a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 dated Monday, June 8th. The shares were sold at an average price of $82.87, for a total transaction of $85,720,396.52. Following the completion of the transaction, the director owned 2,018 shares in the company, valued at $167,231.66. The trade was a 99.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 have sold a total of 1,966,527 shares of company stock valued at $156,751,921 in the last 90 days. 10.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Circle Internet Group

Several large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC acquired a new position in Circle Internet Group in the second quarter valued at about $27,000. Larson Financial Group LLC increased its position 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 acquiring an additional 190 shares during the last quarter. National Bank of Canada FI purchased a new stake in shares of Circle Internet Group in the 3rd quarter valued at approximately $37,000. Pin Oak Investment Advisors Inc. acquired a new position in shares of Circle Internet Group in the 3rd quarter worth approximately $39,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in shares of Circle Internet Group in the 4th quarter worth approximately $25,000.

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.