Circle Internet Group, Inc. $CRCL Shares Bought by Southpoint Capital Advisors LP

Southpoint Capital Advisors LP lifted its position in shares of Circle Internet Group, Inc. (NYSE:CRCL) by 175.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 3,300,000 shares of the company’s stock after purchasing an additional 2,100,000 shares during the quarter. Circle Internet Group accounts for about 6.5% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its biggest holding. Southpoint Capital Advisors LP’s holdings in Circle Internet Group were worth $314,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. General Catalyst Group Management LLC acquired a new position in Circle Internet Group in the 2nd quarter valued at about $3,647,694,000. Marshall Wace LLP increased its stake in Circle Internet Group by 23.8% during the 4th quarter. Marshall Wace LLP now owns 9,978,729 shares of the company’s stock worth $791,313,000 after acquiring an additional 1,919,205 shares during the period. IDG Accel China Capital II Associates L.P. acquired a new position in Circle Internet Group in the fourth quarter valued at about $554,792,000. Accel XI Associates L.L.C. bought a new stake in Circle Internet Group during the fourth quarter worth $513,844,000. Finally, Vanguard Group Inc. lifted its position in shares of Circle Internet Group by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,653,110 shares of the company’s stock worth $448,292,000 after buying an additional 74,414 shares during the last quarter.

Insiders Place Their Bets

In other news, insider Nikhil Chandhok sold 489,737 shares of the stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $72.37, for a total value of $35,442,266.69. Following the transaction, the insider owned 521,809 shares of the company’s stock, valued at $37,763,317.33. This represents a 48.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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. Also, Director Patrick Sean Neville sold 1,034,396 shares of the firm’s stock in a transaction on 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 sale, the director owned 2,018 shares in the company, valued at approximately $167,231.66. This trade represents a 99.81% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last quarter, insiders have sold 1,956,527 shares of company stock worth $155,711,921. 10.85% of the stock is owned by corporate insiders.

Circle Internet Group Price Performance

NYSE:CRCL opened at $65.52 on Tuesday. The stock’s fifty day moving average price is $79.99 and its two-hundred day moving average price is $87.16. The company has a market cap of $16.29 billion and a P/E ratio of -20.47. Circle Internet Group, Inc. has a 1 year low of $49.90 and a 1 year high of $197.90.

Circle Internet Group (NYSE:CRCL) last released its quarterly earnings results on Monday, May 11th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.06). The firm had revenue of $694.13 million for the quarter. Circle Internet Group had a negative net margin of 2.76% and a positive return on equity of 2.89%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts expect that Circle Internet Group, Inc. will post 0.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRCL has been the topic of a number of research reports. Mizuho reaffirmed an “underperform” rating and set a $50.00 target price (down from $85.00) on shares of Circle Internet Group in a research note on Tuesday, July 14th. Wall Street Zen lowered shares of Circle Internet Group from a “hold” rating to a “sell” rating in a report on Saturday, April 11th. The Goldman Sachs Group cut their target price on Circle Internet Group from $111.00 to $96.00 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Robert W. Baird reduced their target price on Circle Internet Group from $138.00 to $100.00 and set an “outperform” rating for the company in a research note on Monday, July 13th. Finally, Compass Point set a $62.00 price target on shares of Circle Internet Group in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $113.25.

Circle Internet Group Profile

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.