Principal Financial Group Inc. Has $43.74 Million Stock Holdings in Coinbase Global, Inc. $COIN

Principal Financial Group Inc. trimmed its holdings in Coinbase Global, Inc. (NASDAQ:COIN) by 1.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 250,495 shares of the cryptocurrency exchange’s stock after selling 4,111 shares during the quarter. Principal Financial Group Inc.’s holdings in Coinbase Global were worth $43,739,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of COIN. Formidable Asset Management LLC boosted its holdings in Coinbase Global by 2.2% in the fourth quarter. Formidable Asset Management LLC now owns 2,074 shares of the cryptocurrency exchange’s stock worth $469,000 after purchasing an additional 44 shares in the last quarter. L2 Asset Management LLC increased its position in Coinbase Global by 5.0% during the third quarter. L2 Asset Management LLC now owns 965 shares of the cryptocurrency exchange’s stock worth $326,000 after buying an additional 46 shares during the last quarter. Ancora Advisors LLC raised its holdings in Coinbase Global by 4.5% during the third quarter. Ancora Advisors LLC now owns 1,174 shares of the cryptocurrency exchange’s stock valued at $396,000 after buying an additional 51 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of Coinbase Global by 1.1% in the first quarter. Fulton Bank N.A. now owns 4,942 shares of the cryptocurrency exchange’s stock worth $863,000 after buying an additional 53 shares during the last quarter. Finally, SRH Advisors LLC lifted its position in shares of Coinbase Global by 10.1% in the fourth quarter. SRH Advisors LLC now owns 600 shares of the cryptocurrency exchange’s stock worth $136,000 after buying an additional 55 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.

Insider Activity at Coinbase Global

In other Coinbase Global news, CAO Jennifer N. Jones sold 2,051 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $158.15, for a total value of $324,365.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 10,000 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $181.54, for a total transaction of $1,815,400.00. Following the transaction, the director owned 30,000 shares in the company, valued at approximately $5,446,200. The trade was a 25.00% 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. Insiders have sold 30,627 shares of company stock valued at $5,327,841 in the last 90 days. 16.66% of the stock is owned by company insiders.

Coinbase Global Price Performance

Shares of NASDAQ:COIN opened at $157.12 on Friday. The company has a market cap of $41.39 billion, a price-to-earnings ratio of 59.07, a PEG ratio of 10.22 and a beta of 3.35. The business has a 50 day moving average price of $170.41 and a 200 day moving average price of $187.07. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.44. Coinbase Global, Inc. has a twelve month low of $139.18 and a twelve month high of $444.64.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was down 30.5% on a year-over-year basis. Research analysts predict that Coinbase Global, Inc. will post 1.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Coinbase Global from $252.00 to $290.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Bank of America decreased their target price on Coinbase Global from $288.00 to $234.00 in a research report on Thursday, April 2nd. Wolfe Research set a $325.00 price target on shares of Coinbase Global in a research report on Thursday, July 9th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 17th. Finally, Piper Sandler decreased their price objective on shares of Coinbase Global from $170.00 to $155.00 and set a “neutral” rating for the company in a report on Wednesday. Eighteen research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $245.39.

Key Coinbase Global News

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase continues to benefit from progress on U.S. crypto regulation, including movement on the CLARITY Act and supportive comments from Coinbase policy leaders, which could improve long-term market structure and expand institutional adoption. Coinbase Policy Chief Calls CLARITY Act a ‘Dramatic Advance’: Here’s What Comes Next in the Senate
• Positive Sentiment: JPMorgan kept an Overweight rating on Coinbase even while cutting its price target, signaling that Wall Street still sees upside potential despite the pullback in expectations. JPMorgan slashes Coinbase price target
• Positive Sentiment: Coinbase joined a large stablecoin alliance and remains seen as a key player in new crypto payment and infrastructure initiatives, which could support future growth beyond spot trading. Coinbase Just Joined a 140-Company Stablecoin Alliance. Here’s What It Means for the Stock.

Coinbase Global Profile

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.