Sumitomo Mitsui Trust Group Inc. Decreases Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Sumitomo Mitsui Trust Group Inc. decreased its position in Coinbase Global, Inc. (NASDAQ:COIN) by 10.8% during the 4th quarter, Holdings Channel reports. The firm owned 2,854,409 shares of the cryptocurrency exchange’s stock after selling 346,697 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Coinbase Global were worth $708,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Coinbase Global by 365.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock valued at $34,000 after acquiring an additional 106 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in shares of Coinbase Global in the third quarter worth about $25,000. ORG Wealth Partners LLC purchased a new position in Coinbase Global during the 3rd quarter valued at about $32,000. Spirit of America Management Corp NY raised its position in Coinbase Global by 66.7% during the 4th quarter. Spirit of America Management Corp NY now owns 250 shares of the cryptocurrency exchange’s stock valued at $62,000 after purchasing an additional 100 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in Coinbase Global by 408.0% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock worth $45,000 after buying an additional 204 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

COIN has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $295.00 target price on shares of Coinbase Global in a research note on Tuesday, October 29th. Needham & Company LLC raised their target price on shares of Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. B. Riley started coverage on shares of Coinbase Global in a research report on Wednesday, October 23rd. They set a “neutral” rating and a $185.00 price target on the stock. Bank of America raised their price objective on shares of Coinbase Global from $196.00 to $214.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Oppenheimer reduced their target price on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $289.06.

Insider Activity

In other news, COO Emilie Choi sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $298.31, for a total value of $447,465.00. Following the transaction, the chief operating officer now owns 177,576 shares of the company’s stock, valued at $52,972,696.56. This trade represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 15,228 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $280.51, for a total value of $4,271,606.28. Following the transaction, the director now owns 10,417 shares of the company’s stock, valued at approximately $2,922,072.67. This trade represents a 59.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 401,798 shares of company stock valued at $119,826,444 in the last ninety days. 23.43% of the stock is currently owned by company insiders.

Coinbase Global Stock Performance

Shares of NASDAQ COIN opened at $270.37 on Friday. The firm’s 50-day moving average price is $285.66 and its 200-day moving average price is $236.83. Coinbase Global, Inc. has a 52-week low of $114.51 and a 52-week high of $349.75. The company has a market cap of $67.69 billion, a PE ratio of 46.14 and a beta of 3.61. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

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.