Piper Sandler Increases Coinbase Global (NASDAQ:COIN) Price Target to $310.00

Coinbase Global (NASDAQ:COIN) had its price target lifted by Piper Sandler from $285.00 to $310.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the cryptocurrency exchange’s stock.

COIN has been the topic of a number of other reports. Canaccord Genuity Group raised their price target on shares of Coinbase Global from $280.00 to $400.00 and gave the company a “buy” rating in a report on Friday. B. Riley assumed 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 for the company. The Goldman Sachs Group cut their target price on shares of Coinbase Global from $397.00 to $340.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Bank of America lifted their target price on shares of Coinbase Global from $196.00 to $214.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $330.00 price target on shares of Coinbase Global in a report on Thursday. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Coinbase Global has a consensus rating of “Moderate Buy” and an average price target of $301.17.

Coinbase Global Stock Performance

COIN opened at $274.31 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day simple moving average of $280.97 and a two-hundred day simple moving average of $238.16. Coinbase Global has a 1-year low of $146.12 and a 1-year high of $349.75. The firm has a market cap of $68.67 billion, a P/E ratio of 46.81 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share for the quarter, beating the consensus estimate of $0.46 by $2.93. Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. Equities analysts forecast that Coinbase Global will post 4.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brian Armstrong sold 58,269 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $328.00, for a total transaction of $19,112,232.00. Following the completion of the transaction, the chief executive officer now owns 526 shares in the company, valued at $172,528. The trade was a 99.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jennifer N. Jones sold 1,837 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $295.02, for a total value of $541,951.74. Following the transaction, the chief accounting officer now owns 1,160 shares of the company’s stock, valued at $342,223.20. This trade represents a 61.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 386,798 shares of company stock worth $114,707,944 in the last three months. 23.43% of the stock is owned by insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors and hedge funds have recently modified their holdings of COIN. RPg Family Wealth Advisory LLC acquired a new stake in shares of Coinbase Global during the third quarter worth $25,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $27,000. Atala Financial Inc purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $27,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Coinbase Global by 365.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 135 shares of the cryptocurrency exchange’s stock worth $34,000 after purchasing an additional 106 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Coinbase Global by 408.0% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 254 shares of the cryptocurrency exchange’s stock valued at $45,000 after acquiring an additional 204 shares during the last quarter. 68.84% of the stock is owned by institutional investors and hedge funds.

About Coinbase Global

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.