Convergence Financial LLC Trims Stake in Coinbase Global, Inc. (NASDAQ:COIN)

Convergence Financial LLC cut its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 8.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,038 shares of the cryptocurrency exchange’s stock after selling 183 shares during the quarter. Convergence Financial LLC’s holdings in Coinbase Global were worth $506,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Armstrong Fleming & Moore Inc acquired a new position in shares of Coinbase Global in the 4th quarter valued at $233,000. National Pension Service raised its position in shares of Coinbase Global by 1.6% in the fourth quarter. National Pension Service now owns 269,936 shares of the cryptocurrency exchange’s stock worth $67,025,000 after acquiring an additional 4,290 shares during the period. JFG Wealth Management LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $215,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Coinbase Global during the 4th quarter worth about $71,000. Finally, Amalgamated Bank grew its position in shares of Coinbase Global by 4.7% during the 4th quarter. Amalgamated Bank now owns 13,118 shares of the cryptocurrency exchange’s stock valued at $3,257,000 after acquiring an additional 585 shares during the period. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on COIN shares. Keefe, Bruyette & Woods increased their price target on Coinbase Global from $255.00 to $305.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 18th. JMP Securities lifted their price target on shares of Coinbase Global from $400.00 to $475.00 and gave the company a “market outperform” rating in a research note on Friday, February 14th. Piper Sandler boosted their price target on shares of Coinbase Global from $285.00 to $310.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Bank of America decreased their price objective on shares of Coinbase Global from $363.00 to $311.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $311.56.

Insider Activity at Coinbase Global

In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 5,262 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $300.09, for a total transaction of $1,579,073.58. Following the transaction, the director now directly owns 10,417 shares in the company, valued at $3,126,037.53. This represents a 33.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Paul Grewal sold 10,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $305.71, for a total value of $3,057,100.00. Following the transaction, the insider now owns 69,407 shares of the company’s stock, valued at approximately $21,218,413.97. This represents a 12.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 226,091 shares of company stock worth $64,162,116. Company insiders own 23.43% of the company’s stock.

Coinbase Global Trading Up 0.2 %

Shares of COIN opened at $212.96 on Thursday. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $270.68 and a 200 day moving average price of $240.71. Coinbase Global, Inc. has a 12-month low of $146.12 and a 12-month high of $349.75. The firm has a market capitalization of $54.07 billion, a P/E ratio of 22.42 and a beta of 3.61.

Coinbase Global (NASDAQ:COIN) last posted its earnings results on Thursday, February 13th. The cryptocurrency exchange reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $2.93. Coinbase Global had a return on equity of 20.64% and a net margin of 39.34%. Sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current year.

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.