Franklin Resources Inc. Has $85.25 Million Stock Holdings in Coinbase Global, Inc. (NASDAQ:COIN)

Franklin Resources Inc. grew its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 614.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 343,348 shares of the cryptocurrency exchange’s stock after buying an additional 295,313 shares during the period. Franklin Resources Inc.’s holdings in Coinbase Global were worth $85,253,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wingate Wealth Advisors Inc. acquired a new position in Coinbase Global in the fourth quarter valued at about $27,000. Atala Financial Inc bought a new stake in shares of Coinbase Global in the 4th quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Coinbase Global by 365.5% in the 4th 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. Cullen Frost Bankers Inc. bought a new position in Coinbase Global during the 4th quarter worth approximately $50,000. Finally, Bogart Wealth LLC grew its holdings in Coinbase Global by 252.5% during the fourth quarter. Bogart Wealth LLC now owns 208 shares of the cryptocurrency exchange’s stock valued at $52,000 after purchasing an additional 149 shares during the period. 68.84% of the stock is currently owned by institutional investors.

Coinbase Global Price Performance

NASDAQ:COIN opened at $170.76 on Friday. Coinbase Global, Inc. has a 52-week low of $146.12 and a 52-week high of $349.75. The company has a market cap of $43.35 billion, a P/E ratio of 17.97 and a beta of 3.66. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.28 and a current ratio of 2.28. The stock’s 50-day simple moving average is $229.74 and its 200 day simple moving average is $242.05.

Coinbase Global (NASDAQ:COIN) last announced its quarterly earnings data on Thursday, February 13th. The cryptocurrency exchange reported $3.39 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts forecast that Coinbase Global, Inc. will post 7.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

COIN has been the topic of a number of recent analyst reports. Barclays lifted their price target on shares of Coinbase Global from $282.00 to $328.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $330.00 target price on shares of Coinbase Global in a research note on Thursday, February 13th. The Goldman Sachs Group began coverage on Coinbase Global in a report on Thursday, March 20th. They issued a “neutral” rating and a $195.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $350.00 price objective on shares of Coinbase Global in a research report on Friday, February 21st. Finally, Mizuho dropped their target price on shares of Coinbase Global from $280.00 to $217.00 and set a “neutral” rating on the stock in a report on Tuesday, March 11th. Seven equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $314.72.

Insiders Place Their Bets

In related news, Director Frederick Ernest Ehrsam III sold 22,842 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $281.94, for a total transaction of $6,440,073.48. Following the transaction, the director now directly owns 10,417 shares of the company’s stock, valued at approximately $2,936,968.98. The trade was a 68.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul Grewal sold 10,978 shares of the firm’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $211.93, for a total value of $2,326,567.54. Following the sale, the insider now directly owns 83,313 shares of the company’s stock, valued at $17,656,524.09. This represents a 11.64 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 190,609 shares of company stock valued at $52,238,258. 23.43% of the stock is currently owned by corporate insiders.

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.