Forum Financial Management LP Acquires 5,090 Shares of Pinterest, Inc. $PINS

Forum Financial Management LP boosted its holdings in Pinterest, Inc. (NYSE:PINS) by 42.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,210 shares of the company’s stock after purchasing an additional 5,090 shares during the quarter. Forum Financial Management LP’s holdings in Pinterest were worth $617,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PINS. Truist Financial Corp boosted its position in shares of Pinterest by 15.6% during the 2nd quarter. Truist Financial Corp now owns 98,363 shares of the company’s stock valued at $3,527,000 after acquiring an additional 13,267 shares during the last quarter. Ninety One UK Ltd boosted its position in shares of Pinterest by 11.0% during the 2nd quarter. Ninety One UK Ltd now owns 6,689,112 shares of the company’s stock valued at $239,872,000 after acquiring an additional 661,757 shares during the last quarter. Aurora Investment Counsel bought a new position in shares of Pinterest during the 2nd quarter valued at approximately $1,934,000. Sequoia Financial Advisors LLC bought a new position in shares of Pinterest during the 1st quarter valued at approximately $235,000. Finally, Guild Investment Management Inc. boosted its position in shares of Pinterest by 47.5% during the 2nd quarter. Guild Investment Management Inc. now owns 34,955 shares of the company’s stock valued at $1,253,000 after acquiring an additional 11,250 shares during the last quarter. 88.81% of the stock is currently owned by institutional investors.

Pinterest Stock Performance

NYSE:PINS opened at $33.97 on Friday. The stock’s fifty day moving average is $34.50 and its 200 day moving average is $33.36. Pinterest, Inc. has a fifty-two week low of $23.68 and a fifty-two week high of $40.90. The firm has a market capitalization of $23.10 billion, a PE ratio of 12.18, a PEG ratio of 1.40 and a beta of 0.81.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. Pinterest had a return on equity of 8.44% and a net margin of 49.31%.The company had revenue of $665.93 million for the quarter. Equities analysts forecast that Pinterest, Inc. will post 0.6 EPS for the current year.

Insiders Place Their Bets

In other Pinterest news, Director Benjamin Silbermann sold 102,083 shares of the stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $34.86, for a total value of $3,558,613.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Andrea Acosta sold 3,759 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $34.96, for a total value of $131,414.64. Following the completion of the sale, the chief accounting officer owned 157,402 shares in the company, valued at approximately $5,502,773.92. The trade was a 2.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 640,236 shares of company stock worth $22,878,326. 7.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. KeyCorp increased their target price on Pinterest from $40.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Citigroup reiterated a “buy” rating and set a $50.00 target price (up from $44.00) on shares of Pinterest in a research report on Friday, August 8th. Wall Street Zen downgraded Pinterest from a “buy” rating to a “hold” rating in a research report on Saturday, October 4th. Stifel Nicolaus increased their target price on Pinterest from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Piper Sandler set a $40.00 price target on Pinterest in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Pinterest presently has a consensus rating of “Moderate Buy” and an average target price of $42.67.

About Pinterest

Pinterest, Inc operates as a visual search and discovery platform in the United States and internationally. Its platform allows people to find ideas, such as recipes, home and style inspiration, and others; and to search, save, and shop the ideas. The company was formerly known as Cold Brew Labs Inc and changed its name to Pinterest, Inc in April 2012.