Pinterest, Inc. $PINS Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Pinterest, Inc. (NYSE:PINS) by 5.3% during the second quarter, Holdings Channel reports. The fund owned 5,483,649 shares of the company’s stock after selling 309,885 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Pinterest were worth $196,644,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PINS. Amundi boosted its position in Pinterest by 618.9% during the first quarter. Amundi now owns 14,254,741 shares of the company’s stock worth $441,897,000 after acquiring an additional 12,271,958 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Pinterest by 25.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after purchasing an additional 6,460,143 shares during the period. Swedbank AB raised its stake in Pinterest by 344.0% during the first quarter. Swedbank AB now owns 5,839,485 shares of the company’s stock worth $181,024,000 after purchasing an additional 4,524,433 shares during the period. Pacer Advisors Inc. raised its stake in Pinterest by 4,673.9% during the first quarter. Pacer Advisors Inc. now owns 2,531,741 shares of the company’s stock worth $78,484,000 after purchasing an additional 2,478,708 shares during the period. Finally, Congress Asset Management Co. purchased a new position in Pinterest during the second quarter worth approximately $82,516,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Insider Activity at Pinterest

In other Pinterest news, Director Benjamin Silbermann sold 102,083 shares of the firm’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $34.86, for a total transaction of $3,558,613.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Donnelly Julia Brau sold 22,821 shares of the firm’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $34.85, for a total transaction of $795,311.85. Following the transaction, the chief financial officer directly owned 312,422 shares of the company’s stock, valued at approximately $10,887,906.70. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 640,236 shares of company stock valued at $22,878,326 in the last 90 days. 7.06% of the stock is currently owned by insiders.

Pinterest Trading Up 1.6%

PINS opened at $33.97 on Friday. The company has a fifty day simple moving average of $34.50 and a 200 day simple moving average of $33.36. The firm has a market cap of $23.10 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.40 and a beta of 0.81. Pinterest, Inc. has a twelve month low of $23.68 and a twelve month high of $40.90.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Guggenheim reaffirmed a “buy” rating on shares of Pinterest in a research note on Tuesday, September 2nd. TD Cowen increased their price target on shares of Pinterest from $40.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, July 15th. Morgan Stanley raised shares of Pinterest from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $37.00 to $45.00 in a research note on Monday, July 21st. Piper Sandler set a $40.00 price target on shares of Pinterest in a research note on Friday, August 8th. Finally, Barclays raised their target price on shares of Pinterest from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average 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.