Weiss Asset Management LP acquired a new position in shares of Pinterest, Inc. (NYSE:PINS – Free Report) during the first quarter, Holdings Channel.com reports. The institutional investor acquired 432,760 shares of the company’s stock, valued at approximately $7,937,000.
Several other hedge funds have also recently bought and sold shares of PINS. Norges Bank acquired a new position in shares of Pinterest in the 4th quarter valued at approximately $357,945,000. State Street Corp boosted its position in shares of Pinterest by 52.6% during the 4th quarter. State Street Corp now owns 21,492,169 shares of the company’s stock worth $556,432,000 after acquiring an additional 7,412,213 shares in the last quarter. Victory Capital Management Inc. increased its stake in Pinterest by 30.5% in the fourth quarter. Victory Capital Management Inc. now owns 26,808,870 shares of the company’s stock valued at $694,082,000 after acquiring an additional 6,258,628 shares during the last quarter. Renaissance Technologies LLC increased its stake in Pinterest by 271.1% in the first quarter. Renaissance Technologies LLC now owns 5,988,631 shares of the company’s stock valued at $109,831,000 after acquiring an additional 4,375,000 shares during the last quarter. Finally, Davis Selected Advisers raised its position in Pinterest by 49.5% during the fourth quarter. Davis Selected Advisers now owns 11,801,983 shares of the company’s stock valued at $305,554,000 after purchasing an additional 3,909,926 shares in the last quarter. 88.81% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on PINS. Evercore set a $27.00 price target on Pinterest in a research note on Tuesday, May 5th. Royal Bank Of Canada upped their price objective on Pinterest from $17.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Tuesday, May 5th. DA Davidson assumed coverage on Pinterest in a research note on Wednesday, July 8th. They issued a “buy” rating and a $26.00 price objective on the stock. Robert W. Baird lifted their target price on Pinterest from $20.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, May 5th. Finally, Rosenblatt Securities boosted their target price on Pinterest from $20.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. Seventeen equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Pinterest has a consensus rating of “Hold” and an average target price of $27.69.
Insider Activity
In other news, insider Wanjiku Juanita Walcott sold 27,337 shares of Pinterest stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $20.46, for a total transaction of $559,315.02. Following the sale, the insider directly owned 724,673 shares of the company’s stock, valued at approximately $14,826,809.58. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Benjamin Silbermann sold 46,875 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $22.63, for a total value of $1,060,781.25. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 323,845 shares of company stock valued at $6,836,065 over the last quarter. Corporate insiders own 8.09% of the company’s stock.
Pinterest Stock Performance
NYSE PINS opened at $22.18 on Friday. The firm’s fifty day moving average price is $21.20 and its two-hundred day moving average price is $20.68. The stock has a market cap of $12.43 billion, a PE ratio of 46.22, a PEG ratio of 1.26 and a beta of 0.89. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.23 and a current ratio of 4.23. Pinterest, Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $39.93.
Pinterest (NYSE:PINS – Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $965.84 million. Pinterest had a return on equity of 8.26% and a net margin of 7.64%.Pinterest’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the business posted $0.23 EPS. On average, equities analysts expect that Pinterest, Inc. will post 0.65 EPS for the current fiscal year.
Pinterest Profile
Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.
The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.
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Want to see what other hedge funds are holding PINS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinterest, Inc. (NYSE:PINS – Free Report).
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