JPMorgan Chase & Co. Cuts Pinterest (NYSE:PINS) Price Target to $36.00

Pinterest (NYSE:PINS) had its price target lowered by JPMorgan Chase & Co. from $44.00 to $36.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. Royal Bank Of Canada cut their price target on shares of Pinterest from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Wednesday. Cowen reaffirmed a “buy” rating on shares of Pinterest in a research note on Friday, August 8th. Monness Crespi & Hardt cut shares of Pinterest from a “buy” rating to a “neutral” rating in a research report on Wednesday. BMO Capital Markets decreased their price target on shares of Pinterest from $41.00 to $35.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Sanford C. Bernstein lowered their price objective on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Pinterest has a consensus rating of “Moderate Buy” and a consensus price target of $39.55.

Pinterest Stock Up 2.9%

Shares of Pinterest stock opened at $27.06 on Wednesday. The business has a fifty day simple moving average of $33.58 and a 200 day simple moving average of $33.79. The stock has a market cap of $18.40 billion, a PE ratio of 9.39, a price-to-earnings-growth ratio of 1.37 and a beta of 0.96. Pinterest has a 12 month low of $23.68 and a 12 month high of $40.90.

Pinterest (NYSE:PINS) last issued its earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $665.93 million for the quarter. Pinterest had a return on equity of 8.20% and a net margin of 48.99%. Analysts expect that Pinterest will post 0.6 EPS for the current fiscal year.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 22,821 shares of the company’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $34.85, for a total value of $795,311.85. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $35.00, for a total value of $40,250.00. Following the transaction, the director owned 30,600 shares of the company’s stock, valued at approximately $1,071,000. This trade represents a 3.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 640,236 shares of company stock valued at $22,878,326. 7.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PINS. Vanguard Group Inc. lifted its stake in Pinterest by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 60,986,423 shares of the company’s stock valued at $1,961,933,000 after acquiring an additional 3,044,674 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Pinterest by 25.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after acquiring an additional 6,460,143 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Pinterest by 15.0% in the second quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company’s stock valued at $638,969,000 after purchasing an additional 2,319,964 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Pinterest by 4.4% in the second quarter. Franklin Resources Inc. now owns 16,862,033 shares of the company’s stock worth $604,673,000 after purchasing an additional 718,105 shares in the last quarter. Finally, Amundi boosted its holdings 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 purchasing an additional 12,271,958 shares during the last quarter. 88.81% of the stock is currently owned by institutional investors.

Pinterest Company Profile

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.