Magnetar Financial LLC Invests $983,000 in Pinterest, Inc. (NYSE:PINS)

Magnetar Financial LLC purchased a new position in shares of Pinterest, Inc. (NYSE:PINS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 28,367 shares of the company’s stock, valued at approximately $983,000.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of Pinterest during the 4th quarter worth $27,000. Rakuten Securities Inc. purchased a new position in Pinterest during the 4th quarter valued at about $30,000. Washington Trust Advisors Inc. boosted its holdings in Pinterest by 46.0% during the 4th quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock valued at $38,000 after acquiring an additional 326 shares during the period. Quent Capital LLC boosted its holdings in Pinterest by 71.2% during the 1st quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock valued at $38,000 after acquiring an additional 460 shares during the period. Finally, Harvest Fund Management Co. Ltd purchased a new position in Pinterest during the 4th quarter valued at about $43,000. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company raised their target price on Pinterest from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Tuesday, June 25th. Loop Capital raised their target price on Pinterest from $43.00 to $49.00 and gave the company a “buy” rating in a report on Monday, May 6th. Morgan Stanley raised their target price on Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Stifel Nicolaus raised their target price on Pinterest from $42.00 to $46.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, Royal Bank of Canada increased their price target on Pinterest from $48.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, May 1st. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, Pinterest presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.60.

Pinterest Price Performance

Shares of NYSE PINS traded down $0.33 during midday trading on Friday, hitting $37.55. 10,960,656 shares of the company’s stock were exchanged, compared to its average volume of 6,675,600. Pinterest, Inc. has a twelve month low of $23.59 and a twelve month high of $45.19. The company has a market cap of $25.65 billion, a PE ratio of 178.82, a P/E/G ratio of 3.66 and a beta of 0.97. The firm’s fifty day simple moving average is $42.30 and its 200-day simple moving average is $38.53.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The company had revenue of $739.98 million during the quarter, compared to analysts’ expectations of $699.96 million. Equities analysts anticipate that Pinterest, Inc. will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling at Pinterest

In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the completion of the sale, the director now owns 29,712 shares in the company, valued at $1,255,332. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Wanjiku Juanita Walcott sold 11,627 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total value of $481,590.34. Following the transaction, the insider now owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $42.25, for a total value of $81,711.50. Following the completion of the transaction, the director now directly owns 29,712 shares in the company, valued at approximately $1,255,332. The disclosure for this sale can be found here. Over the last quarter, insiders sold 50,250 shares of company stock worth $2,191,304. 7.11% of the stock is owned by insiders.

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.