Pinterest (NYSE:PINS) Price Target Cut to $45.00

Pinterest (NYSE:PINS) had its price objective trimmed by Piper Sandler from $52.00 to $45.00 in a research report report published on Wednesday morning, Marketbeat.com reports. The firm currently has an overweight rating on the stock.

Several other research firms have also commented on PINS. Benchmark reaffirmed a hold rating on shares of Pinterest in a research report on Wednesday, May 1st. Wolfe Research assumed coverage on shares of Pinterest in a report on Tuesday, July 16th. They issued a peer perform rating on the stock. JPMorgan Chase & Co. decreased their price target on shares of Pinterest from $44.00 to $38.00 and set a neutral rating for the company in a research note on Wednesday. Citigroup dropped their price objective on shares of Pinterest from $51.00 to $44.00 and set a buy rating on the stock in a research note on Wednesday. Finally, BMO Capital Markets increased their target price on shares of Pinterest from $45.00 to $46.00 and gave the stock an outperform rating in a research note on Wednesday, May 1st. Eight research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, Pinterest has a consensus rating of Moderate Buy and an average price target of $42.71.

Pinterest Price Performance

Shares of NYSE:PINS opened at $29.10 on Wednesday. Pinterest has a 12 month low of $23.59 and a 12 month high of $45.19. The firm has a market capitalization of $19.88 billion, a P/E ratio of 138.58, a P/E/G ratio of 3.13 and a beta of 0.97. The company’s fifty day moving average price is $41.47 and its 200 day moving average price is $38.39.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The company had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. During the same quarter last year, the company posted ($0.04) earnings per share. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinterest will post 0.44 EPS for the current year.

Insider Transactions at Pinterest

In related news, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.90, for a total transaction of $168,795.50. Following the completion of the transaction, the chief accounting officer now directly owns 189,470 shares of the company’s stock, valued at $8,317,733. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Gokul Rajaram sold 1,934 shares of the firm’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 transaction of $81,711.50. Following the completion of the transaction, the director now directly owns 29,712 shares of the company’s stock, valued at approximately $1,255,332. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $43.90, for a total value of $168,795.50. Following the completion of the sale, the chief accounting officer now directly owns 189,470 shares in the company, valued at approximately $8,317,733. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock valued at $2,191,304 in the last quarter. 7.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinterest

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its holdings in Pinterest by 3,402.0% in the 4th quarter. International Assets Investment Management LLC now owns 80,266 shares of the company’s stock valued at $2,973,000 after purchasing an additional 77,974 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Pinterest by 55.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock valued at $6,477,000 after buying an additional 62,117 shares during the period. Corient Private Wealth LLC boosted its position in Pinterest by 56.7% during the fourth quarter. Corient Private Wealth LLC now owns 96,380 shares of the company’s stock worth $3,570,000 after acquiring an additional 34,876 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Pinterest by 13.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 447,148 shares of the company’s stock worth $15,598,000 after acquiring an additional 51,455 shares during the period. Finally, Contrarius Investment Management Ltd raised its holdings in Pinterest by 300.0% in the 4th quarter. Contrarius Investment Management Ltd now owns 1,722,412 shares of the company’s stock valued at $63,798,000 after acquiring an additional 1,291,854 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

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.