Primecap Management Co. CA Sells 46,750 Shares of Pinterest, Inc. (NYSE:PINS)

Primecap Management Co. CA trimmed its stake in Pinterest, Inc. (NYSE:PINS) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,037,300 shares of the company’s stock after selling 46,750 shares during the period. Primecap Management Co. CA’s holdings in Pinterest were worth $130,687,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PINS. Baillie Gifford & Co. lifted its holdings in Pinterest by 9.5% in the second quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock worth $445,818,000 after buying an additional 880,398 shares during the period. Ontario Teachers Pension Plan Board raised its position in shares of Pinterest by 51.5% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock worth $285,248,000 after acquiring an additional 2,996,750 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Pinterest by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock valued at $262,695,000 after purchasing an additional 380,431 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Pinterest by 8.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock valued at $192,423,000 after purchasing an additional 460,708 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Pinterest by 31.6% in the second quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock worth $248,793,000 after purchasing an additional 1,356,459 shares during the period. Institutional investors own 88.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Roth Mkm lowered their price objective on Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Wells Fargo & Company lowered their price target on shares of Pinterest from $49.00 to $41.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Barclays cut their price objective on shares of Pinterest from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Evercore ISI decreased their target price on shares of Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Finally, Piper Sandler reissued an “overweight” rating and issued a $41.00 price target (down from $45.00) on shares of Pinterest in a research report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Pinterest Price Performance

NYSE PINS opened at $29.31 on Friday. The stock has a market capitalization of $19.81 billion, a price-to-earnings ratio of 97.70, a PEG ratio of 2.13 and a beta of 1.02. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19. The business’s fifty day moving average price is $31.71 and its 200-day moving average price is $35.97.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the transaction, the chief financial officer now owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the sale, the director now directly owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,580 shares of company stock worth $1,063,499. 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.