BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Cuts Stake in Pinterest, Inc. (NYSE:PINS)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 12.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 100,005 shares of the company’s stock after selling 14,013 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Pinterest were worth $3,237,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Maverick Capital Ltd. boosted its stake in Pinterest by 47.6% in the 3rd quarter. Maverick Capital Ltd. now owns 57,180 shares of the company’s stock worth $1,851,000 after purchasing an additional 18,430 shares in the last quarter. JAT Capital Mgmt LP raised its holdings in shares of Pinterest by 123.4% in the third quarter. JAT Capital Mgmt LP now owns 701,500 shares of the company’s stock worth $22,708,000 after buying an additional 387,500 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Pinterest by 8.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,540,152 shares of the company’s stock worth $49,855,000 after buying an additional 119,367 shares during the period. Southpoint Capital Advisors LP purchased a new stake in shares of Pinterest during the third quarter valued at $123,006,000. Finally, Captrust Financial Advisors increased its position in shares of Pinterest by 23.9% in the 3rd quarter. Captrust Financial Advisors now owns 50,406 shares of the company’s stock valued at $1,632,000 after acquiring an additional 9,730 shares during the period. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Insider Activity

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total transaction of $118,733.60. Following the sale, the chief accounting officer now owns 158,468 shares of the company’s stock, valued at $4,893,491.84. The trade was a 2.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,287 shares of company stock worth $1,547,820 over the last 90 days. 7.11% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on PINS. TD Cowen initiated coverage on Pinterest in a research report on Tuesday, November 26th. They set a “buy” rating and a $38.00 price target for the company. Robert W. Baird decreased their target price on Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Roth Mkm cut their price target on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Pinterest in a research report on Monday, September 23rd. They set a “buy” rating and a $43.00 price target for the company. Finally, Raymond James dropped their price objective on shares of Pinterest from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.65.

Pinterest Stock Performance

Shares of NYSE PINS opened at $31.32 on Wednesday. The firm has a fifty day moving average of $31.80 and a 200 day moving average of $35.18. The firm has a market cap of $21.16 billion, a PE ratio of 104.39, a PEG ratio of 2.18 and a beta of 1.02. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19.

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.