Franklin Resources Inc. Sells 1,153,093 Shares of Pinterest, Inc. (NYSE:PINS)

Franklin Resources Inc. cut its stake in Pinterest, Inc. (NYSE:PINS) by 11.9% in the 3rd quarter, Holdings Channel reports. The fund owned 8,524,285 shares of the company’s stock after selling 1,153,093 shares during the quarter. Franklin Resources Inc.’s holdings in Pinterest were worth $289,655,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Brown Shipley& Co Ltd purchased a new position in shares of Pinterest during the second quarter worth approximately $25,000. Wellington Shields Capital Management LLC purchased a new position in Pinterest in the 2nd quarter worth $26,000. Rothschild Investment LLC bought a new stake in Pinterest in the second quarter worth $35,000. V Square Quantitative Management LLC purchased a new stake in Pinterest during the third quarter valued at about $37,000. Finally, Crewe Advisors LLC grew its stake in shares of Pinterest by 91.1% during the third quarter. Crewe Advisors LLC now owns 1,154 shares of the company’s stock valued at $37,000 after buying an additional 550 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Down 0.6 %

Shares of PINS opened at $30.65 on Friday. Pinterest, Inc. has a 52 week low of $27.00 and a 52 week high of $45.19. The stock has a market cap of $20.71 billion, a P/E ratio of 102.17, a P/E/G ratio of 2.26 and a beta of 1.02. The business’s 50 day moving average price is $31.65 and its 200-day moving average price is $34.67.

Insider Buying and Selling at Pinterest

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total transaction of $118,733.60. Following the completion of the sale, the chief accounting officer now directly owns 158,468 shares in the company, valued at approximately $4,893,491.84. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total transaction of $365,586.84. Following the completion of the transaction, the insider now owns 246,921 shares in the company, valued at approximately $7,610,105.22. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,287 shares of company stock worth $1,547,820. 7.11% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on PINS. Robert W. Baird lowered their target price on Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. UBS Group dropped their price objective on Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, November 8th. TD Cowen began coverage on shares of Pinterest in a report on Tuesday, November 26th. They issued a “buy” rating and a $38.00 target price on the stock. Rosenblatt Securities lowered their price target on shares of Pinterest from $48.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.46.

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.