ARK Investment Management LLC Buys 38,820 Shares of Pinterest, Inc. (NYSE:PINS)

ARK Investment Management LLC grew its position in shares of Pinterest, Inc. (NYSE:PINS) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,368,549 shares of the company’s stock after purchasing an additional 38,820 shares during the quarter. Pinterest comprises approximately 1.3% of ARK Investment Management LLC’s investment portfolio, making the stock its 23rd largest position. ARK Investment Management LLC owned approximately 0.64% of Pinterest worth $141,410,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. 1832 Asset Management L.P. acquired a new stake in Pinterest in the second quarter worth $98,655,000. Ninety One UK Ltd boosted its position in shares of Pinterest by 44.6% during the 2nd quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock worth $239,991,000 after purchasing an additional 1,679,348 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Pinterest by 31.6% in the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock valued at $248,793,000 after buying an additional 1,356,459 shares during the period. AMI Asset Management Corp bought a new stake in Pinterest in the 2nd quarter valued at about $57,569,000. Finally, American Century Companies Inc. raised its stake in Pinterest by 57.6% during the 2nd quarter. American Century Companies Inc. now owns 3,042,065 shares of the company’s stock worth $134,064,000 after buying an additional 1,112,163 shares during the period. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Stock Up 0.5 %

Pinterest stock opened at $33.93 on Friday. The stock has a market cap of $23.28 billion, a price-to-earnings ratio of 125.67, a PEG ratio of 2.49 and a beta of 1.02. The business has a 50-day simple moving average of $31.88 and a 200 day simple moving average of $36.36. Pinterest, Inc. has a 52 week low of $27.00 and a 52 week high of $45.19.

Insider Activity

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 sale, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the transaction, the director now directly owns 33,686 shares in the company, valued at approximately $1,129,154.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.11% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PINS. KeyCorp boosted their price objective on Pinterest from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Wedbush lowered their price objective on shares of Pinterest from $46.00 to $37.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Susquehanna reduced their price objective on shares of Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a report on Wednesday, July 31st. Piper Sandler restated an “overweight” rating and issued a $45.00 target price on shares of Pinterest in a report on Friday, September 13th. Finally, Robert W. Baird cut their price target on Pinterest from $44.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.56.

Pinterest Company Profile

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.