Pinterest (NYSE:PINS) Given New $46.00 Price Target at Wedbush

Pinterest (NYSE:PINS) had its price target upped by Wedbush from $38.00 to $46.00 in a report published on Friday, Marketbeat.com reports. The firm currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company lifted their price target on Pinterest from $39.00 to $47.00 and gave the company an “overweight” rating in a report on Friday. Benchmark upgraded Pinterest from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Friday. Monness Crespi & Hardt raised shares of Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Friday, January 10th. Piper Sandler reissued a “neutral” rating and set a $41.00 target price (up from $36.00) on shares of Pinterest in a report on Friday. Finally, Raymond James lifted their price objective on Pinterest from $34.00 to $42.00 and gave the company an “outperform” rating in a report on Friday. Eight investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat.com, Pinterest presently has an average rating of “Moderate Buy” and an average target price of $43.86.

Pinterest Price Performance

PINS stock opened at $40.02 on Friday. The stock has a market capitalization of $27.04 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.72 and a beta of 1.06. The company has a 50-day moving average of $31.23 and a two-hundred day moving average of $31.57. Pinterest has a 52-week low of $27.00 and a 52-week high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.30). Pinterest had a net margin of 51.07% and a return on equity of 9.20%. Equities analysts expect that Pinterest will post 0.59 EPS for the current fiscal year.

Insider Activity

In related news, insider Wanjiku Juanita Walcott sold 11,862 shares of the business’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 directly owns 246,921 shares in the company, valued at approximately $7,610,105.22. The trade was a 4.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $29.73, for a total transaction of $34,189.50. Following the transaction, the director now owns 32,536 shares in the company, valued at approximately $967,295.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,157 shares of company stock valued at $589,131 over the last ninety days. 7.11% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinterest

Several institutional investors have recently added to or reduced their stakes in the company. Founders Financial Alliance LLC grew its position in Pinterest by 5.9% in the fourth quarter. Founders Financial Alliance LLC now owns 10,056 shares of the company’s stock worth $292,000 after acquiring an additional 560 shares in the last quarter. Clare Market Investments LLC purchased a new position in shares of Pinterest in the 4th quarter worth approximately $252,000. Independent Advisor Alliance lifted its position in Pinterest by 26.3% in the fourth quarter. Independent Advisor Alliance now owns 10,916 shares of the company’s stock worth $317,000 after buying an additional 2,274 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Pinterest by 2.1% during the fourth quarter. Daiwa Securities Group Inc. now owns 65,496 shares of the company’s stock worth $1,900,000 after buying an additional 1,335 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Pinterest by 167.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 331,899 shares of the company’s stock valued at $9,625,000 after acquiring an additional 207,917 shares during the period. Hedge funds and other institutional investors own 88.81% of the company’s stock.

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.