Oppenheimer Issues Pessimistic Forecast for Pinterest (NYSE:PINS) Stock Price

Pinterest (NYSE:PINS) had its target price cut by research analysts at Oppenheimer from $45.00 to $40.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s price objective suggests a potential upside of 38.46% from the company’s current price.

PINS has been the subject of several other research reports. Susquehanna dropped their price objective on shares of Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a research note on Wednesday, July 31st. Wedbush raised their target price on shares of Pinterest from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company decreased their price objective on shares of Pinterest from $49.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. KeyCorp raised their target price on Pinterest from $43.00 to $45.00 and gave the company an “overweight” rating in a report on Wednesday, October 9th. Finally, Piper Sandler restated an “overweight” rating and set a $41.00 price objective (down from $45.00) on shares of Pinterest in a research report on Friday. Eight analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.96.

Pinterest Trading Down 14.9 %

Shares of PINS stock traded down $5.04 during trading hours on Friday, hitting $28.89. 19,992,107 shares of the company were exchanged, compared to its average volume of 9,337,825. The company has a market capitalization of $19.82 billion, a PE ratio of 107.00, a PEG ratio of 2.49 and a beta of 1.02. Pinterest has a 52 week low of $27.00 and a 52 week high of $45.19. The business has a 50 day moving average of $31.88 and a two-hundred day moving average of $36.36.

Insider Activity at Pinterest

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on 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 directly owns 297,351 shares in the company, valued at $9,729,324.72. The trade was 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 this hyperlink. In other news, CFO Donnelly Julia Brau sold 30,280 shares of the business’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 completion of the sale, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total transaction of $38,548.00. Following the completion of the sale, the director now owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Pinterest by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company’s stock valued at $1,988,110,000 after purchasing an additional 994,848 shares during the period. Baillie Gifford & Co. lifted its holdings in shares of Pinterest by 9.5% during the 2nd quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after buying an additional 880,398 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Pinterest by 2.2% during the 1st quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock valued at $283,592,000 after buying an additional 176,540 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Pinterest by 6.8% during 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 buying an additional 380,431 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Pinterest by 8.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock valued at $192,423,000 after buying an additional 460,708 shares during the period. 88.81% of the stock is currently owned by institutional investors.

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.