Pinterest (NYSE:PINS) Coverage Initiated at Oppenheimer

Equities research analysts at Oppenheimer assumed coverage on shares of Pinterest (NYSE:PINS) in a research note issued on Tuesday, Marketbeat reports. The firm set an “outperform” rating and a $45.00 price target on the stock. Oppenheimer’s target price suggests a potential upside of 39.93% from the company’s current price.

Other research analysts also recently issued reports about the company. Wedbush reduced their target price on Pinterest from $46.00 to $37.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. reduced their target price on Pinterest from $44.00 to $38.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Citigroup reduced their price objective on Pinterest from $51.00 to $44.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Barclays reduced their price objective on Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Finally, Robert W. Baird reduced their price objective 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-three have issued a buy rating to the company. Based on data from MarketBeat.com, Pinterest has a consensus rating of “Moderate Buy” and a consensus price target of $42.87.

Pinterest Stock Up 1.6 %

Shares of NYSE PINS opened at $32.16 on Tuesday. The business’s 50 day moving average price is $32.01 and its 200 day moving average price is $36.66. The firm has a market cap of $22.07 billion, a P/E ratio of 153.15, a P/E/G ratio of 3.40 and a beta of 1.00. Pinterest has a 52 week low of $23.59 and a 52 week high of $45.19.

Pinterest (NYSE:PINS) last announced its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $853.68 million during the quarter, compared to the consensus estimate of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The business’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) EPS. As a group, research analysts expect that Pinterest will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On Pinterest

Hedge funds have recently bought and sold shares of the company. Brown Shipley& Co Ltd acquired a new position in Pinterest during the 2nd quarter worth about $25,000. Wellington Shields Capital Management LLC acquired a new position in Pinterest during the 2nd quarter worth about $26,000. Hexagon Capital Partners LLC lifted its stake in Pinterest by 157.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock worth $33,000 after acquiring an additional 459 shares in the last quarter. GAMMA Investing LLC lifted its stake in Pinterest by 113.4% during the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock worth $34,000 after acquiring an additional 405 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in Pinterest during the 2nd quarter worth about $35,000. Institutional investors and hedge funds 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.