Pinterest (NYSE:PINS) Given Overweight Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Pinterest (NYSE:PINS) in a report released on Friday,Benzinga reports. The firm currently has a $41.00 target price on the stock, down from their prior target price of $45.00.

Several other equities research analysts have also commented on PINS. JPMorgan Chase & Co. reduced their price objective on Pinterest from $44.00 to $38.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Wells Fargo & Company cut their price target on Pinterest from $49.00 to $41.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Wolfe Research assumed coverage on Pinterest in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Pinterest in a report on Monday, September 23rd. They set a “buy” rating and a $43.00 price objective for the company. Finally, Citigroup dropped their price objective on shares of Pinterest from $51.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinterest presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.22.

Pinterest Price Performance

NYSE:PINS opened at $29.18 on Friday. The firm has a market capitalization of $20.02 billion, a price-to-earnings ratio of 97.27, a price-to-earnings-growth ratio of 2.25 and a beta of 1.02. Pinterest has a one year low of $27.00 and a one year high of $45.19. The business has a fifty day moving average price of $31.82 and a 200-day moving average price of $36.36.

Insiders Place Their Bets

In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, October 16th. The shares were 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 directly owns 33,686 shares in the company, valued at approximately $1,129,154.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction on Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. The trade was 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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Pinterest by 1.8% during the first 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 position in Pinterest by 9.5% during the second quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after purchasing an additional 880,398 shares during the period. Ontario Teachers Pension Plan Board lifted its position in Pinterest by 51.5% during the third quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock valued at $285,248,000 after purchasing an additional 2,996,750 shares during the period. Clearbridge Investments LLC lifted its position in Pinterest by 2.2% during the first quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock valued at $283,592,000 after purchasing an additional 176,540 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Pinterest by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock valued at $262,695,000 after purchasing an additional 380,431 shares during the period. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.