Point72 Hong Kong Ltd Decreases Stock Holdings in Pinterest, Inc. (NYSE:PINS)

Point72 Hong Kong Ltd cut its holdings in Pinterest, Inc. (NYSE:PINS) by 48.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,252 shares of the company’s stock after selling 10,682 shares during the period. Point72 Hong Kong Ltd’s holdings in Pinterest were worth $364,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PINS. True Wealth Design LLC increased its position in shares of Pinterest by 8,261.1% during the 3rd quarter. True Wealth Design LLC now owns 1,505 shares of the company’s stock valued at $49,000 after purchasing an additional 1,487 shares during the last quarter. Maverick Capital Ltd. boosted its stake in Pinterest by 47.6% during the third quarter. Maverick Capital Ltd. now owns 57,180 shares of the company’s stock worth $1,851,000 after buying an additional 18,430 shares during the period. JAT Capital Mgmt LP increased its position in Pinterest by 123.4% during the third quarter. JAT Capital Mgmt LP now owns 701,500 shares of the company’s stock valued at $22,708,000 after acquiring an additional 387,500 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Pinterest by 8.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,540,152 shares of the company’s stock valued at $49,855,000 after acquiring an additional 119,367 shares during the period. Finally, Southpoint Capital Advisors LP bought a new stake in shares of Pinterest in the 3rd quarter worth about $123,006,000. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Rosenblatt Securities cut their price target on shares of Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 8th. TD Cowen assumed coverage on Pinterest in a research note on Tuesday, November 26th. They set a “buy” rating and a $38.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $48.00 price target on shares of Pinterest in a research note on Thursday, September 12th. Piper Sandler restated an “overweight” rating and set a $41.00 price objective (down previously from $45.00) on shares of Pinterest in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. reduced their target price on Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.65.

Pinterest Stock Performance

Shares of PINS stock opened at $30.42 on Tuesday. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19. The firm has a market capitalization of $20.56 billion, a price-to-earnings ratio of 101.40, a PEG ratio of 2.17 and a beta of 1.02. The stock’s 50-day simple moving average is $31.80 and its 200-day simple moving average is $35.26.

Insiders Place Their Bets

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.88, for a total transaction of $118,733.60. Following the sale, the chief accounting officer now owns 158,468 shares in the company, valued at approximately $4,893,491.84. The trade was a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total value of $365,586.84. Following the completion of the transaction, the insider now owns 246,921 shares of the company’s stock, valued at approximately $7,610,105.22. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,287 shares of company stock valued at $1,547,820. Insiders own 7.11% of the company’s stock.

Pinterest 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.