Wedbush Reiterates “Outperform” Rating for Pinterest (NYSE:PINS)

Wedbush reiterated their outperform rating on shares of Pinterest (NYSE:PINS) in a research note published on Tuesday,RTT News reports. Wedbush currently has a $38.00 price target on the stock.

Other equities analysts have also issued research reports about the company. Oppenheimer cut their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 price objective on shares of Pinterest in a research note on Tuesday, December 10th. KeyCorp decreased their target price on shares of Pinterest from $39.00 to $37.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. TD Cowen started coverage on Pinterest in a report on Tuesday, November 26th. They set a “buy” rating and a $38.00 price objective for the company. Finally, Piper Sandler downgraded Pinterest from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $41.00 to $36.00 in a research note on Tuesday, December 10th. Nine analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.70.

Pinterest Stock Down 1.5 %

Pinterest stock opened at $32.97 on Tuesday. Pinterest has a twelve month low of $27.00 and a twelve month high of $45.19. The business has a fifty day moving average of $30.80 and a two-hundred day moving average of $31.82. The firm has a market cap of $22.28 billion, a P/E ratio of 109.89, a P/E/G ratio of 1.61 and a beta of 1.04.

Insider Buying and Selling

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total value of $118,733.60. Following the completion of the transaction, the chief accounting officer now directly owns 158,468 shares of the company’s stock, valued at $4,893,491.84. This represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the stock in a transaction dated Wednesday, November 27th. The shares were 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 directly owns 246,921 shares of the company’s stock, valued at $7,610,105.22. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 19,157 shares of company stock valued at $589,131. Company insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

A number of hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in Pinterest by 63.5% in the fourth quarter. GAMMA Investing LLC now owns 1,069 shares of the company’s stock worth $31,000 after acquiring an additional 415 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in Pinterest during the 3rd quarter valued at approximately $37,000. Crewe Advisors LLC grew its stake in Pinterest by 91.1% during the 3rd quarter. Crewe Advisors LLC now owns 1,154 shares of the company’s stock worth $37,000 after buying an additional 550 shares during the last quarter. True Wealth Design LLC increased its position in Pinterest by 8,261.1% in the third quarter. True Wealth Design LLC now owns 1,505 shares of the company’s stock worth $49,000 after buying an additional 1,487 shares during the period. Finally, Rakuten Securities Inc. lifted its stake in Pinterest by 44.2% in the third quarter. Rakuten Securities Inc. now owns 2,294 shares of the company’s stock valued at $74,000 after buying an additional 703 shares during the last quarter. 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.