Pinterest (NYSE:PINS) Shares Gap Up to $34.97

Pinterest, Inc. (NYSE:PINS)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $34.97, but opened at $36.73. Pinterest shares last traded at $36.64, with a volume of 3,857,990 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on PINS shares. Susquehanna upped their target price on shares of Pinterest from $35.00 to $45.00 and gave the company a “positive” rating in a report on Friday, February 9th. Argus upgraded shares of Pinterest from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Thursday, January 18th. BMO Capital Markets started coverage on shares of Pinterest in a report on Tuesday, January 9th. They issued an “outperform” rating and a $45.00 target price on the stock. Wedbush upped their target price on shares of Pinterest from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, February 9th. Finally, Piper Sandler restated an “overweight” rating and issued a $48.00 target price on shares of Pinterest in a report on Tuesday. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $37.80.

Pinterest Price Performance

The company’s 50-day simple moving average is $36.27 and its 200-day simple moving average is $33.14.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. Pinterest had a negative net margin of 1.17% and a positive return on equity of 3.83%. The business had revenue of $981.26 million during the quarter, compared to the consensus estimate of $988.62 million. Equities research analysts forecast that Pinterest, Inc. will post 0.36 EPS for the current fiscal year.

Insider Transactions at Pinterest

In other news, insider Sabrina Ellis sold 24,410 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total transaction of $866,310.90. Following the completion of the sale, the insider now owns 500,504 shares of the company’s stock, valued at $17,762,886.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Sabrina Ellis sold 24,410 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total transaction of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares in the company, valued at $17,762,886.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Donnelly Julia Brau sold 65,972 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $34.42, for a total value of $2,270,756.24. Following the transaction, the chief financial officer now owns 392,829 shares in the company, valued at $13,521,174.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 154,250 shares of company stock valued at $5,484,246. 6.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

A number of hedge funds have recently added to or reduced their stakes in the stock. Napatree Capital LLC bought a new stake in Pinterest in the fourth quarter valued at $568,000. Quadrature Capital Ltd bought a new stake in Pinterest in the fourth quarter valued at $7,021,000. PNC Financial Services Group Inc. lifted its stake in Pinterest by 17.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,451 shares of the company’s stock valued at $572,000 after buying an additional 2,285 shares during the last quarter. Vanguard Group Inc. lifted its stake in Pinterest by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 56,348,952 shares of the company’s stock valued at $2,087,165,000 after buying an additional 1,439,595 shares during the last quarter. Finally, ICA Group Wealth Management LLC bought a new stake in shares of Pinterest during the fourth quarter valued at about $68,000. 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.