Pinterest (NYSE:PINS) Shares Gap Down Following Analyst Downgrade

Shares of Pinterest, Inc. (NYSE:PINS) gapped down before the market opened on Thursday after KeyCorp lowered their price target on the stock from $48.00 to $40.00. The stock had previously closed at $32.85, but opened at $31.07. KeyCorp currently has an overweight rating on the stock. Pinterest shares last traded at $31.97, with a volume of 4,482,310 shares traded.

PINS has been the topic of a number of other reports. Susquehanna lifted their target price on shares of Pinterest from $35.00 to $45.00 and gave the stock a “positive” rating in a research note on Friday, February 9th. Evercore ISI lifted their target price on shares of Pinterest from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. JPMorgan Chase & Co. lifted their target price on shares of Pinterest from $34.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Wedbush boosted their price target on shares of Pinterest from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Finally, Roth Mkm boosted their price target on shares of Pinterest from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, February 9th. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.68.

Insiders Place Their Bets

In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $33.34, for a total transaction of $64,479.56. Following the completion of the transaction, the director now owns 31,646 shares in the company, valued at approximately $1,055,077.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $33.34, for a total transaction of $64,479.56. Following the completion of the transaction, the director now owns 31,646 shares in the company, valued at approximately $1,055,077.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 65,972 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $34.42, for a total transaction of $2,270,756.24. Following the transaction, the chief financial officer now owns 392,829 shares of the company’s stock, valued at approximately $13,521,174.18. The disclosure for this sale can be found here. Insiders sold 184,471 shares of company stock worth $6,525,231 in the last 90 days. Corporate insiders own 6.85% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PINS. Norges Bank purchased a new position in Pinterest during the 4th quarter worth $241,229,000. Wellington Management Group LLP increased its holdings in shares of Pinterest by 1,188.9% in the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after purchasing an additional 5,524,796 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of Pinterest by 279,496.9% in the 3rd quarter. Fred Alger Management LLC now owns 4,672,065 shares of the company’s stock valued at $126,286,000 after purchasing an additional 4,670,394 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Pinterest by 43.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company’s stock valued at $300,639,000 after purchasing an additional 3,390,924 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Pinterest by 128.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after purchasing an additional 3,134,776 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Stock Performance

The stock’s fifty day moving average price is $34.61 and its 200-day moving average price is $34.15. The firm has a market cap of $22.16 billion, a PE ratio of -543.91, a P/E/G ratio of 4.53 and a beta of 0.99.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $981.26 million for the quarter, compared to analysts’ expectations of $988.62 million. Pinterest had a negative net margin of 1.17% and a positive return on equity of 3.83%. Sell-side analysts forecast that Pinterest, Inc. will post 0.36 earnings per share for the current fiscal year.

Pinterest Company 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.