Pinterest (NYSE:PINS) Price Target Raised to $48.00 at Wells Fargo & Company

Pinterest (NYSE:PINS) had its price target raised by Wells Fargo & Company from $47.00 to $48.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

PINS has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price objective on Pinterest from $38.00 to $44.00 and gave the stock a neutral rating in a report on Wednesday. Argus upgraded Pinterest from a hold rating to a buy rating and set a $45.00 price objective on the stock in a report on Thursday, January 18th. Sanford C. Bernstein increased their price objective on Pinterest from $35.00 to $38.00 and gave the stock a market perform rating in a report on Wednesday. KeyCorp dropped their price objective on Pinterest from $48.00 to $40.00 and set an overweight rating on the stock in a report on Wednesday, April 24th. Finally, Royal Bank of Canada increased their price objective on Pinterest from $48.00 to $52.00 and gave the stock an outperform rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, Pinterest currently has an average rating of Moderate Buy and a consensus price target of $40.82.

Pinterest Price Performance

Shares of PINS opened at $40.40 on Wednesday. The company has a market capitalization of $27.43 billion, a price-to-earnings ratio of 192.39, a P/E/G ratio of 4.58 and a beta of 0.99. Pinterest has a fifty-two week low of $20.60 and a fifty-two week high of $41.60. The business’s 50-day moving average is $34.60 and its 200-day moving average is $34.40.

Pinterest (NYSE:PINS) last issued its earnings results on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The company had revenue of $981.26 million for the quarter, compared to the consensus estimate of $988.62 million. Pinterest had a return on equity of 6.08% and a net margin of 4.64%. Equities research analysts expect that Pinterest will post 0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pinterest news, insider Sabrina Ellis sold 24,410 shares of the 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 completion of the transaction, the insider now directly owns 500,504 shares in the company, valued at $17,762,886.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jeffrey D. Jordan sold 20,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $36.65, for a total value of $733,000.00. Following the completion of the sale, the director now directly owns 54,215 shares in the company, valued at $1,986,979.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sabrina Ellis sold 24,410 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total value 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 disclosure for this sale can be found here. Insiders sold 164,471 shares of company stock worth $5,773,431 over the last three months. 7.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinterest

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Pinterest in the 4th quarter valued at about $241,229,000. Wellington Management Group LLP lifted its holdings in Pinterest by 1,188.9% in the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after buying an additional 5,524,796 shares during the period. Fred Alger Management LLC lifted its holdings in Pinterest by 279,496.9% in the third quarter. Fred Alger Management LLC now owns 4,672,065 shares of the company’s stock valued at $126,286,000 after buying an additional 4,670,394 shares during the period. Ameriprise Financial Inc. lifted its holdings in Pinterest by 43.9% in the third quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company’s stock valued at $300,639,000 after buying an additional 3,390,924 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Pinterest by 128.2% in the first quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after buying an additional 3,134,776 shares during the period. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.