Q2 2024 Earnings Estimate for Pinterest, Inc. (NYSE:PINS) Issued By Wedbush

Pinterest, Inc. (NYSE:PINS) – Investment analysts at Wedbush upped their Q2 2024 earnings per share estimates for Pinterest in a note issued to investors on Wednesday, May 1st. Wedbush analyst S. Devitt now anticipates that the company will post earnings per share of $0.04 for the quarter, up from their prior forecast of $0.03. Wedbush currently has a “Neutral” rating and a $44.00 target price on the stock. The consensus estimate for Pinterest’s current full-year earnings is $0.43 per share. Wedbush also issued estimates for Pinterest’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $0.56 EPS and FY2025 earnings at $0.85 EPS.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The company had revenue of $981.26 million during the quarter, compared to analysts’ expectations of $988.62 million.

Several other research firms have also recently weighed in on PINS. Loop Capital upped their price objective on Pinterest from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday. Rosenblatt Securities reiterated a “buy” rating and issued a $48.00 price objective (up from $45.00) on shares of Pinterest in a report on Wednesday, May 1st. Stifel Nicolaus raised their target price on shares of Pinterest from $42.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Susquehanna boosted their price target on shares of Pinterest from $35.00 to $45.00 and gave the stock a “positive” rating in a research report on Friday, February 9th. Finally, Evercore ISI raised their price objective on Pinterest from $45.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.26.

Pinterest Trading Up 2.4 %

PINS stock opened at $41.38 on Monday. The stock has a 50-day moving average price of $34.90 and a two-hundred day moving average price of $34.68. Pinterest has a 1 year low of $20.88 and a 1 year high of $41.60. The stock has a market cap of $28.27 billion, a PE ratio of 197.06, a price-to-earnings-growth ratio of 4.02 and a beta of 0.99.

Institutional Trading of Pinterest

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Pinterest in the fourth quarter valued at approximately $241,229,000. Wellington Management Group LLP increased its position in shares of Pinterest by 1,188.9% during the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock worth $221,850,000 after buying an additional 5,524,796 shares during the period. Fred Alger Management LLC raised its stake in Pinterest by 279,496.9% during the third quarter. Fred Alger Management LLC now owns 4,672,065 shares of the company’s stock worth $126,286,000 after buying an additional 4,670,394 shares during the last quarter. 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 boosted its position in Pinterest by 128.2% during 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 acquiring an additional 3,134,776 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

Insiders Place Their Bets

In other Pinterest news, insider Sabrina Ellis sold 24,410 shares of Pinterest stock in a transaction dated 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 in the company, valued at approximately $17,762,886.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Sabrina Ellis sold 24,410 shares of the stock in a transaction that occurred 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 sale, the insider now owns 500,504 shares of the company’s stock, valued at $17,762,886.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Donnelly Julia Brau sold 65,972 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $34.42, for a total value of $2,270,756.24. Following the sale, the chief financial officer now owns 392,829 shares of the company’s stock, valued at $13,521,174.18. The disclosure for this sale can be found here. Insiders have sold 164,471 shares of company stock worth $5,773,431 in the last 90 days. Company insiders own 7.11% of the company’s stock.

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.