Seaport Res Ptn Comments on Pinterest, Inc.’s Q2 2024 Earnings (NYSE:PINS)

Pinterest, Inc. (NYSE:PINS) – Seaport Res Ptn issued their Q2 2024 earnings estimates for Pinterest in a report released on Wednesday, May 1st. Seaport Res Ptn analyst A. Kessler anticipates that the company will post earnings per share of $0.03 for the quarter. The consensus estimate for Pinterest’s current full-year earnings is $0.43 per share. Seaport Res Ptn also issued estimates for Pinterest’s Q3 2024 earnings at $0.11 EPS, Q4 2024 earnings at $0.40 EPS and FY2024 earnings at $0.53 EPS.

Several other analysts have also recently commented on PINS. KeyCorp decreased their price objective on shares of Pinterest from $48.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. JPMorgan Chase & Co. upped their price target on shares of Pinterest from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Roth Mkm lifted their price objective on Pinterest from $38.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Piper Sandler raised their target price on Pinterest from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Finally, Wells Fargo & Company boosted their price target on Pinterest from $47.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, Pinterest has a consensus rating of “Moderate Buy” and a consensus price target of $41.26.

Pinterest Stock Up 2.4 %

Pinterest stock opened at $41.38 on Monday. Pinterest has a 52 week low of $20.88 and a 52 week high of $41.60. The stock has a 50-day moving average price of $34.90 and a 200 day moving average price of $34.68. The company has a market capitalization of $28.27 billion, a price-to-earnings ratio of 197.06, a price-to-earnings-growth ratio of 4.02 and a beta of 0.99.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Pinterest by 5.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 42,809 shares of the company’s stock valued at $1,157,000 after purchasing an additional 2,247 shares in the last quarter. Raymond James & Associates increased its stake in shares of Pinterest by 28.8% during the third quarter. Raymond James & Associates now owns 488,012 shares of the company’s stock worth $13,191,000 after buying an additional 109,223 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Pinterest by 31.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 112,753 shares of the company’s stock valued at $3,048,000 after acquiring an additional 27,087 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Pinterest by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 2,484,116 shares of the company’s stock worth $67,146,000 after acquiring an additional 39,431 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Pinterest by 9.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 109,903 shares of the company’s stock valued at $2,971,000 after purchasing an additional 9,689 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Donnelly Julia Brau sold 65,972 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 392,829 shares in the company, valued at $13,521,174.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Donnelly Julia Brau sold 65,972 shares of the company’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 value of $2,270,756.24. Following the completion of the sale, the chief financial officer now directly owns 392,829 shares in the company, valued at $13,521,174.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sabrina Ellis sold 24,410 shares of Pinterest stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total value of $866,310.90. Following the transaction, the insider now owns 500,504 shares in the company, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 164,471 shares of company stock worth $5,773,431. 7.11% of the stock is owned by corporate insiders.

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.