Pinterest (NYSE:PINS) Shares Gap Up on Analyst Upgrade

Pinterest, Inc. (NYSE:PINS) shares gapped up prior to trading on Friday after Wells Fargo & Company raised their price target on the stock from $39.00 to $47.00. The stock had previously closed at $33.59, but opened at $40.89. Wells Fargo & Company currently has an overweight rating on the stock. Pinterest shares last traded at $39.63, with a volume of 22,503,779 shares trading hands.

PINS has been the topic of a number of other reports. Oppenheimer dropped their price target on Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and set a $41.00 price target (up previously from $36.00) on shares of Pinterest in a research report on Friday. TD Cowen started coverage on shares of Pinterest in a report on Tuesday, November 26th. They set a “buy” rating and a $38.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 price objective on shares of Pinterest in a research report on Tuesday, December 10th. Finally, Monness Crespi & Hardt raised shares of Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Friday, January 10th. Seven investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.18.

Insider Transactions at Pinterest

In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $29.73, for a total transaction of $34,189.50. Following the sale, the director now directly owns 32,536 shares of the company’s stock, valued at $967,295.28. The trade was a 3.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total transaction of $365,586.84. Following the completion of the sale, the insider now directly owns 246,921 shares in the company, valued at $7,610,105.22. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,157 shares of company stock valued at $589,131 over the last three months. Corporate insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

A number of large investors have recently bought and sold shares of the business. Maverick Capital Ltd. grew its position in shares of Pinterest by 47.6% in the 3rd quarter. Maverick Capital Ltd. now owns 57,180 shares of the company’s stock worth $1,851,000 after buying an additional 18,430 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Pinterest by 8.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,540,152 shares of the company’s stock worth $49,855,000 after purchasing an additional 119,367 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Pinterest by 4.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 844,187 shares of the company’s stock valued at $27,326,000 after purchasing an additional 32,539 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Pinterest by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,252,996 shares of the company’s stock worth $137,669,000 after purchasing an additional 87,041 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS increased its position in Pinterest by 20.3% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after buying an additional 68,096 shares in the last quarter. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Up 17.6 %

The firm has a market cap of $26.70 billion, a PE ratio of 132.93, a price-to-earnings-growth ratio of 1.68 and a beta of 1.06. The stock has a 50 day moving average price of $31.17 and a two-hundred day moving average price of $31.55.

Pinterest (NYSE:PINS) last issued its earnings results on Thursday, February 6th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.30). Pinterest had a return on equity of 8.37% and a net margin of 6.21%. As a group, equities analysts anticipate that Pinterest, Inc. will post 0.42 earnings per share for the current 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.