KLP Kapitalforvaltning AS Purchases Shares of 380,300 Pinterest, Inc. (NYSE:PINS)

KLP Kapitalforvaltning AS acquired a new position in shares of Pinterest, Inc. (NYSE:PINS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 380,300 shares of the company’s stock, valued at approximately $11,029,000. KLP Kapitalforvaltning AS owned 0.06% of Pinterest as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the business. Vestor Capital LLC bought a new position in Pinterest during the fourth quarter worth about $2,747,000. Virtu Financial LLC bought a new position in shares of Pinterest during the 4th quarter worth approximately $554,000. Quantbot Technologies LP acquired a new stake in Pinterest in the 4th quarter valued at $7,637,000. Sciencast Management LP bought a new stake in Pinterest in the fourth quarter valued at $404,000. Finally, 1620 Investment Advisors Inc. acquired a new position in Pinterest during the fourth quarter worth $106,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PINS shares. Cantor Fitzgerald upped their target price on shares of Pinterest from $36.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. TD Cowen initiated coverage on shares of Pinterest in a report on Tuesday, November 26th. They set a “buy” rating and a $38.00 price objective for the company. Raymond James boosted their target price on Pinterest from $34.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $32.00 price target (down from $40.00) on shares of Pinterest in a report on Monday, January 13th. Finally, Piper Sandler reissued a “neutral” rating and issued a $41.00 price objective (up previously from $36.00) on shares of Pinterest in a research note on Friday, February 7th. Seven analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, Pinterest has an average rating of “Moderate Buy” and an average price target of $43.33.

Pinterest Price Performance

Pinterest stock opened at $34.05 on Tuesday. The firm has a market capitalization of $23.09 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.95 and a beta of 1.02. The company’s 50 day simple moving average is $34.46 and its 200 day simple moving average is $32.31. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.30). Pinterest had a return on equity of 8.10% and a net margin of 51.07%. As a group, analysts predict that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Pinterest

In other news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $39.19, for a total transaction of $45,068.50. Following the completion of the sale, the director now owns 29,086 shares of the company’s stock, valued at $1,139,880.34. This represents a 3.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 29,605 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $33.95, for a total transaction of $1,005,089.75. Following the completion of the sale, the chief financial officer now directly owns 166,408 shares in the company, valued at $5,649,551.60. This represents a 15.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 237,417 shares of company stock valued at $7,803,946. Company insiders own 7.11% of the company’s stock.

Pinterest 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.