Cannell & Spears LLC Lowers Position in Pinterest, Inc. (NYSE:PINS)

Cannell & Spears LLC lowered its stake in shares of Pinterest, Inc. (NYSE:PINS) by 53.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,080 shares of the company’s stock after selling 153,586 shares during the period. Cannell & Spears LLC’s holdings in Pinterest were worth $3,830,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Pinterest in the 4th quarter worth $358,205,000. Point72 Asset Management L.P. purchased a new position in shares of Pinterest in the 3rd quarter worth about $153,829,000. Schroder Investment Management Group lifted its stake in shares of Pinterest by 357.5% in the 4th quarter. Schroder Investment Management Group now owns 2,719,355 shares of the company’s stock valued at $79,269,000 after purchasing an additional 2,125,010 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Pinterest during the 4th quarter worth about $61,261,000. Finally, Nordea Investment Management AB increased its position in Pinterest by 122.1% during the 4th quarter. Nordea Investment Management AB now owns 3,807,269 shares of the company’s stock worth $111,515,000 after purchasing an additional 2,093,248 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Roth Capital set a $32.00 price objective on shares of Pinterest in a research note on Monday, February 3rd. Rosenblatt Securities increased their price target on Pinterest from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, February 7th. Cantor Fitzgerald boosted their price objective on Pinterest from $36.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. KeyCorp lowered their target price on Pinterest from $46.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday, March 18th. Finally, Piper Sandler reissued a “neutral” rating and set a $41.00 price target (up from $36.00) on shares of Pinterest in a research report on Friday, February 7th. Seven equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.17.

Pinterest Stock Down 1.5 %

PINS opened at $31.01 on Tuesday. The firm has a market capitalization of $21.03 billion, a P/E ratio of 11.53, a PEG ratio of 1.95 and a beta of 1.02. The stock has a fifty day moving average of $34.67 and a 200-day moving average of $32.42. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19.

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

Insider Buying and Selling

In other Pinterest news, insider Wanjiku Juanita Walcott sold 6,690 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $32.85, for a total value of $219,766.50. Following the transaction, the insider now directly owns 254,211 shares of the company’s stock, valued at $8,350,831.35. This represents a 2.56 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $30.43, for a total value of $34,994.50. Following the sale, the director now owns 30,236 shares of the company’s stock, valued at approximately $920,081.48. This represents a 3.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 351,753 shares of company stock worth $11,640,201. 7.11% of the stock is owned by company 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.