M&T Bank Corp Reduces Stock Position in Pinterest, Inc. (NYSE:PINS)

M&T Bank Corp cut its stake in Pinterest, Inc. (NYSE:PINS) by 5.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 73,578 shares of the company’s stock after selling 4,407 shares during the period. M&T Bank Corp’s holdings in Pinterest were worth $2,281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Janney Montgomery Scott LLC grew its position in shares of Pinterest by 73.9% in the first quarter. Janney Montgomery Scott LLC now owns 89,034 shares of the company’s stock valued at $2,760,000 after purchasing an additional 37,829 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Pinterest in the first quarter valued at approximately $235,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Pinterest by 21.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 112,201 shares of the company’s stock valued at $3,478,000 after purchasing an additional 19,552 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Pinterest in the fourth quarter valued at approximately $252,000. Finally, Farther Finance Advisors LLC grew its position in shares of Pinterest by 642.8% in the first quarter. Farther Finance Advisors LLC now owns 9,404 shares of the company’s stock valued at $292,000 after purchasing an additional 8,138 shares in the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on PINS. Benchmark decreased their price objective on Pinterest from $55.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Barclays decreased their price objective on Pinterest from $42.00 to $38.00 and set an “equal weight” rating on the stock in a report on Friday, May 9th. Bank of America decreased their price objective on Pinterest from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. Piper Sandler decreased their price target on Pinterest from $41.00 to $34.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Finally, TD Cowen decreased their price target on Pinterest from $46.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Six analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $40.52.

Pinterest Trading Down 1.0%

Shares of NYSE PINS opened at $35.45 on Friday. Pinterest, Inc. has a 1-year low of $23.68 and a 1-year high of $42.20. The company has a market cap of $24.04 billion, a PE ratio of 12.94, a P/E/G ratio of 1.77 and a beta of 0.94. The company has a 50-day moving average of $33.27 and a two-hundred day moving average of $32.12.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Pinterest had a net margin of 50.41% and a return on equity of 8.13%. The firm had revenue of $854.99 million for the quarter, compared to analyst estimates of $848.49 million. During the same quarter in the prior year, the firm posted $0.17 EPS. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities research analysts forecast that Pinterest, Inc. will post 0.6 earnings per share for the current year.

Insider Activity

In other Pinterest news, Director Jeremy S. Levine sold 6,274 shares of the company’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $34.11, for a total value of $214,006.14. Following the transaction, the director directly owned 1,158,833 shares in the company, valued at $39,527,793.63. The trade was a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wanjiku Juanita Walcott sold 11,510 shares of the company’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $35.68, for a total transaction of $410,676.80. Following the completion of the transaction, the insider owned 390,230 shares in the company, valued at $13,923,406.40. This trade represents a 2.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,278,445 shares of company stock valued at $43,269,922. 7.06% of the stock is owned by insiders.

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.