Allspring Global Investments Holdings LLC Sells 21,407 Shares of Pinterest, Inc. $PINS

Allspring Global Investments Holdings LLC reduced its holdings in Pinterest, Inc. (NYSE:PINS) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 725,090 shares of the company’s stock after selling 21,407 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pinterest were worth $25,871,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PINS. Amundi increased its holdings in Pinterest by 618.9% in the first quarter. Amundi now owns 14,254,741 shares of the company’s stock worth $441,897,000 after purchasing an additional 12,271,958 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Pinterest by 25.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after purchasing an additional 6,460,143 shares in the last quarter. Swedbank AB increased its holdings in Pinterest by 344.0% in the first quarter. Swedbank AB now owns 5,839,485 shares of the company’s stock worth $181,024,000 after purchasing an additional 4,524,433 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Pinterest by 4,673.9% in the first quarter. Pacer Advisors Inc. now owns 2,531,741 shares of the company’s stock worth $78,484,000 after purchasing an additional 2,478,708 shares in the last quarter. Finally, Congress Asset Management Co. bought a new stake in Pinterest in the second quarter worth approximately $82,516,000. 88.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Andrea Acosta sold 3,759 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $34.96, for a total transaction of $131,414.64. Following the completion of the sale, the chief accounting officer owned 157,402 shares in the company, valued at approximately $5,502,773.92. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Donnelly Julia Brau sold 22,821 shares of the company’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $34.85, for a total value of $795,311.85. Following the sale, the chief financial officer owned 312,422 shares of the company’s stock, valued at $10,887,906.70. This trade represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 762,319 shares of company stock worth $27,523,976. 7.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Benchmark lifted their target price on Pinterest from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Guggenheim restated a “buy” rating on shares of Pinterest in a report on Tuesday, September 2nd. Wells Fargo & Company set a $42.00 price objective on Pinterest and gave the company an “overweight” rating in a report on Tuesday, July 1st. Stifel Nicolaus boosted their price objective on Pinterest from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, August 8th. Finally, Wedbush boosted their price objective on Pinterest from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $42.67.

Pinterest Stock Down 2.3%

NYSE PINS opened at $32.56 on Friday. The company has a market cap of $22.14 billion, a price-to-earnings ratio of 11.67, a P/E/G ratio of 1.40 and a beta of 0.81. Pinterest, Inc. has a 52 week low of $23.68 and a 52 week high of $40.90. The business has a 50 day moving average price of $34.76 and a 200-day moving average price of $33.13.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share (EPS) for the quarter. Pinterest had a return on equity of 8.44% and a net margin of 49.31%.The business had revenue of $665.93 million during the quarter. On average, equities research analysts anticipate that Pinterest, Inc. will post 0.6 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.