Guggenheim Lowers Pinterest (NYSE:PINS) Price Target to $38.00

Pinterest (NYSE:PINS) had its price objective decreased by stock analysts at Guggenheim from $44.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 44.61% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Evercore ISI lowered their price objective on Pinterest from $50.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday. Rosenblatt Securities reiterated a “neutral” rating and set a $30.00 price objective (down from $49.00) on shares of Pinterest in a research note on Wednesday. Weiss Ratings began coverage on Pinterest in a report on Saturday. They issued a “hold (c+)” rating on the stock. Wall Street Zen cut Pinterest from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Finally, BMO Capital Markets decreased their target price on Pinterest from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.32.

Pinterest Stock Performance

Shares of NYSE PINS traded down $6.63 during mid-day trading on Wednesday, reaching $26.28. 16,462,757 shares of the company traded hands, compared to its average volume of 11,364,931. The stock has a market cap of $17.87 billion, a PE ratio of 9.42, a price-to-earnings-growth ratio of 1.73 and a beta of 0.96. Pinterest has a fifty-two week low of $23.68 and a fifty-two week high of $40.90. The company’s fifty day moving average is $34.19 and its two-hundred day moving average is $33.87.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 earnings per share (EPS) for the quarter. The business had revenue of $665.93 million for the quarter. Pinterest had a net margin of 49.31% and a return on equity of 8.44%. Research analysts forecast that Pinterest will post 0.6 earnings per share for the current year.

Insider Buying and Selling at Pinterest

In related news, CFO Donnelly Julia Brau sold 22,821 shares of the company’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $34.85, for a total value of $795,311.85. Following the completion of the sale, the chief financial officer owned 312,422 shares in the company, valued at approximately $10,887,906.70. This represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $35.00, for a total transaction of $40,250.00. Following the completion of the sale, the director owned 30,600 shares in the company, valued at $1,071,000. This represents a 3.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 640,236 shares of company stock worth $22,878,326 over the last quarter. Company insiders own 7.11% of the company’s stock.

Institutional Trading of Pinterest

Hedge funds have recently modified their holdings of the company. Golden State Wealth Management LLC boosted its position in shares of Pinterest by 282.7% during the second quarter. Golden State Wealth Management LLC now owns 685 shares of the company’s stock worth $25,000 after purchasing an additional 506 shares in the last quarter. N.E.W. Advisory Services LLC grew its stake in Pinterest by 505.7% in the third quarter. N.E.W. Advisory Services LLC now owns 854 shares of the company’s stock valued at $27,000 after acquiring an additional 713 shares during the period. Atlantic Union Bankshares Corp grew its stake in Pinterest by 3,839.1% in the third quarter. Atlantic Union Bankshares Corp now owns 906 shares of the company’s stock valued at $29,000 after acquiring an additional 883 shares during the period. West Branch Capital LLC acquired a new position in Pinterest in the second quarter valued at about $36,000. Finally, Wellington Shields Capital Management LLC acquired a new position in Pinterest in the second quarter valued at about $40,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

About Pinterest

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.