Westfield Capital Management Co. LP Buys Shares of 1,986,093 Pinterest, Inc. $PINS

Westfield Capital Management Co. LP bought a new position in shares of Pinterest, Inc. (NYSE:PINS) in the 2nd quarter, HoldingsChannel reports. The fund bought 1,986,093 shares of the company’s stock, valued at approximately $71,221,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Golden State Wealth Management LLC raised its position in Pinterest by 282.7% in the second quarter. Golden State Wealth Management LLC now owns 685 shares of the company’s stock valued at $25,000 after purchasing an additional 506 shares during the period. West Branch Capital LLC purchased a new position in Pinterest during the 2nd quarter valued at about $36,000. Wellington Shields Capital Management LLC acquired a new position in Pinterest in the 2nd quarter valued at about $40,000. SVB Wealth LLC purchased a new stake in Pinterest during the first quarter worth about $56,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Pinterest by 138.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,586 shares of the company’s stock worth $57,000 after purchasing an additional 922 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PINS shares. Susquehanna restated a “positive” rating and issued a $42.00 price objective on shares of Pinterest in a report on Friday, August 8th. Stifel Nicolaus boosted their price target on shares of Pinterest from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Roth Capital cut their price objective on Pinterest from $39.00 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Barclays decreased their target price on Pinterest from $40.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, November 5th. Finally, Bank of America cut their price target on Pinterest from $44.00 to $39.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.55.

Insiders Place Their Bets

In other Pinterest news, CFO Donnelly Julia Brau sold 22,821 shares of the firm’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 completion of the sale, the chief financial officer owned 312,422 shares of the company’s stock, valued at approximately $10,887,906.70. This trade represents a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the chief accounting officer directly owned 157,402 shares in the company, valued at approximately $5,502,773.92. This trade represents a 2.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 611,050 shares of company stock valued at $21,260,379 in the last three months. 7.06% of the stock is owned by corporate insiders.

Pinterest Stock Up 0.9%

Shares of PINS opened at $25.71 on Thursday. The stock has a 50 day moving average price of $31.91 and a 200 day moving average price of $33.88. The company has a market capitalization of $17.37 billion, a price-to-earnings ratio of 8.88, a price-to-earnings-growth ratio of 1.56 and a beta of 0.96. Pinterest, Inc. has a 52-week low of $23.68 and a 52-week high of $40.90.

Pinterest (NYSE:PINS) last posted its earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. Pinterest had a return on equity of 8.20% and a net margin of 48.99%.The business had revenue of $665.93 million during the quarter. On average, equities analysts anticipate that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

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.