Royal Bank of Canada Boosts Holdings in Pinterest, Inc. (NYSE:PINS)

Royal Bank of Canada raised its position in Pinterest, Inc. (NYSE:PINS) by 18.5% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,426,043 shares of the company’s stock after buying an additional 533,719 shares during the quarter. Royal Bank of Canada owned about 0.51% of Pinterest worth $99,354,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. lifted its holdings in Pinterest by 14.1% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 16,391 shares of the company’s stock valued at $475,000 after purchasing an additional 2,020 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of Pinterest during the 4th quarter valued at about $363,000. Diversify Advisory Services LLC increased its stake in shares of Pinterest by 211.3% during the 4th quarter. Diversify Advisory Services LLC now owns 66,106 shares of the company’s stock valued at $2,027,000 after acquiring an additional 44,869 shares during the last quarter. Perpetual Ltd increased its stake in shares of Pinterest by 25.7% during the 4th quarter. Perpetual Ltd now owns 44,026 shares of the company’s stock valued at $1,277,000 after acquiring an additional 8,996 shares during the last quarter. Finally, Atomi Financial Group Inc. acquired a new stake in shares of Pinterest in the fourth quarter worth $218,000. 88.81% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Pinterest

In other news, Director Benjamin Silbermann sold 408,332 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the transaction, the director now directly owns 6,274 shares of the company’s stock, valued at approximately $208,045.84. This trade represents a 98.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 6,690 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $32.85, for a total transaction of $219,766.50. Following the sale, the insider now owns 254,211 shares in the company, valued at $8,350,831.35. This represents a 2.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 862,168 shares of company stock worth $28,368,681 in the last three months. Insiders own 7.06% of the company’s stock.

Pinterest Trading Down 1.7%

NYSE:PINS opened at $32.02 on Tuesday. The firm has a 50 day moving average of $28.72 and a 200-day moving average of $31.22. Pinterest, Inc. has a 1 year low of $23.68 and a 1 year high of $45.19. The stock has a market capitalization of $21.72 billion, a P/E ratio of 11.90, a price-to-earnings-growth ratio of 1.95 and a beta of 0.83.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $854.99 million during the quarter, compared to analyst estimates of $848.49 million. Pinterest had a net margin of 51.07% and a return on equity of 8.10%. Pinterest’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the firm earned $0.17 EPS. As a group, analysts forecast that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PINS has been the subject of several analyst reports. Wells Fargo & Company decreased their target price on Pinterest from $47.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Wedbush reissued an “outperform” rating and issued a $40.00 price target (up previously from $38.00) on shares of Pinterest in a report on Friday, May 9th. Bank of America reduced their price target on Pinterest from $46.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. BMO Capital Markets reduced their price target on Pinterest from $46.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Finally, Piper Sandler reduced their price target on Pinterest from $41.00 to $34.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Seven research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $40.26.

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.