Pinterest (NYSE:PINS) Shares Down 4.7%

Pinterest, Inc. (NYSE:PINS)’s stock price dropped 4.7% during trading on Wednesday . The company traded as low as $38.75 and last traded at $38.90. Approximately 1,347,878 shares changed hands during trading, a decline of 85% from the average daily volume of 9,120,713 shares. The stock had previously closed at $40.82.

Wall Street Analysts Forecast Growth

PINS has been the topic of a number of research reports. The Goldman Sachs Group upped their price target on Pinterest from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. Citigroup upped their price target on Pinterest from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Roth Mkm upped their price target on Pinterest from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Benchmark reiterated a “hold” rating on shares of Pinterest in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. increased their price objective on Pinterest from $38.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Nine research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.60.

Pinterest Price Performance

The stock has a 50-day moving average price of $42.40 and a 200 day moving average price of $38.53. The firm has a market cap of $25.86 billion, a price-to-earnings ratio of 180.29, a PEG ratio of 3.79 and a beta of 0.97.

Pinterest (NYSE:PINS) last posted its earnings results on Tuesday, April 30th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.05. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The business had revenue of $739.98 million for the quarter, compared to analysts’ expectations of $699.96 million. As a group, equities research analysts predict that Pinterest, Inc. will post 0.44 earnings per share for the current year.

Insider Activity at Pinterest

In related news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the transaction, the director now owns 29,712 shares in the company, valued at approximately $1,255,332. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total transaction of $481,590.34. Following the transaction, the insider now owns 307,256 shares in the company, valued at approximately $12,726,543.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the transaction, the director now owns 29,712 shares in the company, valued at approximately $1,255,332. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock worth $2,191,304 in the last quarter. Company insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Several institutional investors and hedge funds have recently added to or reduced their stakes in PINS. Norges Bank acquired a new position in Pinterest during the 4th quarter worth approximately $241,229,000. Wellington Management Group LLP boosted its stake in shares of Pinterest by 1,188.9% during the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock worth $221,850,000 after acquiring an additional 5,524,796 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Pinterest by 128.2% during the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock worth $193,473,000 after acquiring an additional 3,134,776 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Pinterest by 34.0% during the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock worth $371,764,000 after acquiring an additional 2,548,925 shares in the last quarter. Finally, Contour Asset Management LLC boosted its stake in shares of Pinterest by 79.5% during the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock worth $169,242,000 after acquiring an additional 2,023,500 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.