Fmr LLC Sells 8,630,521 Shares of Pinterest, Inc. (NYSE:PINS)

Fmr LLC reduced its stake in shares of Pinterest, Inc. (NYSE:PINS) by 41.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,282,723 shares of the company’s stock after selling 8,630,521 shares during the quarter. Fmr LLC owned about 1.79% of Pinterest worth $397,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Baillie Gifford & Co. grew its stake in Pinterest by 9.5% during the second quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after acquiring an additional 880,398 shares in the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Pinterest by 51.5% in the third quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock worth $285,248,000 after purchasing an additional 2,996,750 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Pinterest by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock worth $262,695,000 after buying an additional 380,431 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Pinterest by 8.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock valued at $192,423,000 after buying an additional 460,708 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Pinterest by 31.6% during the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock valued at $248,793,000 after buying an additional 1,356,459 shares in the last quarter. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Down 0.1 %

NYSE:PINS opened at $30.30 on Friday. Pinterest, Inc. has a 52 week low of $27.00 and a 52 week high of $45.19. The firm has a 50 day moving average of $31.80 and a 200 day moving average of $35.44. The stock has a market capitalization of $20.47 billion, a price-to-earnings ratio of 100.99, a PEG ratio of 2.17 and a beta of 1.02.

Insider Buying and Selling

In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $29.73, for a total value of $34,189.50. Following the completion of the transaction, the director now owns 32,536 shares of the company’s stock, valued at approximately $967,295.28. This trade represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Andrea Acosta sold 3,845 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total transaction of $118,733.60. Following the sale, the chief accounting officer now directly owns 158,468 shares in the company, valued at $4,893,491.84. This trade represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,287 shares of company stock worth $1,547,820 in the last ninety days. 7.11% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $41.00 price objective on shares of Pinterest in a report on Monday, October 7th. Benchmark reiterated a “hold” rating on shares of Pinterest in a research report on Friday, November 8th. Piper Sandler restated an “overweight” rating and issued a $41.00 target price (down from $45.00) on shares of Pinterest in a report on Friday, November 8th. Roth Mkm lowered their price target on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Pinterest in a research note on Monday, September 23rd. They set a “buy” rating and a $43.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Pinterest has a consensus rating of “Moderate Buy” and a consensus target price of $41.63.

Pinterest 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.