Concentric Capital Strategies LP Sells 24,603 Shares of Pinterest, Inc. (NYSE:PINS)

Concentric Capital Strategies LP lessened its holdings in Pinterest, Inc. (NYSE:PINS) by 10.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 217,750 shares of the company’s stock after selling 24,603 shares during the period. Concentric Capital Strategies LP’s holdings in Pinterest were worth $7,049,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brown Shipley& Co Ltd purchased a new stake in shares of Pinterest in the 2nd quarter worth approximately $25,000. Wellington Shields Capital Management LLC purchased a new position in shares of Pinterest in the 2nd quarter valued at $26,000. Hexagon Capital Partners LLC raised its position in shares of Pinterest by 157.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock worth $33,000 after acquiring an additional 459 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Pinterest by 113.4% during the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock worth $34,000 after purchasing an additional 405 shares during the last quarter. Finally, Rothschild Investment LLC purchased a new position in Pinterest in the second quarter valued at about $35,000. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Insider Buying and Selling at Pinterest

In related news, insider Wanjiku Juanita Walcott sold 11,862 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $30.82, for a total value of $365,586.84. Following the completion of the sale, the insider now owns 246,921 shares of the company’s stock, valued at approximately $7,610,105.22. This represents a 4.58 % decrease in their ownership of the stock. The sale 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, November 20th. The shares were sold at an average price of $29.73, for a total transaction of $34,189.50. Following the completion of the sale, the director now directly owns 32,536 shares of the company’s stock, valued at approximately $967,295.28. This trade represents a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,287 shares of company stock valued at $1,547,820 over the last quarter. 7.11% of the stock is currently owned by insiders.

Pinterest Stock Performance

NYSE:PINS opened at $30.32 on Monday. The stock has a market capitalization of $20.49 billion, a PE ratio of 101.07, a P/E/G ratio of 2.17 and a beta of 1.02. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19. The company has a fifty day moving average of $31.80 and a two-hundred day moving average of $35.35.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Oppenheimer cut their price target on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and set a $48.00 price target on shares of Pinterest in a research note on Thursday, September 12th. Wedbush raised shares of Pinterest from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. UBS Group dropped their target price on shares of Pinterest from $52.00 to $46.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Piper Sandler reiterated an “overweight” rating and set a $41.00 price objective (down from $45.00) on shares of Pinterest in a research note on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $41.65.

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.