Pinterest (NYSE:PINS) Price Target Cut to $39.00 by Analysts at Wells Fargo & Company

Pinterest (NYSE:PINS) had its target price lowered by Wells Fargo & Company from $40.00 to $39.00 in a report issued on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on PINS. UBS Group dropped their price objective on shares of Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 8th. JPMorgan Chase & Co. dropped their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Rosenblatt Securities cut their price target on shares of Pinterest from $48.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 8th. Benchmark reiterated a “hold” rating on shares of Pinterest in a report on Friday, November 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $48.00 price objective on shares of Pinterest in a research report on Tuesday, December 10th. Nine research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $40.86.

Pinterest Stock Up 2.9 %

Shares of NYSE:PINS opened at $30.65 on Monday. Pinterest has a 52-week low of $27.00 and a 52-week high of $45.19. The stock has a market cap of $20.71 billion, a P/E ratio of 102.17, a PEG ratio of 1.52 and a beta of 1.04. The business has a fifty day moving average of $30.46 and a two-hundred day moving average of $32.58.

Insider Buying and Selling at Pinterest

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,862 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $30.82, for a total value of $365,586.84. Following the sale, the insider now directly owns 246,921 shares of the company’s stock, valued at approximately $7,610,105.22. This represents a 4.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $30.98, for a total transaction of $35,627.00. Following the sale, the director now directly owns 31,386 shares of the company’s stock, valued at approximately $972,338.28. This trade represents a 3.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,007 shares of company stock valued at $554,137 in the last quarter. Corporate insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PINS. Merit Financial Group LLC acquired a new position in Pinterest in the fourth quarter valued at approximately $363,000. Avanza Fonder AB purchased a new stake in shares of Pinterest during the 4th quarter worth approximately $2,389,000. Empirical Asset Management LLC acquired a new position in shares of Pinterest in the 4th quarter valued at $693,000. Eagle Rock Investment Company LLC grew its position in shares of Pinterest by 6.0% in the 4th quarter. Eagle Rock Investment Company LLC now owns 68,498 shares of the company’s stock valued at $1,986,000 after buying an additional 3,881 shares during the last quarter. Finally, Carnegie Investment Counsel raised its stake in Pinterest by 5.6% during the 4th quarter. Carnegie Investment Counsel now owns 19,194 shares of the company’s stock worth $557,000 after acquiring an additional 1,022 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

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.