Piper Sandler Reaffirms Overweight Rating for Pinterest (NYSE:PINS)

Pinterest (NYSE:PINS)‘s stock had its “overweight” rating reiterated by analysts at Piper Sandler in a research note issued on Friday,Benzinga reports. They currently have a $41.00 target price on the stock, down from their previous target price of $45.00. Piper Sandler’s price target points to a potential upside of 40.51% from the stock’s current price.

Several other analysts have also issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 price target on shares of Pinterest in a research report on Thursday, September 12th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $48.00 target price on shares of Pinterest in a report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft initiated coverage on Pinterest in a research note on Monday, September 23rd. They issued a “buy” rating and a $43.00 price target on the stock. Citigroup dropped their price objective on Pinterest from $51.00 to $44.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, Morgan Stanley lifted their target price on Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.22.

Pinterest Stock Down 14.0 %

PINS stock opened at $29.18 on Friday. The company has a market cap of $20.02 billion, a PE ratio of 97.27, a price-to-earnings-growth ratio of 2.60 and a beta of 1.02. Pinterest has a 52 week low of $27.00 and a 52 week high of $45.19. The business has a 50-day simple moving average of $31.82 and a 200 day simple moving average of $36.33.

Insider Transactions at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the transaction, the chief financial officer now owns 297,351 shares in the company, valued at $9,729,324.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at $9,729,324.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 7.11% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

A number of hedge funds have recently added to or reduced their stakes in PINS. Leibman Financial Services Inc. lifted its holdings in shares of Pinterest by 0.9% in the 2nd quarter. Leibman Financial Services Inc. now owns 31,390 shares of the company’s stock worth $1,383,000 after purchasing an additional 266 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Pinterest by 5.2% during the third quarter. Sequoia Financial Advisors LLC now owns 6,329 shares of the company’s stock worth $205,000 after buying an additional 313 shares during the last quarter. Raymond James Trust N.A. lifted its stake in shares of Pinterest by 1.1% in the second quarter. Raymond James Trust N.A. now owns 30,012 shares of the company’s stock valued at $1,323,000 after buying an additional 319 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Pinterest by 0.7% during the second quarter. Toronto Dominion Bank now owns 56,961 shares of the company’s stock valued at $2,510,000 after buying an additional 372 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. increased its position in shares of Pinterest by 1.6% during the second quarter. Cornercap Investment Counsel Inc. now owns 23,197 shares of the company’s stock worth $1,022,000 after acquiring an additional 373 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.