Millennium Management LLC Trims Stake in Pinterest, Inc. (NYSE:PINS)

Millennium Management LLC decreased its position in shares of Pinterest, Inc. (NYSE:PINS) by 64.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,246,510 shares of the company’s stock after selling 2,307,174 shares during the period. Millennium Management LLC’s holdings in Pinterest were worth $92,279,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PINS. Eudaimonia Partners LLC purchased a new position in shares of Pinterest during the 1st quarter worth approximately $25,000. Clearstead Advisors LLC grew its holdings in shares of Pinterest by 412.9% during the 1st quarter. Clearstead Advisors LLC now owns 359 shares of the company’s stock worth $27,000 after acquiring an additional 289 shares during the period. Total Clarity Wealth Management Inc. bought a new stake in shares of Pinterest in the 1st quarter worth approximately $28,000. Parkside Financial Bank & Trust boosted its position in shares of Pinterest by 159.5% in the 1st quarter. Parkside Financial Bank & Trust now owns 436 shares of the company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. Finally, First PREMIER Bank bought a new stake in shares of Pinterest in the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 61.06% of the company’s stock.

A number of brokerages have recently commented on PINS. Zacks Investment Research cut Pinterest from a “buy” rating to a “hold” rating and set a $83.00 price target on the stock. in a research report on Tuesday, June 29th. Citigroup dropped their price target on Pinterest from $85.00 to $65.00 in a research report on Monday, May 10th. JPMorgan Chase & Co. dropped their price target on Pinterest from $102.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 28th. Piper Sandler dropped their price target on Pinterest from $85.00 to $76.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 28th. Finally, KeyCorp dropped their price target on Pinterest from $92.00 to $89.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 28th. Eleven research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $80.45.

Shares of NYSE:PINS traded down $0.29 during midday trading on Thursday, hitting $71.94. The company had a trading volume of 241,128 shares, compared to its average volume of 8,238,455. The firm has a market cap of $45.82 billion, a P/E ratio of -1,207.50 and a beta of 1.26. Pinterest, Inc. has a 12-month low of $23.56 and a 12-month high of $89.90. The business has a fifty day simple moving average of $69.33.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, April 27th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.19. Pinterest had a positive return on equity of 4.86% and a negative net margin of 0.46%. The firm had revenue of $485.23 million during the quarter, compared to analyst estimates of $471.49 million. During the same period in the prior year, the business posted ($0.10) EPS. Pinterest’s revenue was up 78.4% on a year-over-year basis. On average, research analysts forecast that Pinterest, Inc. will post 0.09 earnings per share for the current year.

In other news, CEO Benjamin Silbermann sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, May 11th. The stock was sold at an average price of $60.00, for a total transaction of $1,500,000.00. Following the completion of the transaction, the chief executive officer now owns 25,000 shares in the company, valued at $1,500,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Evan Sharp sold 69,194 shares of the firm’s stock in a transaction dated Monday, July 19th. The shares were sold at an average price of $66.88, for a total value of $4,627,694.72. Following the transaction, the insider now owns 69,194 shares of the company’s stock, valued at approximately $4,627,694.72. The disclosure for this sale can be found here. Insiders sold a total of 965,462 shares of company stock valued at $67,481,707 in the last quarter. 8.45% of the stock is currently owned by company insiders.

Pinterest Company Profile

Pinterest, Inc provides visual discovery engine in the United States and internationally. The company's engine allows people to find inspiration for their lives, including recipes, style and home inspiration, DIY, and others. It shows them visual recommendations based on people personal taste and interests.

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Institutional Ownership by Quarter for Pinterest (NYSE:PINS)

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