Pinterest (NYSE:PINS) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Pinterest (NYSE:PINS) in a research note issued to investors on Tuesday, Benzinga reports. Piper Sandler currently has a $48.00 price objective on the stock.

PINS has been the subject of a number of other research reports. BMO Capital Markets started coverage on shares of Pinterest in a research note on Tuesday, January 9th. They set an outperform rating and a $45.00 price target for the company. Rosenblatt Securities reiterated a buy rating and issued a $45.00 target price on shares of Pinterest in a research note on Friday, February 9th. Stifel Nicolaus upped their target price on shares of Pinterest from $26.00 to $32.00 and gave the stock a buy rating in a research note on Tuesday, January 9th. New Street Research started coverage on shares of Pinterest in a report on Monday, November 27th. They issued a buy rating and a $48.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of Pinterest from $34.00 to $38.00 and gave the stock a neutral rating in a report on Friday, February 9th. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $37.80.

Pinterest Stock Performance

Shares of NYSE PINS opened at $34.68 on Tuesday. The company’s 50 day moving average price is $36.22 and its 200-day moving average price is $33.15. The company has a market capitalization of $23.55 billion, a P/E ratio of -577.90, a price-to-earnings-growth ratio of 4.87 and a beta of 1.00. Pinterest has a 52-week low of $20.60 and a 52-week high of $41.60.

Pinterest (NYSE:PINS) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. The company had revenue of $981.26 million during the quarter, compared to analyst estimates of $988.62 million. Pinterest had a negative net margin of 1.17% and a positive return on equity of 3.83%. Analysts forecast that Pinterest will post 0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Sabrina Ellis sold 24,410 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total value of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares in the company, valued at $17,762,886.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Sabrina Ellis sold 24,410 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total value of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares in the company, valued at $17,762,886.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $36.52, for a total transaction of $70,629.68. Following the completion of the transaction, the director now owns 37,448 shares in the company, valued at $1,367,600.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 184,471 shares of company stock worth $6,555,581. Insiders own 6.85% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PINS. Price T Rowe Associates Inc. MD grew its position in Pinterest by 372.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,073,874 shares of the company’s stock valued at $487,394,000 after acquiring an additional 15,825,757 shares during the last quarter. Renaissance Technologies LLC grew its position in Pinterest by 262.8% during the first quarter. Renaissance Technologies LLC now owns 11,515,600 shares of the company’s stock valued at $283,399,000 after acquiring an additional 8,341,222 shares during the last quarter. Norges Bank bought a new position in Pinterest during the fourth quarter valued at approximately $241,229,000. Wellington Management Group LLP grew its position in Pinterest by 1,188.9% during the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after acquiring an additional 5,524,796 shares during the last quarter. Finally, Fred Alger Management LLC grew its position in Pinterest by 279,496.9% during the third quarter. Fred Alger Management LLC now owns 4,672,065 shares of the company’s stock valued at $126,286,000 after acquiring an additional 4,670,394 shares during the last quarter. 88.81% of the stock is currently owned by institutional investors.

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.