Legacy Wealth Asset Management LLC Acquires New Shares in Pinterest, Inc. $PINS

Legacy Wealth Asset Management LLC acquired a new stake in shares of Pinterest, Inc. (NYSE:PINS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 9,146 shares of the company’s stock, valued at approximately $328,000.

Other institutional investors also recently modified their holdings of the company. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of Pinterest during the first quarter valued at $25,000. West Branch Capital LLC bought a new position in Pinterest in the second quarter valued at about $36,000. Golden State Wealth Management LLC lifted its holdings in Pinterest by 665.4% in the first quarter. Golden State Wealth Management LLC now owns 1,217 shares of the company’s stock valued at $38,000 after acquiring an additional 1,058 shares during the period. Mather Group LLC. lifted its holdings in Pinterest by 133.5% in the first quarter. Mather Group LLC. now owns 1,310 shares of the company’s stock valued at $41,000 after acquiring an additional 749 shares during the period. Finally, LRI Investments LLC lifted its holdings in Pinterest by 97.7% in the first quarter. LRI Investments LLC now owns 1,374 shares of the company’s stock valued at $43,000 after acquiring an additional 679 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on PINS shares. UBS Group increased their target price on Pinterest from $50.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Susquehanna reissued a “positive” rating and issued a $42.00 target price on shares of Pinterest in a report on Friday, August 8th. Piper Sandler set a $40.00 target price on Pinterest in a report on Friday, August 8th. Mizuho started coverage on Pinterest in a report on Monday, September 29th. They issued an “outperform” rating and a $50.00 target price on the stock. Finally, Citigroup reissued a “buy” rating and issued a $50.00 target price (up previously from $44.00) on shares of Pinterest in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.67.

Insider Buying and Selling

In related news, CAO Andrea Acosta sold 3,759 shares of Pinterest stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $34.96, for a total transaction of $131,414.64. Following the sale, the chief accounting officer owned 157,402 shares of the company’s stock, valued at approximately $5,502,773.92. This trade represents a 2.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $35.00, for a total value of $40,250.00. Following the sale, the director directly owned 30,600 shares in the company, valued at $1,071,000. This trade represents a 3.62% decrease in their position. The disclosure for this sale can be found here. Insiders sold 640,236 shares of company stock worth $22,878,326 over the last ninety days. 7.11% of the stock is owned by corporate insiders.

Pinterest Stock Up 2.7%

NYSE PINS opened at $33.79 on Wednesday. The stock’s 50-day moving average price is $34.65 and its 200-day moving average price is $33.24. Pinterest, Inc. has a 52 week low of $23.68 and a 52 week high of $40.90. The company has a market capitalization of $22.97 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.81.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. Pinterest had a return on equity of 8.44% and a net margin of 49.31%.The firm had revenue of $665.93 million for the quarter. Research analysts anticipate that Pinterest, Inc. will post 0.6 EPS for the current year.

Pinterest 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.