JPMorgan Chase & Co. Cuts Pinterest (NYSE:PINS) Price Target to $36.00

Pinterest (NYSE:PINS) had its target price lowered by research analysts at JPMorgan Chase & Co. from $44.00 to $36.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 41.59% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Morgan Stanley raised Pinterest from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $37.00 to $45.00 in a research note on Monday, July 21st. KeyCorp increased their price target on Pinterest from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. Stifel Nicolaus raised their target price on Pinterest from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Susquehanna reiterated a “positive” rating and issued a $42.00 price target on shares of Pinterest in a research note on Friday, August 8th. Finally, Weiss Ratings assumed coverage on Pinterest in a research note on Saturday. They issued a “hold (c+)” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $39.23.

Pinterest Stock Performance

PINS stock traded down $7.48 on Wednesday, reaching $25.43. The company had a trading volume of 57,482,013 shares, compared to its average volume of 11,558,266. Pinterest has a 1 year low of $23.68 and a 1 year high of $40.90. The company’s fifty day moving average is $34.19 and its 200 day moving average is $33.87. The company has a market cap of $17.29 billion, a P/E ratio of 9.12, a PEG ratio of 1.73 and a beta of 0.96.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. Pinterest had a return on equity of 8.44% and a net margin of 49.31%.The company had revenue of $665.93 million for the quarter. On average, sell-side analysts predict that Pinterest will post 0.6 earnings per share for the current year.

Insider Buying and Selling at Pinterest

In other Pinterest news, CFO Donnelly Julia Brau sold 22,821 shares of Pinterest stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $34.85, for a total value of $795,311.85. Following the transaction, the chief financial officer owned 312,422 shares in the company, valued at approximately $10,887,906.70. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $35.00, for a total transaction of $40,250.00. Following the transaction, the director owned 30,600 shares in the company, valued at approximately $1,071,000. The trade was a 3.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 640,236 shares of company stock worth $22,878,326. 7.11% of the stock is owned by corporate insiders.

Institutional Trading of Pinterest

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PINS. Golden State Wealth Management LLC raised its stake in shares of Pinterest by 282.7% in the second quarter. Golden State Wealth Management LLC now owns 685 shares of the company’s stock valued at $25,000 after acquiring an additional 506 shares during the last quarter. N.E.W. Advisory Services LLC grew its holdings in shares of Pinterest by 505.7% in the 3rd quarter. N.E.W. Advisory Services LLC now owns 854 shares of the company’s stock valued at $27,000 after buying an additional 713 shares during the period. Atlantic Union Bankshares Corp boosted its stake in Pinterest by 3,839.1% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 906 shares of the company’s stock worth $29,000 after purchasing an additional 883 shares during the period. West Branch Capital LLC acquired a new position in Pinterest in the 2nd quarter worth $36,000. Finally, Wellington Shields Capital Management LLC acquired a new position in shares of Pinterest during the 2nd quarter worth about $40,000. 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.