Pinterest (NYSE:PINS) Receives Neutral Rating from Piper Sandler

Pinterest (NYSE:PINS)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Piper Sandler in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $33.00 price objective on the stock, down from their previous price objective of $35.00. Piper Sandler’s price target indicates a potential upside of 26.80% from the company’s current price.

Several other equities analysts have also weighed in on PINS. Benchmark decreased their target price on shares of Pinterest from $48.00 to $39.00 and set a “buy” rating on the stock in a report on Wednesday. Weiss Ratings assumed coverage on shares of Pinterest in a report on Saturday. They issued a “hold (c+)” rating on the stock. Citigroup restated a “buy” rating and issued a $50.00 price objective (up from $44.00) on shares of Pinterest in a report on Friday, August 8th. BMO Capital Markets decreased their price objective on shares of Pinterest from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Barclays set a $36.00 price objective on shares of Pinterest in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pinterest has an average rating of “Moderate Buy” and a consensus target price of $40.26.

Pinterest Stock Down 20.9%

NYSE:PINS traded down $6.89 on Wednesday, hitting $26.03. The stock had a trading volume of 26,145,856 shares, compared to its average volume of 11,414,014. The stock has a market cap of $17.70 billion, a price-to-earnings ratio of 9.33, a PEG ratio of 1.73 and a beta of 0.96. The company has a fifty day moving average price of $34.19 and a two-hundred day moving average price of $33.87. Pinterest has a 1-year low of $23.68 and a 1-year high of $40.90.

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

Insider Activity

In other Pinterest news, CFO Donnelly Julia Brau sold 22,821 shares of the 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 sale, the chief financial officer directly owned 312,422 shares of the company’s stock, valued at approximately $10,887,906.70. This represents a 6.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $35.00, for a total transaction of $40,250.00. Following the completion of the sale, the director directly owned 30,600 shares in the company, valued at approximately $1,071,000. This represents a 3.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 640,236 shares of company stock valued at $22,878,326. 7.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Revolve Wealth Partners LLC acquired a new stake in Pinterest during the 4th quarter worth $252,000. GAMMA Investing LLC boosted its stake in Pinterest by 107.3% during the 1st quarter. GAMMA Investing LLC now owns 2,216 shares of the company’s stock worth $69,000 after purchasing an additional 1,147 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in Pinterest during the 1st quarter worth $200,000. Concurrent Investment Advisors LLC acquired a new stake in Pinterest during the 1st quarter worth $261,000. Finally, Envestnet Asset Management Inc. boosted its stake in Pinterest by 8.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 670,132 shares of the company’s stock worth $20,774,000 after purchasing an additional 52,563 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.