Pinterest (NYSE:PINS) Given New $39.00 Price Target at Benchmark

Pinterest (NYSE:PINS) had its price target reduced by Benchmark from $48.00 to $39.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the company. Citigroup reaffirmed a “buy” rating and issued a $50.00 price objective (up from $44.00) on shares of Pinterest in a research note on Friday, August 8th. Rosenblatt Securities reissued a “neutral” rating and issued a $30.00 price target (down from $49.00) on shares of Pinterest in a research note on Wednesday. Piper Sandler set a $40.00 price target on Pinterest in a research note on Friday, August 8th. BMO Capital Markets dropped their price target on Pinterest from $41.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Susquehanna reissued a “positive” rating and issued a $42.00 price target on shares of Pinterest in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $39.23.

Pinterest Price Performance

Pinterest stock opened at $25.75 on Wednesday. The stock’s 50 day moving average is $33.98 and its 200 day moving average is $33.82. The firm has a market cap of $17.51 billion, a P/E ratio of 8.94, a P/E/G ratio of 1.69 and a beta of 0.96. Pinterest has a one year low of $23.68 and a one year high of $40.90.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. The company had revenue of $665.93 million for the quarter. Pinterest had a return on equity of 8.23% and a net margin of 48.99%. Equities analysts anticipate that Pinterest will post 0.6 earnings per share for the current fiscal year.

Insider Transactions at Pinterest

In other Pinterest news, Director Benjamin Silbermann sold 102,083 shares of the firm’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $34.86, for a total value of $3,558,613.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Andrea Acosta sold 3,759 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $34.96, for a total value of $131,414.64. Following the completion of the sale, the chief accounting officer directly owned 157,402 shares of the company’s stock, valued at $5,502,773.92. This represents a 2.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 640,236 shares of company stock valued at $22,878,326. Corporate insiders own 7.06% of the company’s stock.

Hedge Funds Weigh In On Pinterest

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Pinterest by 2.2% in the first quarter. Vanguard Group Inc. now owns 58,008,711 shares of the company’s stock worth $1,798,270,000 after acquiring an additional 1,263,863 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Pinterest by 25.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after acquiring an additional 6,460,143 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Pinterest by 15.0% in the second quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company’s stock worth $638,969,000 after acquiring an additional 2,319,964 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Pinterest by 4.4% in the second quarter. Franklin Resources Inc. now owns 16,862,033 shares of the company’s stock worth $604,673,000 after acquiring an additional 718,105 shares during the period. Finally, Amundi boosted its holdings in shares of Pinterest by 618.9% in the first quarter. Amundi now owns 14,254,741 shares of the company’s stock worth $441,897,000 after acquiring an additional 12,271,958 shares during the period. 88.81% of the stock is 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.