SteelPeak Wealth LLC Sells 61,938 Shares of Pinterest, Inc. $PINS

SteelPeak Wealth LLC cut its holdings in Pinterest, Inc. (NYSE:PINS) by 67.3% during the 3rd quarter, Holdings Channel reports. The firm owned 30,069 shares of the company’s stock after selling 61,938 shares during the period. SteelPeak Wealth LLC’s holdings in Pinterest were worth $568,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Renaissance Technologies LLC raised its position in Pinterest by 271.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,988,631 shares of the company’s stock valued at $109,831,000 after purchasing an additional 4,375,000 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in Pinterest by 300.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,398,316 shares of the company’s stock worth $83,084,000 after buying an additional 3,299,884 shares during the period. Amundi grew its position in shares of Pinterest by 38.3% in the 1st quarter. Amundi now owns 3,200,829 shares of the company’s stock worth $58,703,000 after buying an additional 885,927 shares during the last quarter. Bank of America Corp DE grew its position in shares of Pinterest by 15.4% in the 1st quarter. Bank of America Corp DE now owns 5,848,116 shares of the company’s stock worth $107,254,000 after buying an additional 779,998 shares during the last quarter. Finally, Boothe Investment Group Inc. bought a new stake in shares of Pinterest in the 1st quarter worth approximately $11,856,000. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Pinterest Stock Performance

Shares of PINS opened at $22.33 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.81 and a quick ratio of 3.81. Pinterest, Inc. has a one year low of $13.84 and a one year high of $35.42. The company has a 50-day simple moving average of $20.92 and a two-hundred day simple moving average of $20.99. The firm has a market capitalization of $12.51 billion, a PE ratio of 56.18, a price-to-earnings-growth ratio of 1.43 and a beta of 0.90.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.07. Pinterest had a return on equity of 7.49% and a net margin of 5.46%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $0.33 EPS. The business’s revenue was up 18.2% on a year-over-year basis. On average, analysts anticipate that Pinterest, Inc. will post 0.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PINS has been the topic of several research analyst reports. Evercore boosted their target price on Pinterest from $27.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, August 5th. Wells Fargo & Company raised their price target on Pinterest from $30.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Jefferies Financial Group upgraded shares of Pinterest from a “hold” rating to a “buy” rating in a report on Monday, August 31st. DA Davidson lifted their price target on shares of Pinterest from $26.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Finally, Citigroup boosted their price objective on shares of Pinterest from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Eighteen equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.90.

Insider Activity at Pinterest

In other news, Director Benjamin Silbermann sold 93,750 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $21.43, for a total value of $2,009,062.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Julia Donnelly sold 59,096 shares of Pinterest stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $23.48, for a total value of $1,387,574.08. Following the sale, the chief financial officer owned 817,409 shares in the company, valued at $19,192,763.32. This represents a 6.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 644,952 shares of company stock valued at $13,652,019 in the last three months. Corporate insiders own 8.09% of the company’s stock.

About Pinterest

Pinterest, Inc (NYSE: PINS) operates a visual discovery platform that helps people find ideas and inspiration for activities such as home improvement, cooking, fashion, travel and event planning. Users can discover, save and organize images and videos—known as Pins—on personalized boards and explore recommendations based on their interests.

The company also provides tools for businesses and creators to showcase products and content on the platform. Its advertising business includes promoted Pins and other advertising formats designed to help marketers reach users while they are discovering ideas, researching products and planning purchases.