Contour Asset Management LLC Acquires New Stake in Pinterest, Inc. (NYSE:PINS)

Contour Asset Management LLC bought a new position in shares of Pinterest, Inc. (NYSE:PINS - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 2,976,896 shares of the company's stock, valued at approximately $86,330,000. Pinterest accounts for approximately 2.5% of Contour Asset Management LLC's holdings, making the stock its 19th largest position. Contour Asset Management LLC owned approximately 0.44% of Pinterest as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in shares of Pinterest by 104.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company's stock valued at $737,533,000 after buying an additional 12,986,310 shares in the last quarter. Norges Bank acquired a new stake in shares of Pinterest during the fourth quarter worth $358,205,000. Marshall Wace LLP lifted its holdings in shares of Pinterest by 134.1% during the fourth quarter. Marshall Wace LLP now owns 10,701,783 shares of the company's stock worth $310,352,000 after buying an additional 6,129,985 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Pinterest by 49.7% during the fourth quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company's stock worth $395,441,000 after buying an additional 4,527,902 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Pinterest by 357.5% during the fourth quarter. Schroder Investment Management Group now owns 2,719,355 shares of the company's stock worth $79,269,000 after buying an additional 2,125,010 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Pinterest Stock Performance

PINS stock traded up $3.61 on Monday, reaching $32.83. The company's stock had a trading volume of 18,980,796 shares, compared to its average volume of 10,627,638. The business has a fifty day simple moving average of $28.84 and a two-hundred day simple moving average of $31.20. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $45.19. The firm has a market cap of $22.26 billion, a PE ratio of 12.20, a PEG ratio of 1.95 and a beta of 0.83.

Pinterest (NYSE:PINS - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The firm had revenue of $854.99 million during the quarter, compared to the consensus estimate of $848.49 million. Pinterest had a return on equity of 8.10% and a net margin of 51.07%. Pinterest's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 EPS. As a group, research analysts anticipate that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $27.00, for a total transaction of $31,050.00. Following the transaction, the director now directly owns 26,786 shares of the company's stock, valued at $723,222. The trade was a 4.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Andrea Acosta sold 3,667 shares of Pinterest stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $37.46, for a total value of $137,365.82. Following the sale, the chief accounting officer now directly owns 144,129 shares in the company, valued at $5,399,072.34. This trade represents a 2.48% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 453,836 shares of company stock valued at $14,828,392. Insiders own 7.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PINS. UBS Group dropped their target price on Pinterest from $50.00 to $39.00 and set a "buy" rating for the company in a report on Friday, April 11th. KeyCorp boosted their price target on Pinterest from $37.00 to $40.00 and gave the company an "overweight" rating in a research note on Friday. Bank of America dropped their price target on Pinterest from $46.00 to $35.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Monness Crespi & Hardt dropped their price target on Pinterest from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Friday. Finally, Roth Capital set a $32.00 price target on Pinterest in a research note on Monday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, Pinterest presently has an average rating of "Moderate Buy" and a consensus target price of $40.27.

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.