Bank of America Issues Positive Forecast for Pinterest (NYSE:PINS) Stock Price

Key Points

• Bank of America has raised its price target for Pinterest from $41.00 to $44.00, indicating a potential upside of 12.19% from the current price, and maintains a "buy" rating on the stock.
• Other analysts have also increased their price targets, with Monness Crespi & Hardt setting a target of $46.00, while Barclays lowered theirs to $38.00, reflecting mixed outlooks within the analyst community.
• Pinterest reported $0.33 earnings per share for the last quarter, missing estimates slightly, but its revenue increased by 16.9% year-over-year.

Pinterest (NYSE:PINS - Free Report) had its target price hoisted by Bank of America from $41.00 to $44.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. UBS Group upped their price objective on Pinterest from $44.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Guggenheim restated a "buy" rating on shares of Pinterest in a research note on Monday, July 28th. Oppenheimer upped their price objective on Pinterest from $36.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, May 9th. Wells Fargo & Company set a $42.00 price target on Pinterest and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Monness Crespi & Hardt increased their price target on Pinterest from $40.00 to $46.00 and gave the stock a "buy" rating in a research note on Friday. Five analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat.com, Pinterest presently has an average rating of "Moderate Buy" and a consensus target price of $42.40.

Pinterest Stock Performance

Shares of NYSE PINS traded up $0.72 during midday trading on Friday, hitting $34.91. 8,815,645 shares of the stock traded hands, compared to its average volume of 11,944,112. The firm has a market capitalization of $23.68 billion, a P/E ratio of 12.51, a PEG ratio of 1.76 and a beta of 0.78. Pinterest has a one year low of $23.68 and a one year high of $40.90. The firm has a 50-day moving average of $36.06 and a two-hundred day moving average of $33.14.

Pinterest (NYSE:PINS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.01). The company had revenue of $998.23 million during the quarter, compared to analysts' expectations of $973.42 million. Pinterest had a return on equity of 8.44% and a net margin of 49.31%. The company's revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter last year, the company earned $0.29 earnings per share. Equities analysts forecast that Pinterest will post 0.6 earnings per share for the current fiscal year.

Insider Activity at Pinterest

In other news, Director Benjamin Silbermann sold 408,332 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the transaction, the director owned 6,274 shares of the company's stock, valued at approximately $208,045.84. This represents a 98.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 1,502,611 shares of company stock worth $51,602,943 over the last quarter. Corporate insiders own 7.11% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Golden State Wealth Management LLC grew its stake in shares of Pinterest by 282.7% during the second quarter. Golden State Wealth Management LLC now owns 685 shares of the company's stock valued at $25,000 after buying an additional 506 shares during the last quarter. Bartlett & CO. Wealth Management LLC bought a new position in shares of Pinterest during the first quarter valued at approximately $25,000. Garde Capital Inc. bought a new position in shares of Pinterest during the first quarter valued at approximately $26,000. NBC Securities Inc. grew its stake in shares of Pinterest by 99,900.0% during the first quarter. NBC Securities Inc. now owns 1,000 shares of the company's stock valued at $31,000 after buying an additional 999 shares during the last quarter. Finally, West Branch Capital LLC purchased a new stake in shares of Pinterest in the second quarter valued at approximately $36,000. 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.