Allspring Global Investments Holdings LLC Increases Stock Holdings in Pinterest, Inc. (NYSE:PINS)

Allspring Global Investments Holdings LLC lifted its holdings in Pinterest, Inc. (NYSE:PINS - Free Report) by 14.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 746,497 shares of the company's stock after buying an additional 93,478 shares during the period. Allspring Global Investments Holdings LLC owned about 0.11% of Pinterest worth $23,141,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PINS. Bartlett & CO. Wealth Management LLC bought a new stake in Pinterest during the first quarter worth approximately $25,000. Garde Capital Inc. bought a new position in shares of Pinterest during the 1st quarter valued at approximately $26,000. NBC Securities Inc. raised its holdings in Pinterest by 99,900.0% during the 1st 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 period. American National Bank & Trust bought a new stake in Pinterest in the first quarter worth $32,000. Finally, Golden State Wealth Management LLC boosted its stake in Pinterest by 665.4% during the first quarter. Golden State Wealth Management LLC now owns 1,217 shares of the company's stock worth $38,000 after buying an additional 1,058 shares during the period. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Pinterest Stock Up 0.3%

Shares of NYSE:PINS traded up $0.10 during trading on Wednesday, hitting $35.78. 8,625,873 shares of the stock traded hands, compared to its average volume of 11,022,999. The company has a fifty day moving average price of $31.70 and a two-hundred day moving average price of $31.81. Pinterest, Inc. has a 52-week low of $23.68 and a 52-week high of $44.06. The company has a market cap of $24.27 billion, a price-to-earnings ratio of 13.06, a P/E/G ratio of 1.77 and a beta of 0.94.

Pinterest (NYSE:PINS - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). The business had revenue of $854.99 million for the quarter, compared to analyst estimates of $848.49 million. Pinterest had a net margin of 50.41% and a return on equity of 8.13%. Pinterest's revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.17 earnings per share. On average, equities research analysts predict that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PINS. TD Cowen decreased their price objective on shares of Pinterest from $46.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Piper Sandler decreased their price target on Pinterest from $41.00 to $34.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. KeyCorp upped their price objective on Pinterest from $37.00 to $40.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Bank of America decreased their target price on Pinterest from $46.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, Oppenheimer boosted their target price on shares of Pinterest from $36.00 to $40.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Six research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat.com, Pinterest currently has an average rating of "Moderate Buy" and a consensus price target of $40.52.

Insiders Place Their Bets

In other Pinterest news, Director Benjamin Silbermann sold 408,332 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the completion of the transaction, the director directly owned 6,274 shares in the company, valued at approximately $208,045.84. This represents a 98.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Donnelly Julia Brau sold 29,606 shares of Pinterest stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $34.25, for a total value of $1,014,005.50. Following the completion of the sale, the chief financial officer owned 362,890 shares in the company, valued at approximately $12,428,982.50. The trade was a 7.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,074,279 shares of company stock worth $36,031,216. Corporate insiders own 7.11% 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.