Allspring Global Investments Holdings LLC Sells 21,407 Shares of Pinterest, Inc. $PINS

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in Pinterest, Inc. by 2.9%, selling 21,407 shares, and now holds approximately 0.11% of the company valued at $25.87 million.
• Pinterest shares are currently trading at $32.56, with its 12-month range between $23.68 and $40.90, and it has recently reported revenue of $665.93 million for the last quarter.
• Research analysts have positive outlooks on Pinterest, with a consensus rating of "Moderate Buy" and a price target averaging $42.67, reflecting general confidence in the company's growth potential.

Allspring Global Investments Holdings LLC lowered its stake in Pinterest, Inc. (NYSE:PINS - Free Report) by 2.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 725,090 shares of the company's stock after selling 21,407 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.11% of Pinterest worth $25,871,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Pinterest by 2.2% in the first quarter. Vanguard Group Inc. now owns 58,008,711 shares of the company's stock valued at $1,798,270,000 after acquiring an additional 1,263,863 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in 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 valued at $988,662,000 after acquiring an additional 6,460,143 shares during the last quarter. Ameriprise Financial Inc. grew its position in Pinterest by 13.7% in the first quarter. Ameriprise Financial Inc. now owns 15,498,454 shares of the company's stock valued at $480,452,000 after acquiring an additional 1,862,654 shares during the last quarter. Amundi grew its position in Pinterest by 618.9% in the first quarter. Amundi now owns 14,254,741 shares of the company's stock valued at $441,897,000 after acquiring an additional 12,271,958 shares during the last quarter. Finally, Swedbank AB grew its position in Pinterest by 27.3% in the second quarter. Swedbank AB now owns 7,430,885 shares of the company's stock valued at $266,472,000 after acquiring an additional 1,591,400 shares during the last quarter. Institutional investors own 88.81% of the company's stock.

Pinterest Trading Down 2.3%

Shares of PINS stock opened at $32.56 on Friday. The business's 50-day moving average price is $34.76 and its 200-day moving average price is $33.13. Pinterest, Inc. has a 12 month low of $23.68 and a 12 month high of $40.90. The firm has a market capitalization of $22.14 billion, a price-to-earnings ratio of 11.67, a PEG ratio of 1.40 and a beta of 0.81.

Pinterest (NYSE:PINS - Get Free Report) 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 8.44% and a net margin of 49.31%. On average, sell-side analysts predict that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PINS shares. Piper Sandler set a $40.00 target price on Pinterest in a research report on Friday, August 8th. Citigroup reiterated a "buy" rating and issued a $50.00 target price (up previously from $44.00) on shares of Pinterest in a research report on Friday, August 8th. Oppenheimer reissued an "outperform" rating on shares of Pinterest in a research note on Friday, August 8th. Wedbush lifted their price target on Pinterest from $42.00 to $44.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Bank of America lifted their price target on Pinterest from $41.00 to $44.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.67.

Insider Buying and Selling

In related news, CFO Donnelly Julia Brau sold 22,821 shares of Pinterest stock in a transaction that occurred on Wednesday, September 24th. The stock was sold at an average price of $34.85, for a total value of $795,311.85. Following the transaction, the chief financial officer directly owned 312,422 shares of the company's stock, valued at $10,887,906.70. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Matthew Madrigal sold 20,000 shares of Pinterest stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $38.58, for a total value of $771,600.00. Following the completion of the transaction, the chief technology officer directly owned 428,823 shares in the company, valued at approximately $16,543,991.34. This represents a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 762,319 shares of company stock valued at $27,523,976 in the last ninety days. Insiders own 7.06% of the company's stock.

Pinterest Company Profile

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.

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