ARK Investment Management LLC Sells 187,496 Shares of Pinterest, Inc. (NYSE:PINS)

Key Points

• ARK Investment Management LLC has reduced its stake in Pinterest by 4.3%, selling 187,496 shares and owning approximately 4,199,050 shares remaining, which accounts for about 1.3% of its total holdings.
• Several institutional investors have recently acquired shares, with 88.81% of Pinterest stock now owned by hedge funds and other institutions.
• Pinterest's stock price opened at $37.90 with analysts from different firms setting an improved target price, with a consensus target of $41.81 indicating a moderate buy rating.

ARK Investment Management LLC cut its stake in Pinterest, Inc. (NYSE:PINS - Free Report) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,199,050 shares of the company's stock after selling 187,496 shares during the quarter. Pinterest comprises approximately 1.3% of ARK Investment Management LLC's holdings, making the stock its 24th largest holding. ARK Investment Management LLC owned approximately 0.62% of Pinterest worth $130,171,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bartlett & CO. Wealth Management LLC bought a new position in Pinterest during the 1st quarter valued at about $25,000. Garde Capital Inc. purchased 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. American National Bank & Trust purchased a new stake in shares of Pinterest in the first quarter worth approximately $32,000. Finally, Golden State Wealth Management LLC lifted its stake in shares of Pinterest by 665.4% during the 1st quarter. Golden State Wealth Management LLC now owns 1,217 shares of the company's stock worth $38,000 after acquiring an additional 1,058 shares during the last quarter. 88.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Wanjiku Juanita Walcott sold 11,510 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $35.68, for a total transaction of $410,676.80. Following the sale, the insider directly owned 390,230 shares of the company's stock, valued at $13,923,406.40. The trade was a 2.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $36.88, for a total value of $42,412.00. Following the completion of the transaction, the director directly owned 31,750 shares in the company, valued at approximately $1,170,940. The trade was a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,502,611 shares of company stock worth $51,602,943 over the last ninety days. Company insiders own 7.06% of the company's stock.

Pinterest Price Performance

Shares of PINS stock opened at $37.90 on Friday. The stock's fifty day moving average price is $34.65 and its 200 day moving average price is $32.60. Pinterest, Inc. has a 1-year low of $23.68 and a 1-year high of $40.90. The company has a market cap of $25.71 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.89 and a beta of 0.94.

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

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Sanford C. Bernstein increased their target price on Pinterest from $40.00 to $45.00 and gave the stock an "outperform" rating in a research note on Tuesday. Wolfe Research raised shares of Pinterest from a "peer perform" rating to an "outperform" rating and set a $40.00 price target on the stock in a research note on Thursday, May 15th. JPMorgan Chase & Co. upgraded shares of Pinterest from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $35.00 to $40.00 in a report on Tuesday, June 3rd. Guggenheim dropped their target price on shares of Pinterest from $40.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, KeyCorp raised their target price on shares of Pinterest from $40.00 to $45.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Five equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.81.

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.

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