Bank of New York Mellon Corp Acquires 1,318,092 Shares of Pinterest, Inc. $PINS

Key Points

• Bank of New York Mellon increased its stake in Pinterest by 57.4% in the fourth quarter, buying 1,318,092 additional shares. The firm now owns 3,612,769 shares valued at about $93.5 million.
• Pinterest reported stronger-than-expected quarterly results, posting EPS of $0.27 versus the $0.22 estimate and revenue of $1.01 billion versus expectations of $965.84 million. Revenue rose 17.8% year over year.
• Analysts are broadly cautious on the stock despite recent price-target increases, with an overall Hold rating and average target of $27.40. Shares were trading around $21.94, and several insiders recently sold stock under pre-arranged trading plans.

Bank of New York Mellon Corp boosted its position in Pinterest, Inc. (NYSE:PINS - Free Report) by 57.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,612,769 shares of the company's stock after purchasing an additional 1,318,092 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.53% of Pinterest worth $93,535,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp boosted its position in shares of Pinterest by 3,839.1% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 906 shares of the company's stock worth $29,000 after purchasing an additional 883 shares in the last quarter. Elevated Capital Advisors LLC bought a new stake in shares of Pinterest in the 4th quarter worth approximately $26,000. Addison Advisors LLC boosted its position in shares of Pinterest by 727.3% in the 4th quarter. Addison Advisors LLC now owns 1,365 shares of the company's stock worth $35,000 after purchasing an additional 1,200 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Pinterest by 2,409.1% in the 3rd quarter. Fifth Third Bancorp now owns 1,380 shares of the company's stock worth $44,000 after purchasing an additional 1,325 shares in the last quarter. Finally, Garner Asset Management Corp bought a new stake in shares of Pinterest in the 4th quarter worth approximately $36,000. Institutional investors own 88.81% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PINS. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $24.00 price target on shares of Pinterest in a report on Tuesday, May 5th. Piper Sandler restated a "neutral" rating and set a $26.00 price target (up from $21.00) on shares of Pinterest in a report on Tuesday, May 5th. Citigroup raised their price target on Pinterest from $19.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, May 5th. Wedbush reduced their price target on Pinterest from $30.00 to $16.00 and set a "neutral" rating for the company in a report on Friday, February 13th. Finally, Royal Bank Of Canada raised their price target on Pinterest from $17.00 to $23.00 and gave the company a "sector perform" rating in a report on Tuesday, May 5th. Sixteen analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $27.40.

Pinterest Trading Up 2.4%

Shares of NYSE:PINS opened at $21.94 on Tuesday. The stock has a market capitalization of $12.29 billion, a price-to-earnings ratio of 45.71, a PEG ratio of 1.16 and a beta of 0.92. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.23 and a current ratio of 4.23. The stock's 50-day simple moving average is $19.72 and its two-hundred day simple moving average is $21.71. Pinterest, Inc. has a 52-week low of $13.84 and a 52-week high of $39.93.

Pinterest (NYSE:PINS - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. Pinterest had a return on equity of 8.26% and a net margin of 7.64%.The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $965.84 million. During the same period in the previous year, the firm earned $0.23 EPS. The business's quarterly revenue was up 17.8% on a year-over-year basis. Analysts expect that Pinterest, Inc. will post 0.68 EPS for the current year.

Insiders Place Their Bets

In related news, insider Wanjiku Juanita Walcott sold 27,337 shares of Pinterest stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $20.46, for a total value of $559,315.02. Following the completion of the transaction, the insider owned 724,673 shares in the company, valued at approximately $14,826,809.58. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Benjamin Silbermann sold 46,875 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $20.50, for a total value of $960,937.50. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 77,362 shares of company stock valued at $1,583,253 in the last quarter. 8.09% of the stock is currently owned by insiders.

Pinterest Profile

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate "Pins" — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company's primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.

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