Bank of New York Mellon Corp Lowers Stake in Pinterest, Inc. (NYSE:PINS)

Bank of New York Mellon Corp reduced its stake in Pinterest, Inc. (NYSE:PINS - Free Report) by 17.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,009,724 shares of the company's stock after selling 1,042,287 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of Pinterest worth $155,301,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Bartlett & CO. Wealth Management LLC purchased a new position in shares of Pinterest during the 1st quarter worth $25,000. Garde Capital Inc. purchased a new position in shares of Pinterest during the 1st quarter worth $26,000. NBC Securities Inc. grew its holdings in shares of Pinterest by 99,900.0% during the 1st quarter. NBC Securities Inc. now owns 1,000 shares of the company's stock worth $31,000 after purchasing an additional 999 shares during the period. American National Bank & Trust purchased a new position in shares of Pinterest during the 1st quarter worth $32,000. Finally, Golden State Wealth Management LLC grew its holdings 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 purchasing an additional 1,058 shares during the period. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Wanjiku Juanita Walcott sold 11,510 shares of Pinterest stock in a transaction on Friday, June 27th. The stock was sold at an average price of $35.68, for a total value of $410,676.80. Following the completion of the sale, the insider 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Benjamin Silbermann sold 102,083 shares of the business's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $35.50, for a total value of $3,623,946.50. Following the sale, the director directly owned 8,414 shares of the company's stock, valued at approximately $298,697. This trade represents a 92.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,278,445 shares of company stock worth $43,269,922 in the last three months. Company insiders own 7.06% of the company's stock.

Pinterest Price Performance

Pinterest stock traded down $0.35 during mid-day trading on Friday, hitting $35.45. 4,121,036 shares of the company were exchanged, compared to its average volume of 11,078,117. The business's 50 day simple moving average is $33.27 and its two-hundred day simple moving average is $32.13. The company has a market capitalization of $24.04 billion, a P/E ratio of 12.94, a PEG ratio of 1.75 and a beta of 0.94. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $42.20.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PINS shares. Morgan Stanley increased their price target on Pinterest from $28.00 to $37.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Wells Fargo & Company set a $42.00 price objective on Pinterest and gave the company an "overweight" rating in a report on Tuesday, July 1st. KeyCorp raised their price target on Pinterest from $37.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. BMO Capital Markets dropped their price target on Pinterest from $46.00 to $40.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, Guggenheim dropped their price target on Pinterest from $40.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Six analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.52.

Pinterest 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.