Bronte Capital Management Pty Ltd. Reduces Stock Holdings in Pinterest, Inc. $PINS

Key Points

• Bronte Capital Management cut its Pinterest stake by 15.9% in the first quarter, selling 81,246 shares and ending with 430,950 shares worth about $7.9 million.
• Pinterest recently reported strong Q1 results, with EPS of $0.27 beating estimates and revenue of $1.01 billion, up 17.8% year over year.
• Analysts remain mixed but generally constructive: the stock has a consensus Hold rating and an average price target of $27.40, while insiders have also sold shares in recent months.

Bronte Capital Management Pty Ltd. lowered its stake in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 15.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 430,950 shares of the company's stock after selling 81,246 shares during the quarter. Pinterest makes up about 0.8% of Bronte Capital Management Pty Ltd.'s holdings, making the stock its 23rd biggest position. Bronte Capital Management Pty Ltd. owned 0.06% of Pinterest worth $7,904,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elevated Capital Advisors LLC purchased a new position in shares of Pinterest in the 4th quarter valued at $26,000. Caitong International Asset Management Co. Ltd lifted its position in Pinterest by 2,017.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,101 shares of the company's stock valued at $29,000 after acquiring an additional 1,049 shares during the last quarter. Addison Advisors LLC lifted its position in Pinterest by 727.3% in the fourth quarter. Addison Advisors LLC now owns 1,365 shares of the company's stock valued at $35,000 after acquiring an additional 1,200 shares during the last quarter. Garner Asset Management Corp acquired a new position in Pinterest in the fourth quarter valued at $36,000. Finally, MidFirst Bank purchased a new position in shares of Pinterest during the fourth quarter worth about $44,000. Institutional investors and hedge funds own 88.81% of the company's stock.

Analyst Ratings Changes

PINS has been the topic of a number of research analyst reports. Barclays lifted their target price on Pinterest from $25.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 5th. Oppenheimer raised their price target on Pinterest from $24.00 to $30.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Rothschild & Co Redburn set a $23.00 price target on Pinterest and gave the stock a "neutral" rating in a research note on Monday, April 27th. Wall Street Zen raised Pinterest from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Wells Fargo & Company boosted their price objective on Pinterest from $25.00 to $28.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Sixteen research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $27.40.

Pinterest Price Performance

Shares of NYSE:PINS opened at $22.06 on Friday. Pinterest, Inc. has a one year low of $13.84 and a one year high of $39.93. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of 45.95, a PEG ratio of 1.23 and a beta of 0.89. The company has a 50-day simple moving average of $20.47 and a 200-day simple moving average of $21.02. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.23 and a current ratio of 4.23.

Pinterest (NYSE:PINS - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $965.84 million. Pinterest had a return on equity of 8.26% and a net margin of 7.64%.The business's revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the company posted $0.23 earnings per share. On average, analysts predict that Pinterest, Inc. will post 0.66 EPS for the current year.

Insider Buying and Selling at Pinterest

In related news, Director Benjamin Silbermann sold 46,875 shares of Pinterest stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $21.45, for a total value of $1,005,468.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gokul Rajaram sold 2,100 shares of the business's stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $20.00, for a total transaction of $42,000.00. Following the completion of the transaction, the director directly owned 27,450 shares in the company, valued at $549,000. This represents a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 279,070 shares of company stock worth $5,817,283. 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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