Elevation Point Wealth Partners LLC Takes Position in Pinterest, Inc. (NYSE:PINS)

Elevation Point Wealth Partners LLC purchased a new stake in Pinterest, Inc. (NYSE:PINS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,158 shares of the company's stock, valued at approximately $222,000.

A number of other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in Pinterest by 104.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company's stock worth $737,533,000 after purchasing an additional 12,986,310 shares in the last quarter. Norges Bank bought a new position in Pinterest during the 4th quarter worth about $358,205,000. Marshall Wace LLP increased its holdings in Pinterest by 134.1% during the 4th quarter. Marshall Wace LLP now owns 10,701,783 shares of the company's stock worth $310,352,000 after purchasing an additional 6,129,985 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Pinterest by 49.7% during the 4th quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company's stock worth $395,441,000 after purchasing an additional 4,527,902 shares in the last quarter. Finally, Contour Asset Management LLC bought a new position in Pinterest during the 4th quarter worth about $86,330,000. Institutional investors own 88.81% of the company's stock.

Insiders Place Their Bets

In other news, Director Benjamin Silbermann sold 102,083 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $31.16, for a total transaction of $3,180,906.28. Following the transaction, the director now directly owns 6,274 shares of the company's stock, valued at approximately $195,497.84. This trade represents a 94.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $27.00, for a total transaction of $31,050.00. Following the transaction, the director now directly owns 26,786 shares in the company, valued at $723,222. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,177,104 shares of company stock worth $38,592,423 over the last three months. Insiders own 7.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wells Fargo & Company lowered their target price on Pinterest from $47.00 to $42.00 and set an "overweight" rating for the company in a report on Monday, March 31st. Piper Sandler lowered their target price on Pinterest from $41.00 to $34.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Guggenheim lowered their target price on Pinterest from $40.00 to $39.00 and set a "buy" rating for the company in a report on Friday, May 9th. Citigroup increased their price objective on shares of Pinterest from $38.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, UBS Group reduced their price objective on shares of Pinterest from $50.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.42.

Pinterest Stock Up 4.1%

Shares of PINS stock opened at $35.21 on Tuesday. The firm has a 50 day moving average price of $29.69 and a two-hundred day moving average price of $31.55. The company has a market capitalization of $23.88 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.95 and a beta of 0.91. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $45.19.

Pinterest (NYSE:PINS - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) 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 analyst estimates of $848.49 million. Pinterest had a return on equity of 8.10% and a net margin of 51.07%. The company's revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.17 earnings per share. As a group, research analysts expect that Pinterest, Inc. will post 0.6 EPS for the current year.

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.

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