Federated Hermes Inc. Reduces Stock Holdings in Pinterest, Inc. (NYSE:PINS)

Key Points

• Federated Hermes Inc. sold 208,217 shares of Pinterest, Inc., reducing its stake by 31.8% to a total of 446,496 shares, valued at approximately $13.8 million.
• Insider activity saw Director Benjamin Silbermann sell 408,332 shares at a price of $33.16 each, marking a significant 98.49% decrease in his position.
• Analysts have varied ratings on Pinterest, with the consensus being a "Moderate Buy" and a target price of $41.48, reflecting ongoing interest despite a missed earnings estimate of $0.23 per share.

Federated Hermes Inc. trimmed its position in Pinterest, Inc. (NYSE:PINS - Free Report) by 31.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 446,496 shares of the company's stock after selling 208,217 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Pinterest worth $13,841,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Foundations Investment Advisors LLC purchased a new position in shares of Pinterest in the 1st quarter worth about $346,000. Norden Group LLC lifted its holdings in shares of Pinterest by 63.7% in the first quarter. Norden Group LLC now owns 32,833 shares of the company's stock worth $1,018,000 after buying an additional 12,778 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Pinterest by 39.3% in the 1st quarter. Mackenzie Financial Corp now owns 84,979 shares of the company's stock valued at $2,634,000 after purchasing an additional 23,975 shares during the period. LPL Financial LLC boosted its stake in Pinterest by 26.3% during the first quarter. LPL Financial LLC now owns 553,770 shares of the company's stock valued at $17,167,000 after buying an additional 115,343 shares during the period. Finally, TD Asset Management Inc lifted its position in Pinterest by 1.3% during the first quarter. TD Asset Management Inc now owns 256,809 shares of the company's stock valued at $7,961,000 after purchasing an additional 3,334 shares during the last quarter. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. KeyCorp lifted their price target on shares of Pinterest from $40.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. TD Cowen upped their price target on shares of Pinterest from $40.00 to $43.00 and gave the company a "buy" rating in a report on Tuesday, July 15th. UBS Group increased their price target on shares of Pinterest from $44.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Guggenheim restated a "buy" rating on shares of Pinterest in a research report on Monday, July 28th. Finally, Benchmark increased their target price on shares of Pinterest from $45.00 to $48.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Five investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, Pinterest presently has an average rating of "Moderate Buy" and an average target price of $41.48.

Pinterest Stock Performance

Shares of PINS traded down $0.84 during trading hours on Friday, hitting $37.76. The company had a trading volume of 11,842,533 shares, compared to its average volume of 8,226,086. The stock has a market capitalization of $25.61 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.89 and a beta of 0.78. The firm has a fifty day moving average price of $35.30 and a 200-day moving average price of $32.88. Pinterest, Inc. has a 52-week low of $23.68 and a 52-week high of $40.90.

Pinterest (NYSE:PINS - Get Free Report) last issued its earnings results 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 firm had revenue of $854.99 million during 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 firm's quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the firm posted $0.17 earnings per share. Research analysts anticipate that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pinterest news, Director Benjamin Silbermann sold 408,332 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the sale, the director directly owned 6,274 shares in the company, valued at approximately $208,045.84. This trade represents a 98.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 1,502,611 shares of company stock valued at $51,602,943. 7.11% of the stock is owned by insiders.

Pinterest Company 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.