Greenhaven Road Investment Management L.P. Makes New Investment in Pinterest, Inc. $PINS

Key Points

• Greenhaven Road Investment Management opened a new position in Pinterest during the fourth quarter, buying 110,000 shares worth about $2.85 million. The stake represents roughly 0.5% of the firm’s portfolio and its 11th-largest holding.
• Institutional ownership in Pinterest remains very high at 88.81%, with major holders like Vanguard, Victory Capital, Ameriprise, State Street, and Norges Bank adding or holding significant positions.
• Pinterest’s latest quarterly results beat expectations, with EPS of $0.27 versus $0.22 expected and revenue of $1.01 billion, up 17.8% year over year. However, the stock was trading down 5.7% and analysts currently rate it a consensus Hold with an average target price of $27.40.

Greenhaven Road Investment Management L.P. acquired a new position in Pinterest, Inc. (NYSE:PINS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 110,000 shares of the company's stock, valued at approximately $2,848,000. Pinterest accounts for approximately 0.5% of Greenhaven Road Investment Management L.P.'s investment portfolio, making the stock its 11th biggest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Pinterest by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 62,056,069 shares of the company's stock worth $1,606,632,000 after purchasing an additional 1,069,646 shares during the period. Victory Capital Management Inc. grew its holdings in Pinterest by 18.5% in the third quarter. Victory Capital Management Inc. now owns 20,550,242 shares of the company's stock worth $685,899,000 after purchasing an additional 3,213,241 shares during the period. Ameriprise Financial Inc. grew its holdings in Pinterest by 10.7% in the third quarter. Ameriprise Financial Inc. now owns 19,732,086 shares of the company's stock worth $634,767,000 after purchasing an additional 1,913,668 shares during the period. State Street Corp grew its holdings in Pinterest by 1.6% in the third quarter. State Street Corp now owns 14,079,956 shares of the company's stock worth $452,952,000 after purchasing an additional 224,909 shares during the period. Finally, Norges Bank purchased a new stake in Pinterest in the fourth quarter worth about $357,945,000. Hedge funds and other institutional investors own 88.81% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PINS. Citigroup upped their price objective on shares of Pinterest from $19.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, May 5th. JPMorgan Chase & Co. upped their price objective on shares of Pinterest from $20.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $24.00 price objective on shares of Pinterest in a report on Tuesday, May 5th. Rothschild & Co Redburn set a $23.00 price target on shares of Pinterest and gave the company a "neutral" rating in a report on Monday, April 27th. Finally, Stifel Nicolaus increased their price target on shares of Pinterest from $25.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. Sixteen equities research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $27.40.

Insider Activity

In related news, Director Benjamin Silbermann sold 46,875 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $21.78, for a total transaction of $1,020,937.50. The sale was disclosed in a filing with the SEC, which is available at 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 stock in a transaction that occurred 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 transaction, the director owned 27,450 shares in the company, valued at approximately $549,000. This trade represents a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 124,237 shares of company stock worth $2,604,190 over the last 90 days. 8.09% of the stock is currently owned by insiders.

Pinterest Trading Down 5.7%

NYSE:PINS opened at $20.28 on Friday. The company's 50 day moving average price is $19.98 and its 200-day moving average price is $21.63. Pinterest, Inc. has a 52 week low of $13.84 and a 52 week high of $39.93. The company has a quick ratio of 4.23, a current ratio of 4.23 and a debt-to-equity ratio of 0.34. The stock has a market cap of $11.36 billion, a price-to-earnings ratio of 42.25, a PEG ratio of 1.16 and a beta of 0.92.

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

Pinterest Company 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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