Handelsbanken Fonder AB Reduces Stake in Pinterest, Inc. $PINS

Key Points

• Handelsbanken Fonder AB cut its Pinterest stake by 22% in the second quarter, selling 44,358 shares and retaining 157,300 shares valued at approximately $3.3 million.
• Institutional investors collectively own 88.81% of Pinterest, while insiders have sold 488,931 shares worth about $10.7 million over the past three months.
• Pinterest surpassed quarterly expectations with earnings of $0.43 per share and revenue of $1.18 billion, up 18.2% year over year; analysts maintain a consensus “Hold” rating with a $27.90 price target.

Handelsbanken Fonder AB lessened its stake in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 22.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 157,300 shares of the company's stock after selling 44,358 shares during the period. Handelsbanken Fonder AB's holdings in Pinterest were worth $3,308,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Pinterest by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 62,056,069 shares of the company's stock valued at $1,606,632,000 after buying an additional 1,069,646 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Pinterest by 15.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,809,693 shares of the company's stock worth $719,994,000 after buying an additional 3,669,476 shares during the period. Victory Capital Management Inc. boosted its stake in Pinterest by 30.5% during the fourth quarter. Victory Capital Management Inc. now owns 26,808,870 shares of the company's stock worth $694,082,000 after buying an additional 6,258,628 shares during the period. State Street Corp increased its position in shares of Pinterest by 52.6% during the fourth quarter. State Street Corp now owns 21,492,169 shares of the company's stock valued at $556,432,000 after acquiring an additional 7,412,213 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Pinterest by 15.0% during the second quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company's stock valued at $638,969,000 after acquiring an additional 2,319,964 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company's stock.

Insider Transactions at Pinterest

In other news, Director Benjamin Silbermann sold 46,875 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $23.88, for a total value of $1,119,375.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Claude Leonard Brown sold 12,240 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $23.88, for a total value of $292,291.20. Following the completion of the sale, the insider directly owned 1,206,834 shares of the company's stock, valued at $28,819,195.92. The trade was a 1.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 488,931 shares of company stock worth $10,691,868 in the last three months. Corporate insiders own 8.09% of the company's stock.

Pinterest Stock Performance

NYSE:PINS opened at $24.05 on Friday. The firm has a market capitalization of $13.47 billion, a PE ratio of 70.74, a price-to-earnings-growth ratio of 1.29 and a beta of 0.90. The business's fifty day moving average price is $22.36 and its 200 day moving average price is $20.41. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.81 and a quick ratio of 3.81. Pinterest, Inc. has a 12 month low of $13.84 and a 12 month high of $38.57.

Pinterest (NYSE:PINS - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.07. Pinterest had a net margin of 5.46% and a return on equity of 7.49%. The company had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter last year, the company earned $0.33 earnings per share. The firm's revenue for the quarter was up 18.2% on a year-over-year basis. On average, sell-side analysts anticipate that Pinterest, Inc. will post 0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Susquehanna reaffirmed a "positive" rating on shares of Pinterest in a research report on Wednesday, August 5th. Guggenheim upped their price target on Pinterest from $24.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Benchmark lowered their price target on Pinterest from $34.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, April 30th. Wedbush reaffirmed a "neutral" rating and issued a $24.00 price objective on shares of Pinterest in a research note on Wednesday, August 5th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $30.00 price objective on shares of Pinterest in a report on Wednesday, August 5th. Seventeen investment analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $27.90.

About Pinterest

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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