iA Global Asset Management Inc. Sells 23,172 Shares of Pinterest, Inc. (NYSE:PINS)

Key Points

• iA Global Asset Management Inc. has reduced its stake in Pinterest by 85.9%, now holding only 3,808 shares after selling 23,172 shares in the first quarter.
• Several institutional investors increased their holdings in Pinterest during the fourth quarter, with Price T Rowe Associates Inc. raising its stake by 104.3%.
• Pinterest reported earnings of $0.33 per share, slightly below the consensus estimate of $0.34, but had a revenue increase of 16.9% compared to the previous year.

iA Global Asset Management Inc. lowered its position in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 85.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,808 shares of the company's stock after selling 23,172 shares during the period. iA Global Asset Management Inc.'s holdings in Pinterest were worth $118,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 valued at $737,533,000 after buying an additional 12,986,310 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Pinterest by 134.1% during the 4th quarter. Marshall Wace LLP now owns 10,701,783 shares of the company's stock valued at $310,352,000 after buying an additional 6,129,985 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Pinterest by 49.7% during the 4th quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company's stock valued at $395,441,000 after buying an additional 4,527,902 shares in the last quarter. Contour Asset Management LLC purchased a new position in shares of Pinterest during the 4th quarter valued at $86,330,000. Finally, Shapiro Capital Management LLC purchased a new position in shares of Pinterest during the 4th quarter valued at $84,190,000. Institutional investors own 88.81% of the company's stock.

Pinterest Stock Down 10.2%

NYSE:PINS traded down $3.98 during mid-day trading on Friday, hitting $35.19. 37,460,885 shares of the stock traded hands, compared to its average volume of 9,693,246. The stock has a market capitalization of $23.87 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 1.76 and a beta of 0.78. Pinterest, Inc. has a 52 week low of $23.68 and a 52 week high of $40.90. The firm's 50 day moving average is $36.01 and its two-hundred day moving average is $33.13.

Pinterest (NYSE:PINS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.33 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.01). The company had revenue of $998.23 million during the quarter, compared to the consensus estimate of $973.42 million. Pinterest had a return on equity of 8.80% and a net margin of 49.31%. Pinterest's revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 earnings per share. As a group, research analysts predict that Pinterest, Inc. will post 0.6 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PINS shares. KeyCorp lifted their target price on shares of Pinterest from $40.00 to $45.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Citigroup boosted their price target on shares of Pinterest from $44.00 to $50.00 and gave the stock a "buy" rating in a research note on Friday. Bank of America boosted their price target on shares of Pinterest from $41.00 to $44.00 and gave the stock a "buy" rating in a research note on Friday. Oppenheimer reiterated an "outperform" rating on shares of Pinterest in a research note on Friday. Finally, Monness Crespi & Hardt boosted their price target on shares of Pinterest from $40.00 to $46.00 and gave the stock a "buy" rating in a research note on Friday. Five investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company's stock. According to data from MarketBeat, Pinterest presently has an average rating of "Moderate Buy" and an average target price of $42.40.

Insider Buying and Selling

In other Pinterest news, Director Benjamin Silbermann sold 408,332 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $33.16, for a total value of $13,540,289.12. Following the transaction, the director directly owned 6,274 shares in the company, valued at $208,045.84. This represents a 98.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 1,502,611 shares of company stock valued at $51,602,943. 7.06% of the stock is owned by corporate 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.