Jennison Associates LLC raised its holdings in Pinterest, Inc. (NYSE:PINS - Free Report) by 88.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,991,150 shares of the company's stock after purchasing an additional 1,402,456 shares during the quarter. Jennison Associates LLC owned 0.44% of Pinterest worth $92,726,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PINS. Bartlett & CO. Wealth Management LLC purchased a new stake in shares of Pinterest in the 1st quarter valued at $25,000. Garde Capital Inc. acquired a new position in shares of Pinterest during the 1st quarter worth about $26,000. NBC Securities Inc. boosted its position in shares of Pinterest by 99,900.0% during the 1st quarter. NBC Securities Inc. now owns 1,000 shares of the company's stock worth $31,000 after acquiring an additional 999 shares in the last quarter. American National Bank & Trust acquired a new position in shares of Pinterest during the 1st quarter worth about $32,000. Finally, Golden State Wealth Management LLC boosted its position in shares of Pinterest by 665.4% in the 1st quarter. Golden State Wealth Management LLC now owns 1,217 shares of the company's stock valued at $38,000 after purchasing an additional 1,058 shares during the period. Hedge funds and other institutional investors own 88.81% of the company's stock.
Insider Transactions at Pinterest
In related news, Director Benjamin Silbermann sold 408,332 shares of the company's stock in a transaction on 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 completion of the transaction, the director directly owned 6,274 shares of the company's stock, valued at approximately $208,045.84. This represents a 98.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,381,678 shares of company stock valued at $46,988,343 over the last ninety days. 7.06% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
PINS has been the subject of a number of recent research reports. BMO Capital Markets decreased their price objective on Pinterest from $46.00 to $40.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Benchmark decreased their price objective on Pinterest from $55.00 to $45.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Citigroup reissued a "buy" rating and issued a $44.00 price target (up from $41.00) on shares of Pinterest in a report on Tuesday, June 24th. Bank of America reduced their price target on Pinterest from $46.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, Barclays reduced their price target on Pinterest from $42.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $41.19.
Get Our Latest Stock Report on Pinterest
Pinterest Stock Up 3.2%
PINS stock traded up $1.16 during trading on Friday, hitting $37.24. The company had a trading volume of 11,532,408 shares, compared to its average volume of 11,086,834. The firm has a 50-day moving average price of $34.13 and a 200-day moving average price of $32.38. Pinterest, Inc. has a 12 month low of $23.68 and a 12 month high of $42.02. The stock has a market cap of $25.26 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.83 and a beta of 0.94.
Pinterest (NYSE:PINS - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Pinterest had a return on equity of 8.13% and a net margin of 50.41%. The business had revenue of $854.99 million for the quarter, compared to analyst estimates of $848.49 million. During the same period in the prior year, the firm posted $0.17 EPS. Pinterest's revenue was up 15.5% on a year-over-year basis. Equities analysts expect that Pinterest, Inc. will post 0.6 EPS for the current year.
Pinterest Company Profile
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Free Report)
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.
Further Reading
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