Mackenzie Financial Corp Raises Stock Position in Pinterest, Inc. (NYSE:PINS)

Key Points

• Mackenzie Financial Corp increased its stake in Pinterest, Inc. by 39.3%, owning 84,979 shares valued at approximately $2.63 million as of its latest SEC filing.
• Several insiders sold a significant number of shares recently, with Director Gokul Rajaram selling 1,150 shares and Director Benjamin Silbermann selling 102,083 shares, reflecting substantial decreases in their ownership stakes.
• Analysts have varied ratings for Pinterest, with Benchmark raising its price target to $48.00 while other firms like Piper Sandler have lowered their targets, leading to an average price target of $41.48.

Mackenzie Financial Corp boosted its position in Pinterest, Inc. (NYSE:PINS - Free Report) by 39.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 84,979 shares of the company's stock after acquiring an additional 23,975 shares during the period. Mackenzie Financial Corp's holdings in Pinterest were worth $2,634,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PINS. Bartlett & CO. Wealth Management LLC bought a new stake in shares of Pinterest during the 1st quarter valued at about $25,000. Garde Capital Inc. bought a new position in shares of Pinterest in the 1st quarter worth approximately $26,000. NBC Securities Inc. lifted its stake in shares of Pinterest by 99,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,000 shares of the company's stock valued at $31,000 after purchasing an additional 999 shares during the period. American National Bank & Trust purchased a new position in shares of Pinterest in the 1st quarter valued at approximately $32,000. Finally, Golden State Wealth Management LLC lifted its stake 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. Institutional investors own 88.81% of the company's stock.

Pinterest Price Performance

NYSE PINS traded down $0.84 during trading on Friday, reaching $37.76. 11,842,533 shares of the company's stock traded hands, compared to its average volume of 8,226,086. The firm has a market cap of $25.61 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.89 and a beta of 0.78. The company's 50 day simple moving average is $35.30 and its two-hundred day simple moving average is $32.88. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $40.90.

Pinterest (NYSE:PINS - Get Free Report) last posted 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). The business had revenue of $854.99 million for the quarter, compared to analysts' expectations of $848.49 million. Pinterest had a net margin of 50.41% and a return on equity of 8.13%. The company's revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the business posted $0.17 EPS. Research analysts expect that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Benjamin Silbermann sold 408,332 shares of Pinterest stock in a transaction that occurred 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 sale, the director directly owned 6,274 shares in the company, valued at $208,045.84. This trade represents a 98.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 1,502,611 shares of company stock valued at $51,602,943. 7.11% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PINS shares. Benchmark lifted 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. Sanford C. Bernstein lifted their target price on shares of Pinterest from $40.00 to $45.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group decreased their target price on shares of Pinterest from $47.00 to $40.00 and set a "buy" rating for the company in a report on Monday, April 14th. Barclays decreased their target price on shares of Pinterest from $42.00 to $38.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Finally, Piper Sandler decreased their target price on shares of Pinterest from $41.00 to $34.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Five research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.48.

About Pinterest

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.