Nikko Asset Management Americas Inc. Raises Stock Holdings in Pinterest, Inc. (NYSE:PINS)

Key Points

• Nikko Asset Management Americas Inc. increased its stake in Pinterest, owning approximately 4.46 million shares valued at $138.32 million, making it the 17th largest position in their portfolio.
• Pinterest posted $0.23 earnings per share in its latest quarter, which was below the consensus estimate of $0.25, albeit with revenues up 15.5% year-over-year.
• Reflecting strong market interest, institutional investors own 88.81% of Pinterest's stock, with several hedge funds significantly increasing their positions during the 1st quarter.

Nikko Asset Management Americas Inc. boosted its stake in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 6.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,461,816 shares of the company's stock after acquiring an additional 264,443 shares during the quarter. Pinterest comprises about 1.8% of Nikko Asset Management Americas Inc.'s investment portfolio, making the stock its 17th biggest position. Nikko Asset Management Americas Inc. owned 0.66% of Pinterest worth $138,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Mediolanum International Funds Ltd increased its stake in Pinterest by 78.1% during the first quarter. Mediolanum International Funds Ltd now owns 102,540 shares of the company's stock worth $3,227,000 after acquiring an additional 44,958 shares during the last quarter. Caliber Wealth Management LLC KS bought a new position in shares of Pinterest during the first quarter valued at approximately $833,000. Pacer Advisors Inc. grew its stake in shares of Pinterest by 4,673.9% during the first quarter. Pacer Advisors Inc. now owns 2,531,741 shares of the company's stock valued at $78,484,000 after buying an additional 2,478,708 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Pinterest by 92.2% during the first quarter. Cetera Investment Advisers now owns 165,286 shares of the company's stock valued at $5,124,000 after buying an additional 79,306 shares during the last quarter. Finally, Tufton Capital Management grew its stake in shares of Pinterest by 9.2% during the first quarter. Tufton Capital Management now owns 29,135 shares of the company's stock valued at $903,000 after buying an additional 2,450 shares during the last quarter. 88.81% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinterest

In related news, Director Benjamin Silbermann sold 408,332 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the completion of the sale, the director directly owned 6,274 shares in the company, valued at approximately $208,045.84. The trade was a 98.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 1,502,611 shares of company stock worth $51,602,943. Corporate insiders own 7.11% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. BMO Capital Markets cut their target price on Pinterest from $46.00 to $40.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Wedbush upped their target price on Pinterest from $40.00 to $42.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Sanford C. Bernstein upped their target price on Pinterest from $40.00 to $45.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upgraded Pinterest from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $35.00 to $40.00 in a report on Tuesday, June 3rd. Finally, Piper Sandler lowered their price target on Pinterest from $41.00 to $34.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Five analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.81.

Pinterest Stock Up 0.4%

Shares of NYSE:PINS traded up $0.17 during trading on Wednesday, hitting $38.49. 1,866,237 shares of the stock traded hands, compared to its average volume of 11,639,219. The company has a fifty day moving average price of $34.90 and a two-hundred day moving average price of $32.71. Pinterest, Inc. has a 52-week low of $23.68 and a 52-week high of $40.90. The company has a market cap of $26.10 billion, a price-to-earnings ratio of 14.05, a P/E/G ratio of 1.93 and a beta of 0.94.

Pinterest (NYSE:PINS - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share 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 firm had revenue of $854.99 million during the quarter, compared to analyst estimates of $848.49 million. During the same quarter last year, the company posted $0.17 EPS. The company's revenue was up 15.5% on a year-over-year basis. On average, equities research analysts predict that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

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.