Norden Group LLC Has $1.02 Million Position in Pinterest, Inc. (NYSE:PINS)

Key Points

• Norden Group LLC increased its stake in Pinterest, Inc. by 63.7% during the first quarter, holding a total of 32,833 shares valued at approximately $1.02 million.
• Approximately 88.81% of Pinterest's stock is owned by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Recent analyst ratings show generally favorable outlooks for Pinterest, with several price target increases, leading to an average price target of $41.81 and a consensus rating of "Moderate Buy".

Norden Group LLC boosted its holdings in Pinterest, Inc. (NYSE:PINS - Free Report) by 63.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,833 shares of the company's stock after purchasing an additional 12,778 shares during the quarter. Norden Group LLC's holdings in Pinterest were worth $1,018,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PINS. Revolve Wealth Partners LLC acquired a new stake in Pinterest in the 4th quarter valued at $252,000. LPL Financial LLC grew its position in Pinterest by 3.6% in the 4th quarter. LPL Financial LLC now owns 438,427 shares of the company's stock valued at $12,714,000 after purchasing an additional 15,164 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Pinterest by 18.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 844,057 shares of the company's stock valued at $26,115,000 after purchasing an additional 131,521 shares during the period. Blair William & Co. IL acquired a new stake in Pinterest in the 4th quarter valued at $799,000. Finally, Orion Portfolio Solutions LLC grew its position in Pinterest by 30.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 8,215 shares of the company's stock valued at $238,000 after purchasing an additional 1,909 shares during the period. Institutional investors and hedge funds own 88.81% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. KeyCorp lifted their price target on shares of Pinterest from $40.00 to $45.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Bank of America dropped their price objective on Pinterest from $46.00 to $35.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Stifel Nicolaus raised their price objective on Pinterest from $40.00 to $46.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Raymond James Financial cut Pinterest from an "overweight" rating to a "market perform" rating in a research note on Monday, April 7th. Finally, Benchmark raised their price objective on Pinterest from $45.00 to $48.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Five equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Pinterest presently has an average rating of "Moderate Buy" and an average target price of $41.81.

Pinterest Stock Performance

Shares of Pinterest stock opened at $38.53 on Tuesday. Pinterest, Inc. has a 52-week low of $23.68 and a 52-week high of $40.90. The stock's 50-day simple moving average is $34.78 and its 200 day simple moving average is $32.67. The stock has a market capitalization of $26.13 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.90 and a beta of 0.94.

Pinterest (NYSE:PINS - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Pinterest had a net margin of 50.41% and a return on equity of 8.13%. The firm had revenue of $854.99 million during the quarter, compared to the consensus estimate of $848.49 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. The company's revenue was up 15.5% on a year-over-year basis. Equities research analysts forecast that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Insider Activity

In other news, insider Wanjiku Juanita Walcott sold 11,510 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $35.68, for a total transaction of $410,676.80. Following the sale, the insider directly owned 390,230 shares in the company, valued at $13,923,406.40. This represents a 2.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Donnelly Julia Brau sold 29,606 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $34.25, for a total value of $1,014,005.50. Following the sale, the chief financial officer owned 362,890 shares in the company, valued at approximately $12,428,982.50. This represents a 7.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,502,611 shares of company stock valued at $51,602,943. 7.11% of the stock is currently owned by insiders.

Pinterest 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.

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