Pictet Asset Management Holding SA Has $4.81 Million Stock Position in Pinterest, Inc. $PINS

Key Points

• Pictet Asset Management sharply cut its Pinterest stake by 93.5% in Q1, selling more than 3.7 million shares and leaving it with 262,185 shares valued at about $4.81 million.
• Pinterest beat earnings and revenue estimates in its latest quarter, reporting $0.27 EPS on $1.01 billion in revenue, with sales up 17.8% year over year.
• Wall Street is cautiously positive on Pinterest: analysts now have a consensus Hold rating with a $27.40 average price target, while insiders have also been selling shares recently.

Pictet Asset Management Holding SA lowered its position in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 93.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 262,185 shares of the company's stock after selling 3,777,168 shares during the quarter. Pictet Asset Management Holding SA's holdings in Pinterest were worth $4,806,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PINS. Snowden Capital Advisors LLC lifted its position in Pinterest by 4.4% during the 2nd quarter. Snowden Capital Advisors LLC now owns 7,046 shares of the company's stock valued at $253,000 after purchasing an additional 296 shares during the period. EP Wealth Advisors LLC grew its position in shares of Pinterest by 3.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 9,483 shares of the company's stock worth $340,000 after buying an additional 358 shares during the period. Central Pacific Bank Trust Division raised its stake in shares of Pinterest by 0.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 95,960 shares of the company's stock worth $2,484,000 after buying an additional 464 shares during the last quarter. Simon Quick Advisors LLC raised its stake in shares of Pinterest by 5.5% during the fourth quarter. Simon Quick Advisors LLC now owns 10,237 shares of the company's stock worth $265,000 after buying an additional 535 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in Pinterest by 2.2% in the fourth quarter. CIBC Asset Management Inc now owns 26,434 shares of the company's stock valued at $684,000 after buying an additional 560 shares during the period. Institutional investors and hedge funds own 88.81% of the company's stock.

Pinterest Stock Down 0.1%

Shares of NYSE:PINS opened at $22.06 on Friday. The company has a 50 day moving average price of $20.50 and a two-hundred day moving average price of $21.03. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.23 and a current ratio of 4.23. The company has a market capitalization of $12.35 billion, a PE ratio of 45.95, a PEG ratio of 1.24 and a beta of 0.89. Pinterest, Inc. has a 52 week low of $13.84 and a 52 week high of $39.93.

Pinterest (NYSE:PINS - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. Pinterest had a net margin of 7.64% and a return on equity of 8.26%. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $965.84 million. During the same period last year, the firm posted $0.23 earnings per share. The business's quarterly revenue was up 17.8% compared to the same quarter last year. Analysts forecast that Pinterest, Inc. will post 0.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Wanjiku Juanita Walcott sold 27,337 shares of the firm's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $20.46, for a total transaction of $559,315.02. Following the sale, the insider owned 724,673 shares of the company's stock, valued at $14,826,809.58. This trade represents a 3.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gokul Rajaram sold 2,100 shares of Pinterest stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $20.00, for a total value of $42,000.00. Following the transaction, the director owned 27,450 shares in the company, valued at $549,000. This trade represents a 7.11% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 279,070 shares of company stock worth $5,817,283. Corporate insiders own 8.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Oppenheimer lifted their target price on shares of Pinterest from $24.00 to $30.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. BMO Capital Markets reissued an "outperform" rating and issued a $30.00 price target on shares of Pinterest in a research note on Tuesday, May 5th. Benchmark reduced their price target on Pinterest from $34.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, April 30th. Rothschild & Co Redburn set a $23.00 price objective on Pinterest and gave the stock a "neutral" rating in a research note on Monday, April 27th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Pinterest in a report on Tuesday. Sixteen analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $27.40.

About Pinterest

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate "Pins" — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company's primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.

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