Westpac Banking Corp Has $621,000 Stake in Pinterest, Inc. (NYSE:PINS)

Key Points

• Westpac Banking Corp has reduced its holdings in Pinterest, Inc. (NYSE:PINS) by 42.0%, now owning 20,048 shares valued at approximately $621,000.
• Pinterest reported earnings of $0.33 per share last quarter, falling short of the $0.34 consensus estimate, yet revenue exceeded expectations at $998.23 million.
• Several investment firms have upgraded Pinterest's target price, with TD Cowen and Bank of America setting new target prices of $43.00 and $44.00, respectively, both maintaining a "buy" rating.

Westpac Banking Corp cut its holdings in Pinterest, Inc. (NYSE:PINS - Free Report) by 42.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,048 shares of the company's stock after selling 14,547 shares during the period. Westpac Banking Corp's holdings in Pinterest were worth $621,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Janney Montgomery Scott LLC grew its stake in Pinterest by 73.9% during the first quarter. Janney Montgomery Scott LLC now owns 89,034 shares of the company's stock worth $2,760,000 after buying an additional 37,829 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Pinterest during the first quarter worth about $235,000. Concurrent Investment Advisors LLC acquired a new stake in Pinterest during the first quarter worth about $261,000. Wealth Enhancement Advisory Services LLC grew its stake in Pinterest by 21.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 112,201 shares of the company's stock worth $3,478,000 after buying an additional 19,552 shares in the last quarter. Finally, Revolve Wealth Partners LLC acquired a new stake in Pinterest during the fourth quarter worth about $252,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group increased their target price on shares of Pinterest from $44.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Wells Fargo & Company set a $42.00 target price on shares of Pinterest and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Oppenheimer reissued an "outperform" rating on shares of Pinterest in a report on Friday, August 8th. Sanford C. Bernstein increased 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. Finally, BMO Capital Markets dropped their target price on shares of Pinterest from $46.00 to $40.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat, Pinterest presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.40.

Insider Buying and Selling at Pinterest

In other news, Director Gokul Rajaram sold 1,150 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $36.88, for a total transaction of $42,412.00. Following the completion of the sale, the director owned 31,750 shares of the company's stock, valued at $1,170,940. This trade represents a 3.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Wanjiku Juanita Walcott sold 11,510 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $13,923,406.40. This trade represents a 2.87% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,094,279 shares of company stock worth $38,062,654. Company insiders own 7.06% of the company's stock.

Pinterest Trading Down 1.4%

NYSE:PINS traded down $0.50 on Friday, reaching $35.85. 8,595,654 shares of the stock traded hands, compared to its average volume of 12,197,950. The firm has a market capitalization of $24.31 billion, a price-to-earnings ratio of 67.51, a price-to-earnings-growth ratio of 1.76 and a beta of 0.78. The company's 50 day moving average is $36.21 and its 200-day moving average is $33.21. Pinterest, Inc. has a 1-year low of $23.68 and a 1-year high of $40.90.

Pinterest (NYSE:PINS - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.01). The firm had revenue of $998.23 million for the quarter, compared to analyst estimates of $973.42 million. Pinterest had a net margin of 49.31% and a return on equity of 8.44%. The business's revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. On average, equities research analysts forecast that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

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.