Sumitomo Mitsui Trust Group Inc. Sells 102,758 Shares of Pinterest, Inc. $PINS

Key Points

• Sumitomo Mitsui Trust Group cut its Pinterest stake by 17.9%, selling 102,758 shares in the third quarter and ending the period with 471,134 shares valued at about $8.9 million.
• Analyst views were mixed, but the consensus rating was Hold with a $25.97 price target; ratings included 18 Holds, 17 Buys, one Strong Buy and one Sell.
• Pinterest’s latest quarterly results missed expectations: earnings were $0.46 per share versus $0.49 expected, and revenue was $1.17 billion versus $1.21 billion expected, though revenue grew 11.9% year over year.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Pinterest, Inc. (NYSE:PINS - Free Report) by 17.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 471,134 shares of the company's stock after selling 102,758 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.08% of Pinterest worth $8,900,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in Pinterest by 271.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,988,631 shares of the company's stock valued at $109,831,000 after acquiring an additional 4,375,000 shares during the period. Bank of America Corp DE increased its holdings in Pinterest by 15.4% during the 1st quarter. Bank of America Corp DE now owns 5,848,116 shares of the company's stock worth $107,254,000 after acquiring an additional 779,998 shares during the period. Assenagon Asset Management S.A. lifted its stake in Pinterest by 300.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,398,316 shares of the company's stock worth $83,084,000 after purchasing an additional 3,299,884 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Pinterest by 11.1% in the 1st quarter. Bank of New York Mellon Corp now owns 4,014,388 shares of the company's stock worth $73,624,000 after purchasing an additional 401,619 shares in the last quarter. Finally, Senvest Management LLC boosted its holdings in Pinterest by 5.1% in the 1st quarter. Senvest Management LLC now owns 3,594,581 shares of the company's stock valued at $65,925,000 after purchasing an additional 175,000 shares during the period. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Rosenblatt Securities decreased their price target on shares of Pinterest from $25.00 to $21.00 and set a "neutral" rating on the stock in a report on Friday, October 30th. UBS Group dropped their price objective on Pinterest from $33.00 to $32.00 and set a "buy" rating for the company in a research note on Friday, October 30th. Zacks Research lowered Pinterest from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 13th. KeyCorp lowered their price target on Pinterest from $28.00 to $25.00 and set an "overweight" rating on the stock in a report on Monday, November 2nd. Finally, Morgan Stanley lifted their price target on Pinterest from $30.00 to $32.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $25.97.

Insider Buying and Selling at Pinterest

In related news, Director Benjamin Silbermann sold 93,750 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $21.43, for a total value of $2,009,062.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 680,656 shares of company stock worth $14,279,677. Company insiders own 8.09% of the company's stock.

Pinterest Price Performance

NYSE:PINS traded down $0.80 during midday trading on Friday, hitting $18.99. The company had a trading volume of 10,083,541 shares, compared to its average volume of 14,917,426. The company has a market capitalization of $10.64 billion, a PE ratio of 75.94, a P/E/G ratio of 1.44 and a beta of 0.98. The company has a quick ratio of 4.28, a current ratio of 4.28 and a debt-to-equity ratio of 0.32. Pinterest, Inc. has a 52-week low of $13.84 and a 52-week high of $27.96. The stock's fifty day moving average price is $20.32 and its 200-day moving average price is $20.63.

Pinterest (NYSE:PINS - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.46 earnings per share for the quarter, missing analysts' consensus estimates of $0.49 by ($0.03). Pinterest had a net margin of 3.81% and a return on equity of 6.58%. The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter in the previous year, the business earned $0.38 EPS. The company's revenue for the quarter was up 11.9% on a year-over-year basis. As a group, research analysts expect that Pinterest, Inc. will post 0.51 earnings per share for the current year.

Pinterest Profile

Pinterest, Inc NYSE: PINS operates a visual discovery platform that helps people find ideas and inspiration for activities such as home improvement, cooking, fashion, travel and event planning. Users can discover, save and organize images and videos—known as Pins—on personalized boards and explore recommendations based on their interests.

The company also provides tools for businesses and creators to showcase products and content on the platform. Its advertising business includes promoted Pins and other advertising formats designed to help marketers reach users while they are discovering ideas, researching products and planning purchases.

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