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Wealthedge Investment Advisors LLC Makes New Investment in Pinterest, Inc. (NYSE:PINS)

Pinterest logo with Computer and Technology background

Key Points

  • Wealthedge Investment Advisors LLC has recently acquired a new stake in Pinterest, purchasing 9,564 shares valued at approximately $296,000 in the first quarter.
  • Several hedge funds, including Price T Rowe Associates and Ameriprise Financial, significantly increased their positions in Pinterest, which is now predominantly owned by institutional investors and hedge funds, comprising 88.81% of the stock.
  • Wall Street analysts have actively raised their price targets for Pinterest shares, with a consensus rating of "Moderate Buy" and a target price of $42.40, indicating strong growth potential.
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Wealthedge Investment Advisors LLC acquired a new stake in Pinterest, Inc. (NYSE:PINS - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 9,564 shares of the company's stock, valued at approximately $296,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its position in Pinterest by 104.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company's stock valued at $737,533,000 after purchasing an additional 12,986,310 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Pinterest by 49.7% in the fourth quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company's stock valued at $395,441,000 after buying an additional 4,527,902 shares in the last quarter. Contour Asset Management LLC acquired a new position in shares of Pinterest during the fourth quarter valued at about $86,330,000. Shapiro Capital Management LLC acquired a new position in shares of Pinterest during the fourth quarter valued at about $84,190,000. Finally, Pacer Advisors Inc. increased its position 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 worth $78,484,000 after acquiring an additional 2,478,708 shares in the last quarter. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PINS shares. KeyCorp increased their price objective on Pinterest from $40.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Bank of America increased their price target on Pinterest from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Sanford C. Bernstein lifted their price objective on shares of Pinterest from $40.00 to $45.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Cowen reiterated a "buy" rating on shares of Pinterest in a research note on Friday, August 8th. Finally, BMO Capital Markets dropped their price target on shares of Pinterest from $46.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Five equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, Pinterest currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.40.

Read Our Latest Stock Report on PINS

Pinterest Trading Down 1.4%

Shares of PINS stock opened at $35.85 on Friday. The firm's 50 day moving average is $36.21 and its 200 day moving average is $33.21. The stock has a market capitalization of $24.31 billion, a P/E ratio of 12.85, a PEG ratio of 1.79 and a beta of 0.78. Pinterest, Inc. has a 12 month low of $23.68 and a 12 month high of $40.90.

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

Insider Buying and Selling at Pinterest

In other news, CFO Donnelly Julia Brau sold 29,606 shares of the 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 directly owned 362,890 shares of the company's stock, valued at approximately $12,428,982.50. This represents a 7.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,094,279 shares of company stock worth $38,062,654 in the last three months. 7.06% of the stock is currently owned by corporate insiders.

Pinterest Company Profile

(Free Report)

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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Want to see what other hedge funds are holding PINS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinterest, Inc. (NYSE:PINS - Free Report).

Institutional Ownership by Quarter for Pinterest (NYSE:PINS)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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