Pinterest (NYSE:PINS) Sets New 12-Month High Following Analyst Upgrade

Pinterest, Inc. (NYSE:PINS - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday after Loop Capital raised their price target on the stock from $43.00 to $49.00. Loop Capital currently has a buy rating on the stock. Pinterest traded as high as $41.81 and last traded at $41.61, with a volume of 2362361 shares changing hands. The stock had previously closed at $41.38.

Other equities analysts have also recently issued reports about the stock. Argus upgraded shares of Pinterest from a "hold" rating to a "buy" rating and set a $45.00 target price for the company in a research report on Thursday, January 18th. Stifel Nicolaus boosted their target price on shares of Pinterest from $42.00 to $46.00 and gave the company a "buy" rating in a research report on Wednesday, May 1st. BMO Capital Markets boosted their target price on shares of Pinterest from $45.00 to $46.00 and gave the company an "outperform" rating in a research report on Wednesday, May 1st. Wells Fargo & Company boosted their target price on shares of Pinterest from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Wednesday, May 1st. Finally, Piper Sandler boosted their target price on shares of Pinterest from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, May 1st. Eight research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, Pinterest currently has an average rating of "Moderate Buy" and an average price target of $41.26.

Insider Buying and Selling

In related news, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $33.34, for a total value of $64,479.56. Following the completion of the sale, the director now directly owns 31,646 shares in the company, valued at approximately $1,055,077.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $33.34, for a total transaction of $64,479.56. Following the completion of the sale, the director now directly owns 31,646 shares in the company, valued at approximately $1,055,077.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey D. Jordan sold 20,000 shares of Pinterest stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $36.65, for a total transaction of $733,000.00. Following the transaction, the director now directly owns 54,215 shares of the company's stock, valued at $1,986,979.75. The disclosure for this sale can be found here. Insiders sold 164,471 shares of company stock worth $5,773,431 in the last three months. Corporate insiders own 7.11% of the company's stock.

Institutional Investors Weigh In On Pinterest

A number of large investors have recently modified their holdings of PINS. ARK Investment Management LLC boosted its position in shares of Pinterest by 152.3% during the 4th quarter. ARK Investment Management LLC now owns 1,444,579 shares of the company's stock valued at $53,507,000 after acquiring an additional 872,016 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of Pinterest by 57.9% during the 4th quarter. Nordea Investment Management AB now owns 882,233 shares of the company's stock valued at $32,766,000 after acquiring an additional 323,547 shares during the last quarter. International Assets Investment Management LLC boosted its position in shares of Pinterest by 3,402.0% during the 4th quarter. International Assets Investment Management LLC now owns 80,266 shares of the company's stock valued at $2,973,000 after acquiring an additional 77,974 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Pinterest by 53.1% during the 3rd quarter. Acadian Asset Management LLC now owns 3,138,973 shares of the company's stock valued at $84,826,000 after acquiring an additional 1,089,299 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Pinterest by 55.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company's stock valued at $6,477,000 after acquiring an additional 62,117 shares during the last quarter. Hedge funds and other institutional investors own 88.81% of the company's stock.

Pinterest Stock Performance

The firm's 50-day moving average price is $35.03 and its two-hundred day moving average price is $34.79. The stock has a market cap of $28.64 billion, a price-to-earnings ratio of 199.63, a PEG ratio of 4.02 and a beta of 0.99.

Pinterest (NYSE:PINS - Get Free Report) last posted its earnings results on Thursday, February 8th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.04. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The company had revenue of $981.26 million for the quarter, compared to analysts' expectations of $988.62 million. As a group, sell-side analysts expect that Pinterest, Inc. will post 0.43 earnings per share for the current fiscal year.

About Pinterest

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.