Pinterest (NYSE:PINS) Reaches New 1-Year High at $43.12

Shares of Pinterest, Inc. (NYSE:PINS - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $43.12 and last traded at $42.88, with a volume of 7615203 shares changing hands. The stock had previously closed at $42.44.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PINS. Evercore ISI lifted their price target on Pinterest from $45.00 to $50.00 and gave the company an "outperform" rating in a research report on Friday, January 26th. Royal Bank of Canada increased their price target on shares of Pinterest from $48.00 to $52.00 and gave the stock an "outperform" rating in a report on Wednesday, May 1st. Stifel Nicolaus upped their target price on shares of Pinterest from $42.00 to $46.00 and gave the stock a "buy" rating in a research report on Wednesday, May 1st. Wedbush raised their price target on Pinterest from $38.00 to $44.00 and gave the company a "neutral" rating in a research report on Wednesday, May 1st. Finally, Loop Capital upped their price objective on Pinterest from $43.00 to $49.00 and gave the stock a "buy" rating in a report on Monday, May 6th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, Pinterest currently has an average rating of "Moderate Buy" and a consensus target price of $41.26.

Pinterest Stock Performance

The firm has a 50-day moving average of $35.76 and a 200-day moving average of $35.49. The firm has a market capitalization of $29.23 billion, a P/E ratio of 203.68, a PEG ratio of 4.17 and a beta of 0.99.

Insider Activity

In other news, insider Sabrina Ellis sold 24,410 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total transaction of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares of the company's stock, valued at approximately $17,762,886.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $34.10, for a total transaction of $65,949.40. Following the completion of the sale, the director now directly owns 33,580 shares of the company's stock, valued at $1,145,078. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sabrina Ellis sold 24,410 shares of Pinterest stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total transaction of $866,310.90. Following the transaction, the insider now owns 500,504 shares in the company, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. Insiders sold 164,471 shares of company stock valued at $5,773,431 over the last three months. Insiders own 7.11% of the company's stock.

Hedge Funds Weigh In On Pinterest

Several large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Pinterest during the 4th quarter valued at approximately $241,229,000. Wellington Management Group LLP boosted its position in shares of Pinterest by 1,188.9% during the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company's stock worth $221,850,000 after acquiring an additional 5,524,796 shares during the last quarter. Fred Alger Management LLC grew its stake in Pinterest by 279,496.9% during the third quarter. Fred Alger Management LLC now owns 4,672,065 shares of the company's stock valued at $126,286,000 after acquiring an additional 4,670,394 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Pinterest by 43.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company's stock valued at $300,639,000 after acquiring an additional 3,390,924 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Pinterest by 128.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company's stock worth $193,473,000 after purchasing an additional 3,134,776 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company's stock.

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.

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