ARK Investment Management LLC Increases Position in Pinterest, Inc. (NYSE:PINS)

ARK Investment Management LLC grew its stake in Pinterest, Inc. (NYSE:PINS - Free Report) by 152.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,444,579 shares of the company's stock after purchasing an additional 872,016 shares during the period. ARK Investment Management LLC owned approximately 0.21% of Pinterest worth $53,507,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PINS. Nordea Investment Management AB lifted its holdings 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 worth $32,766,000 after acquiring an additional 323,547 shares during the period. Acadian Asset Management LLC grew its position in shares of Pinterest by 53.1% in the 3rd quarter. Acadian Asset Management LLC now owns 3,138,973 shares of the company's stock worth $84,826,000 after acquiring an additional 1,089,299 shares in the last quarter. Trexquant Investment LP raised its holdings in shares of Pinterest by 332.7% during the second quarter. Trexquant Investment LP now owns 62,650 shares of the company's stock worth $1,713,000 after purchasing an additional 48,172 shares during the period. National Bank of Canada FI grew its holdings in shares of Pinterest by 1,059.5% during the third quarter. National Bank of Canada FI now owns 85,723 shares of the company's stock valued at $2,318,000 after purchasing an additional 78,330 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Pinterest in the third quarter valued at $1,387,000. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PINS shares. Rosenblatt Securities restated a "buy" rating and issued a $45.00 target price on shares of Pinterest in a research report on Friday, February 9th. Evercore ISI boosted their price target on shares of Pinterest from $45.00 to $50.00 and gave the company an "outperform" rating in a report on Friday, January 26th. KeyCorp boosted their target price on shares of Pinterest from $37.00 to $48.00 and gave the company an "overweight" rating in a research note on Monday, February 5th. Piper Sandler reaffirmed an "overweight" rating and set a $48.00 target price on shares of Pinterest in a research note on Tuesday. Finally, BMO Capital Markets started coverage on shares of Pinterest in a report on Tuesday, January 9th. They set an "outperform" rating and a $45.00 price target on the stock. Seven analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.80.

Pinterest Price Performance

Shares of Pinterest stock traded down $0.20 during trading on Thursday, hitting $34.68. 4,275,219 shares of the company's stock traded hands, compared to its average volume of 10,286,590. Pinterest, Inc. has a twelve month low of $20.60 and a twelve month high of $41.60. The company has a market cap of $23.55 billion, a PE ratio of -577.90, a PEG ratio of 4.87 and a beta of 1.00. The firm's fifty day moving average price is $36.22 and its 200 day moving average price is $33.15.

Pinterest (NYSE:PINS - Get Free Report) last posted its earnings results on Thursday, February 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Pinterest had a positive return on equity of 3.83% and a negative net margin of 1.17%. The business had revenue of $981.26 million during the quarter, compared to the consensus estimate of $988.62 million. As a group, equities research analysts anticipate that Pinterest, Inc. will post 0.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction on Wednesday, March 20th. The stock was 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 legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Gokul Rajaram sold 1,934 shares of the firm's stock in a transaction 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 sale, the director now directly owns 33,580 shares in the company, valued at $1,145,078. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 65,972 shares of Pinterest stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $34.42, for a total value of $2,270,756.24. Following the completion of the sale, the chief financial officer now directly owns 392,829 shares in the company, valued at approximately $13,521,174.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 184,471 shares of company stock valued at $6,555,581. Insiders own 6.85% 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.