Fred Alger Management LLC Has $66.25 Million Holdings in Pinterest, Inc. (NYSE:PINS)

Fred Alger Management LLC lessened its position in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 56.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,284,600 shares of the company's stock after selling 2,988,379 shares during the period. Fred Alger Management LLC owned 0.34% of Pinterest worth $66,253,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Pinterest during the third quarter valued at approximately $87,000. GAMMA Investing LLC raised its stake in shares of Pinterest by 63.5% in the fourth quarter. GAMMA Investing LLC now owns 1,069 shares of the company's stock valued at $31,000 after acquiring an additional 415 shares during the period. Graypoint LLC bought a new position in shares of Pinterest in the fourth quarter worth about $317,000. Claro Advisors LLC bought a new position in shares of Pinterest during the 4th quarter worth $226,000. Finally, Pallas Capital Advisors LLC boosted its holdings in Pinterest by 49.4% in the fourth quarter. Pallas Capital Advisors LLC now owns 23,304 shares of the company's stock worth $676,000 after acquiring an additional 7,709 shares in the last quarter. Institutional investors own 88.81% of the company's stock.

Insider Buying and Selling

In related news, Director Benjamin Silbermann sold 102,083 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $31.16, for a total value of $3,180,906.28. Following the transaction, the director now directly owns 6,274 shares of the company's stock, valued at approximately $195,497.84. This trade represents a 94.21 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Wanjiku Juanita Walcott sold 6,690 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $32.85, for a total value of $219,766.50. Following the sale, the insider now owns 254,211 shares of the company's stock, valued at $8,350,831.35. This represents a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 453,836 shares of company stock valued at $14,828,392. Company insiders own 7.06% of the company's stock.

Analyst Upgrades and Downgrades

PINS has been the subject of several recent research reports. TD Cowen reduced their price objective on Pinterest from $46.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Roth Capital set a $32.00 price target on Pinterest in a report on Monday, February 3rd. Citigroup raised their target price on shares of Pinterest from $38.00 to $41.00 and gave the company a "buy" rating in a report on Friday. Bank of America cut their target price on Pinterest from $46.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Finally, Cantor Fitzgerald lifted their price objective on Pinterest from $36.00 to $48.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.27.

Pinterest Trading Up 4.9 %

Shares of NYSE:PINS traded up $1.37 during trading on Friday, reaching $29.23. The company's stock had a trading volume of 44,136,643 shares, compared to its average volume of 10,591,271. Pinterest, Inc. has a 12 month low of $23.68 and a 12 month high of $45.19. The stock has a market capitalization of $19.82 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 1.95 and a beta of 0.83. The firm's 50 day simple moving average is $28.84 and its two-hundred day simple moving average is $31.21.

Pinterest (NYSE:PINS - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Pinterest had a return on equity of 8.10% and a net margin of 51.07%. The business had revenue of $854.99 million during the quarter, compared to analyst estimates of $848.49 million. During the same quarter in the previous year, the company earned $0.17 EPS. The firm's revenue was up 15.5% compared to the same quarter last year. Research analysts anticipate that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Pinterest Company Profile

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.