Wedbush Issues Positive Forecast for Pinterest (NYSE:PINS) Stock Price

Key Points

• Wedbush raised Pinterest's price target from $42.00 to $44.00, indicating a potential upside of 22.32% from its current price, while maintaining an "outperform" rating.
• Multiple analysts have recently increased their price targets for Pinterest, with notable raises from TD Cowen (to $43.00) and Benchmark (to $48.00), alongside a consensus rating of "Moderate Buy."
• Pinterest reported a quarterly earnings of $0.33 per share, missing expectations slightly, but had a 16.9% year-over-year revenue growth of $998.23 million.

Pinterest (NYSE:PINS - Free Report) had its price objective lifted by Wedbush from $42.00 to $44.00 in a research report report published on Friday,Benzinga reports. Wedbush currently has an outperform rating on the stock.

Several other research analysts have also weighed in on PINS. Barclays lifted their price objective on shares of Pinterest from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Friday. Benchmark lifted their price objective on shares of Pinterest from $45.00 to $48.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. UBS Group lifted their price objective on shares of Pinterest from $44.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Monness Crespi & Hardt lifted their price objective on shares of Pinterest from $40.00 to $46.00 and gave the stock a "buy" rating in a research note on Friday. Finally, Wells Fargo & Company set a $42.00 price objective on shares of Pinterest and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Five equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.40.

Pinterest Trading Up 1.7%

Shares of Pinterest stock traded up $0.57 during mid-day trading on Friday, reaching $34.76. 12,890,235 shares of the stock were exchanged, compared to its average volume of 11,972,942. The company has a market cap of $23.58 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.76 and a beta of 0.78. The firm has a 50-day simple moving average of $36.06 and a 200 day simple moving average of $33.14. Pinterest has a fifty-two week low of $23.68 and a fifty-two week high of $40.90.

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

Insider Activity at Pinterest

In related news, Director Benjamin Silbermann sold 408,332 shares of Pinterest stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $33.16, for a total value of $13,540,289.12. Following the transaction, the director directly owned 6,274 shares of the company's stock, valued at $208,045.84. This trade represents a 98.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 1,502,611 shares of company stock valued at $51,602,943 in the last 90 days. Corporate insiders own 7.11% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PINS. Revolve Wealth Partners LLC bought a new stake in Pinterest during the 4th quarter worth approximately $252,000. Orion Portfolio Solutions LLC lifted its holdings in shares of Pinterest by 30.3% during the fourth quarter. Orion Portfolio Solutions LLC now owns 8,215 shares of the company's stock worth $238,000 after purchasing an additional 1,909 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Pinterest in the fourth quarter worth $279,000. Envestnet Asset Management Inc. increased its holdings in Pinterest by 2.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 617,569 shares of the company's stock valued at $17,910,000 after purchasing an additional 12,500 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Pinterest by 22.5% in the fourth quarter. Russell Investments Group Ltd. now owns 514,620 shares of the company's stock valued at $14,969,000 after purchasing an additional 94,365 shares during the period. Institutional investors and hedge funds own 88.81% of the company's stock.

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.