Wedbush Increases Pinterest (NYSE:PINS) Price Target to $42.00

Pinterest (NYSE:PINS - Free Report) had its price target lifted by Wedbush from $40.00 to $42.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also weighed in on PINS. Morgan Stanley increased their price objective on shares of Pinterest from $28.00 to $37.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Barclays cut their price objective on shares of Pinterest from $42.00 to $38.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Stifel Nicolaus cut their price objective on shares of Pinterest from $50.00 to $36.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Oppenheimer increased their price objective on shares of Pinterest from $36.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Finally, Guggenheim cut their price objective on shares of Pinterest from $40.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Six research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.19.

Pinterest Price Performance

Shares of PINS stock traded up $0.02 during trading hours on Thursday, reaching $36.10. 8,213,080 shares of the company were exchanged, compared to its average volume of 11,076,345. Pinterest has a fifty-two week low of $23.68 and a fifty-two week high of $42.20. The stock's fifty day moving average is $33.97 and its two-hundred day moving average is $32.30. The company has a market cap of $24.48 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 1.78 and a beta of 0.94.

Pinterest (NYSE:PINS - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.25 by ($0.02). Pinterest had a return on equity of 8.13% and a net margin of 50.41%. The company had revenue of $854.99 million for the quarter, compared to analyst estimates of $848.49 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. Pinterest's revenue for the quarter was up 15.5% on a year-over-year basis. On average, research analysts anticipate that Pinterest will post 0.6 earnings per share for the current year.

Insider Activity at Pinterest

In related news, Director Benjamin Silbermann sold 102,083 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $35.50, for a total transaction of $3,623,946.50. Following the sale, the director directly owned 8,414 shares in the company, valued at $298,697. This trade represents a 92.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jeremy S. Levine sold 6,274 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $34.11, for a total transaction of $214,006.14. Following the sale, the director owned 1,158,833 shares in the company, valued at approximately $39,527,793.63. The trade was a 0.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,278,445 shares of company stock valued at $43,269,922. Insiders own 7.06% of the company's stock.

Institutional Investors Weigh In On Pinterest

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Park Place Capital Corp bought a new position in Pinterest in the second quarter valued at $70,000. Janney Montgomery Scott LLC grew its position in Pinterest by 15.8% in the second quarter. Janney Montgomery Scott LLC now owns 103,057 shares of the company's stock valued at $3,696,000 after purchasing an additional 14,023 shares in the last quarter. Venture Visionary Partners LLC grew its position in Pinterest by 7.0% in the second quarter. Venture Visionary Partners LLC now owns 48,993 shares of the company's stock valued at $1,757,000 after purchasing an additional 3,217 shares in the last quarter. V Square Quantitative Management LLC grew its position in Pinterest by 396.1% in the second quarter. V Square Quantitative Management LLC now owns 8,861 shares of the company's stock valued at $318,000 after purchasing an additional 7,075 shares in the last quarter. Finally, Scott & Selber Inc. bought a new position in Pinterest in the second quarter valued at $2,510,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.