Piper Sandler Forecasts Strong Price Appreciation for Pinterest (NYSE:PINS) Stock

Key Points

• Piper Sandler has increased its price target for Pinterest (NYSE:PINS) from $34.00 to $35.00, maintaining a "neutral" rating, which implies a potential downside of 10.76% from the current stock price.
• Multiple analysts, including UBS and TD Cowen, have also raised their price targets for Pinterest, with UBS setting a target of $50.00 and TD Cowen at $43.00, both giving "buy" ratings.
• Pinterest reported earnings of $0.33 per share, missing estimates slightly, but its revenue was up 16.9% year-over-year at approximately $998.23 million.

Pinterest (NYSE:PINS - Get Free Report) had its price target upped by analysts at Piper Sandler from $34.00 to $35.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's target price suggests a potential downside of 10.76% from the stock's current price.

A number of other equities analysts also recently commented on PINS. UBS Group lifted their target price on Pinterest from $44.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. TD Cowen raised their price target on Pinterest from $40.00 to $43.00 and gave the stock a "buy" rating in a report on Tuesday, July 15th. Wells Fargo & Company set a $42.00 price objective on Pinterest and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Benchmark raised their target price on Pinterest from $45.00 to $48.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Bank of America upped their price target on shares of Pinterest from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Pinterest has a consensus rating of "Moderate Buy" and a consensus price target of $42.03.

Pinterest Price Performance

Shares of PINS opened at $39.22 on Friday. The stock has a market capitalization of $26.60 billion, a PE ratio of 14.31, a price-to-earnings-growth ratio of 1.96 and a beta of 0.78. The business's fifty day moving average price is $35.93 and its 200 day moving average price is $33.10. Pinterest has a 12-month low of $23.68 and a 12-month high of $40.90.

Pinterest (NYSE:PINS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.33 earnings per share for the quarter, missing analysts' consensus estimates of $0.34 by ($0.01). Pinterest had a return on equity of 8.13% and a net margin of 50.41%. The business had revenue of $998.23 million for the quarter, compared to analyst estimates of $973.42 million. During the same period last year, the company posted $0.29 earnings per share. The firm's revenue for the quarter was up 16.9% on a year-over-year basis. As a group, research analysts anticipate that Pinterest will post 0.6 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Benjamin Silbermann sold 408,332 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 1,502,611 shares of company stock valued at $51,602,943 over the last quarter. 7.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pinterest

Hedge funds and other institutional investors have recently modified their holdings of the stock. Penserra Capital Management LLC lifted its stake in Pinterest by 10.1% during the second quarter. Penserra Capital Management LLC now owns 3,259 shares of the company's stock valued at $115,000 after buying an additional 300 shares in the last quarter. TD Private Client Wealth LLC lifted its position in shares of Pinterest by 16.5% in the 2nd quarter. TD Private Client Wealth LLC now owns 2,623 shares of the company's stock valued at $94,000 after acquiring an additional 371 shares in the last quarter. Riverpark Capital Management LLC boosted its stake in Pinterest by 1.2% in the 1st quarter. Riverpark Capital Management LLC now owns 31,825 shares of the company's stock worth $987,000 after purchasing an additional 377 shares during the period. Whittier Trust Co. boosted its stake in Pinterest by 22.3% in the 2nd quarter. Whittier Trust Co. now owns 2,088 shares of the company's stock worth $75,000 after purchasing an additional 381 shares during the period. Finally, Prospera Financial Services Inc grew its position in Pinterest by 1.0% during the 2nd quarter. Prospera Financial Services Inc now owns 40,444 shares of the company's stock worth $1,450,000 after purchasing an additional 399 shares in the last quarter. Institutional investors and hedge funds 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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