Citigroup Cuts Pinterest (NYSE:PINS) Price Target to $44.00

Pinterest (NYSE:PINS) had its price target reduced by Citigroup from $51.00 to $44.00 in a research note published on Wednesday morning, Marketbeat Ratings reports. Citigroup currently has a buy rating on the stock.

A number of other equities analysts have also commented on PINS. BMO Capital Markets boosted their price objective on Pinterest from $45.00 to $46.00 and gave the stock an outperform rating in a research note on Wednesday, May 1st. Loop Capital increased their price objective on shares of Pinterest from $43.00 to $49.00 and gave the stock a buy rating in a report on Monday, May 6th. Roth Mkm boosted their target price on shares of Pinterest from $38.00 to $40.00 and gave the stock a neutral rating in a research note on Wednesday, May 1st. Sanford C. Bernstein increased their price target on shares of Pinterest from $35.00 to $38.00 and gave the company a market perform rating in a research note on Wednesday, May 1st. Finally, Piper Sandler restated an overweight rating and issued a $52.00 price objective on shares of Pinterest in a research report on Friday, June 14th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Pinterest presently has a consensus rating of Moderate Buy and a consensus price target of $42.71.

Pinterest Stock Down 6.9 %

Shares of Pinterest stock opened at $29.10 on Wednesday. Pinterest has a 12-month low of $23.59 and a 12-month high of $45.19. The stock has a market capitalization of $19.88 billion, a P/E ratio of 138.58, a price-to-earnings-growth ratio of 3.13 and a beta of 0.97. The company has a 50-day simple moving average of $41.47 and a 200 day simple moving average of $38.39.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The company had revenue of $853.68 million during the quarter, compared to analyst estimates of $848.75 million. Pinterest had a net margin of 5.75% and a return on equity of 6.94%. The company’s revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) earnings per share. On average, equities analysts anticipate that Pinterest will post 0.44 earnings per share for the current year.

Insider Activity

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total transaction of $481,590.34. Following the sale, the insider now directly owns 307,256 shares in the company, valued at approximately $12,726,543.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the sale, the director now directly owns 29,712 shares in the company, valued at $1,255,332. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,627 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total value of $481,590.34. Following the transaction, the insider now owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock worth $2,191,304 in the last 90 days. Corporate insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

A number of large investors have recently bought and sold shares of the company. GAMMA Investing LLC bought a new stake in shares of Pinterest in the fourth quarter worth $27,000. Rakuten Securities Inc. bought a new position in shares of Pinterest in the 4th quarter valued at about $30,000. Hexagon Capital Partners LLC increased its position in shares of Pinterest by 157.7% in the second quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock valued at $33,000 after acquiring an additional 459 shares during the last quarter. Rothschild Investment LLC bought a new stake in Pinterest during the second quarter worth about $35,000. Finally, Quent Capital LLC boosted its position in Pinterest by 71.2% during the first quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock valued at $38,000 after purchasing an additional 460 shares during 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.