Pinterest (NYSE:PINS) Cut to Neutral at Wedbush

Wedbush downgraded shares of Pinterest (NYSE:PINS) from an outperform rating to a neutral rating in a research note published on Monday morning, Marketbeat Ratings reports. They currently have $30.00 price objective on the stock, down from their previous price objective of $34.00.

PINS has been the subject of several other research reports. Mizuho started coverage on Pinterest in a research report on Monday, September 29th. They issued an “outperform” rating and a $50.00 price target for the company. Barclays lowered their price objective on Pinterest from $40.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 5th. Royal Bank Of Canada cut their target price on Pinterest from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. Piper Sandler restated a “neutral” rating and set a $33.00 price target (down previously from $35.00) on shares of Pinterest in a report on Wednesday, November 5th. Finally, BMO Capital Markets dropped their price objective on shares of Pinterest from $41.00 to $35.00 and set an “outperform” rating for the company in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.97.

Pinterest Stock Performance

PINS stock opened at $27.81 on Monday. The firm has a fifty day moving average price of $29.42 and a 200 day moving average price of $33.41. Pinterest has a fifty-two week low of $23.68 and a fifty-two week high of $40.90. The firm has a market cap of $18.79 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 1.72 and a beta of 0.89.

Pinterest (NYSE:PINS) last released its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. Pinterest had a net margin of 48.99% and a return on equity of 8.20%. The business had revenue of $665.93 million during the quarter. On average, equities analysts predict that Pinterest will post 0.6 EPS for the current year.

Insider Buying and Selling at Pinterest

In related news, insider Wanjiku Juanita Walcott sold 74,047 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $26.89, for a total value of $1,991,123.83. Following the transaction, the insider owned 301,214 shares of the company’s stock, valued at $8,099,644.46. This trade represents a 19.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Donnelly Julia Brau sold 22,821 shares of Pinterest stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $34.85, for a total transaction of $795,311.85. Following the sale, the chief financial officer owned 312,422 shares of the company’s stock, valued at $10,887,906.70. The trade was a 6.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 301,042 shares of company stock valued at $10,087,667 in the last quarter. 7.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Pinterest

Institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL boosted its holdings in shares of Pinterest by 150.2% in the third quarter. Tudor Investment Corp ET AL now owns 472,635 shares of the company’s stock valued at $15,205,000 after purchasing an additional 283,700 shares during the period. Allworth Financial LP increased its holdings in Pinterest by 15.2% during the 3rd quarter. Allworth Financial LP now owns 14,911 shares of the company’s stock worth $480,000 after purchasing an additional 1,972 shares during the period. Swiss Life Asset Management Ltd raised its position in Pinterest by 43.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 185,610 shares of the company’s stock valued at $5,971,000 after purchasing an additional 56,597 shares in the last quarter. Cantor Fitzgerald L. P. purchased a new stake in shares of Pinterest in the 3rd quarter worth $322,000. Finally, Strategic Advocates LLC purchased a new stake in shares of Pinterest in the 3rd quarter worth $56,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.