Fred Alger Management LLC Sells 1,394,611 Shares of Pinterest, Inc. $PINS

Fred Alger Management LLC trimmed its stake in Pinterest, Inc. (NYSE:PINS) by 51.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,302,470 shares of the company’s stock after selling 1,394,611 shares during the period. Fred Alger Management LLC’s holdings in Pinterest were worth $41,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. N.E.W. Advisory Services LLC raised its position in shares of Pinterest by 505.7% during the third quarter. N.E.W. Advisory Services LLC now owns 854 shares of the company’s stock valued at $27,000 after buying an additional 713 shares during the last quarter. Atlantic Union Bankshares Corp grew its position in Pinterest by 3,839.1% during the third quarter. Atlantic Union Bankshares Corp now owns 906 shares of the company’s stock worth $29,000 after buying an additional 883 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Pinterest by 46.0% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,330 shares of the company’s stock worth $42,000 after buying an additional 419 shares in the last quarter. Fifth Third Bancorp increased its stake in Pinterest by 2,409.1% during the third quarter. Fifth Third Bancorp now owns 1,380 shares of the company’s stock valued at $44,000 after acquiring an additional 1,325 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in Pinterest during the second quarter valued at about $45,000. Institutional investors own 88.81% of the company’s stock.

Insiders Place Their Bets

In other Pinterest news, insider Malik Ducard sold 2,293 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $22.06, for a total value of $50,583.58. Following the sale, the insider directly owned 695,187 shares in the company, valued at $15,335,825.22. This represents a 0.33% 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, CFO Donnelly Julia Brau sold 22,821 shares of the stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $25.86, for a total value of $590,151.06. Following the transaction, the chief financial officer owned 540,358 shares of the company’s stock, valued at $13,973,657.88. This represents a 4.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 34,457 shares of company stock worth $876,925 over the last quarter. Company insiders own 7.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PINS shares. Stifel Nicolaus reduced their price objective on Pinterest from $40.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, February 13th. Wells Fargo & Company lowered their price objective on Pinterest from $35.00 to $27.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Wolfe Research set a $33.00 target price on Pinterest and gave the company an “outperform” rating in a research note on Monday, January 5th. Barclays reduced their target price on Pinterest from $36.00 to $25.00 and set an “equal weight” rating for the company in a research report on Friday, February 13th. Finally, Piper Sandler reiterated a “neutral” rating and set a $21.00 price target (down from $33.00) on shares of Pinterest in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nineteen have given a Hold rating to the company. According to data from MarketBeat, Pinterest has a consensus rating of “Hold” and an average price target of $25.87.

Pinterest Trading Up 0.6%

NYSE PINS opened at $18.20 on Monday. The stock’s 50 day moving average is $21.34 and its two-hundred day moving average is $27.25. The company has a market capitalization of $12.11 billion, a price-to-earnings ratio of 29.84, a PEG ratio of 1.21 and a beta of 0.93. Pinterest, Inc. has a 1-year low of $13.84 and a 1-year high of $39.93.

Pinterest (NYSE:PINS) last issued its earnings results on Thursday, February 12th. The company reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.01). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Pinterest had a return on equity of 7.95% and a net margin of 9.87%.The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.56 earnings per share. On average, analysts predict that Pinterest, Inc. will post 0.6 earnings per share for the current year.

Pinterest Company Profile

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.