Norges Bank Invests $357.95 Million in Pinterest, Inc. $PINS

Norges Bank purchased a new stake in Pinterest, Inc. (NYSE:PINS) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,825,606 shares of the company’s stock, valued at approximately $357,945,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp increased its stake in Pinterest by 3,839.1% in the third quarter. Atlantic Union Bankshares Corp now owns 906 shares of the company’s stock valued at $29,000 after purchasing an additional 883 shares during the period. Elevated Capital Advisors LLC acquired a new position in Pinterest in the fourth quarter valued at $26,000. Addison Advisors LLC increased its stake in Pinterest by 727.3% in the fourth quarter. Addison Advisors LLC now owns 1,365 shares of the company’s stock valued at $35,000 after purchasing an additional 1,200 shares during the period. Fifth Third Bancorp increased its stake in Pinterest by 2,409.1% in the third quarter. Fifth Third Bancorp now owns 1,380 shares of the company’s stock valued at $44,000 after purchasing an additional 1,325 shares during the period. Finally, Garner Asset Management Corp acquired a new position in Pinterest in the fourth quarter valued at $36,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Pinterest news, Director Gokul Rajaram sold 2,100 shares of the stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $20.00, for a total transaction of $42,000.00. Following the transaction, the director owned 27,450 shares of the company’s stock, valued at $549,000. This trade represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 4,200 shares of company stock worth $84,000 over the last quarter. Corporate insiders own 8.09% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on PINS shares. Robert W. Baird lifted their price objective on shares of Pinterest from $20.00 to $24.00 and gave the company a “neutral” rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. boosted their price target on shares of Pinterest from $20.00 to $25.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. KeyCorp dropped their price target on shares of Pinterest from $40.00 to $35.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 3rd. Guggenheim boosted their price target on shares of Pinterest from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, Benchmark dropped their price target on shares of Pinterest from $34.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Sixteen research analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $27.40.

Pinterest Stock Up 7.0%

Shares of NYSE PINS opened at $21.45 on Tuesday. Pinterest, Inc. has a 12-month low of $13.84 and a 12-month high of $39.93. The company has a market capitalization of $12.02 billion, a PE ratio of 44.69, a price-to-earnings-growth ratio of 1.08 and a beta of 0.93. The company has a debt-to-equity ratio of 0.34, a current ratio of 4.23 and a quick ratio of 4.23. The firm’s 50-day moving average is $19.45 and its two-hundred day moving average is $21.89.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $965.84 million. Pinterest had a net margin of 7.64% and a return on equity of 8.26%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.23 earnings per share. Equities analysts anticipate that Pinterest, Inc. will post 0.68 EPS for the current fiscal 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.