Pinterest (NYSE:PINS) Price Target Raised to $38.00

Pinterest (NYSE:PINS) had its target price increased by Sanford C. Bernstein from $35.00 to $38.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a market perform rating on the stock.

Several other analysts have also recently commented on PINS. Roth Mkm lifted their price objective on shares of Pinterest from $38.00 to $40.00 and gave the company a neutral rating in a research note on Wednesday. Piper Sandler upped their price target on shares of Pinterest from $48.00 to $50.00 and gave the company an overweight rating in a report on Wednesday. Royal Bank of Canada raised their price objective on shares of Pinterest from $48.00 to $52.00 and gave the stock an outperform rating in a research note on Wednesday. Evercore ISI upped their price target on Pinterest from $45.00 to $50.00 and gave the stock an outperform rating in a report on Friday, January 26th. Finally, JPMorgan Chase & Co. raised their price objective on Pinterest from $38.00 to $44.00 and gave the company a neutral rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $40.82.

Pinterest Stock Performance

Pinterest stock opened at $40.40 on Wednesday. Pinterest has a one year low of $20.60 and a one year high of $41.60. The stock has a market cap of $27.43 billion, a PE ratio of 192.39, a price-to-earnings-growth ratio of 5.55 and a beta of 0.99. The stock has a 50-day moving average of $34.79 and a two-hundred day moving average of $34.48.

Pinterest (NYSE:PINS) last released its earnings results on Thursday, February 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The company had revenue of $981.26 million during the quarter, compared to analysts’ expectations of $988.62 million. As a group, sell-side analysts predict that Pinterest will post 0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gokul Rajaram sold 1,934 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $33.34, for a total value of $64,479.56. Following the completion of the sale, the director now owns 31,646 shares of the company’s stock, valued at approximately $1,055,077.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $33.34, for a total value of $64,479.56. Following the transaction, the director now owns 31,646 shares of the company’s stock, valued at approximately $1,055,077.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey D. Jordan sold 20,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $36.65, for a total value of $733,000.00. Following the sale, the director now directly owns 54,215 shares of the company’s stock, valued at $1,986,979.75. The disclosure for this sale can be found here. Insiders have sold 164,471 shares of company stock valued at $5,773,431 over the last ninety days. Company insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Several large investors have recently made changes to their positions in PINS. Vanguard Group Inc. increased its holdings in Pinterest by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 56,348,952 shares of the company’s stock valued at $2,087,165,000 after purchasing an additional 1,439,595 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Pinterest by 43.9% during the third quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company’s stock worth $300,639,000 after buying an additional 3,390,924 shares during the period. Franklin Resources Inc. grew its stake in shares of Pinterest by 34.0% in the fourth quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock valued at $371,764,000 after buying an additional 2,548,925 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Pinterest by 12.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,305,759 shares of the company’s stock valued at $344,685,000 after buying an additional 1,043,173 shares during the period. Finally, Capital World Investors lifted its stake in Pinterest by 0.7% during the 4th quarter. Capital World Investors now owns 8,887,130 shares of the company’s stock worth $329,179,000 after acquiring an additional 64,270 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.