Wedbush Raises Pinterest (NYSE:PINS) Price Target to $44.00

Pinterest (NYSE:PINS) had its target price upped by Wedbush from $38.00 to $44.00 in a report issued on Wednesday morning, MarketBeat Ratings reports. Wedbush currently has a neutral rating on the stock.

PINS has been the subject of a number of other research reports. Royal Bank of Canada boosted their price objective on shares of Pinterest from $46.00 to $48.00 and gave the company an outperform rating in a research report on Friday, February 9th. KeyCorp cut their price target on Pinterest from $48.00 to $40.00 and set an overweight rating for the company in a report on Wednesday, April 24th. Stifel Nicolaus raised their price objective on Pinterest from $42.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday. Piper Sandler reiterated an overweight rating and set a $48.00 price objective on shares of Pinterest in a research note on Tuesday, March 26th. Finally, Rosenblatt Securities reaffirmed a buy rating and set a $48.00 price target (up previously from $45.00) on shares of Pinterest in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Pinterest has an average rating of Moderate Buy and an average price target of $40.82.

Pinterest Stock Performance

Pinterest stock opened at $40.40 on Wednesday. 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 fifty day moving average of $34.79 and a 200 day moving average of $34.48. Pinterest has a one year low of $20.60 and a one year high of $41.60.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.04. The firm had revenue of $981.26 million for the quarter, compared to analysts’ expectations of $988.62 million. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. 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 company’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $33.34, for a total transaction of $64,479.56. Following the transaction, the director now directly owns 31,646 shares in the company, valued at approximately $1,055,077.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Jeffrey D. Jordan sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $36.65, for a total transaction of $733,000.00. Following the transaction, the director now owns 54,215 shares in the company, valued at approximately $1,986,979.75. The disclosure for this sale can be found here. Insiders have sold 164,471 shares of company stock worth $5,773,431 in the last three months. Corporate insiders own 7.11% of the company’s stock.

Institutional Trading of Pinterest

Several hedge funds and other institutional investors have recently added to or reduced their stakes 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 worth $2,087,165,000 after acquiring an additional 1,439,595 shares in the last quarter. Ameriprise Financial Inc. grew its position in Pinterest by 43.9% in the third quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company’s stock worth $300,639,000 after acquiring an additional 3,390,924 shares during the period. Franklin Resources Inc. grew its holdings in shares of Pinterest by 34.0% during the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock worth $371,764,000 after purchasing an additional 2,548,925 shares during the period. Baillie Gifford & Co. raised its stake 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 acquiring an additional 1,043,173 shares during the period. Finally, Capital World Investors boosted its position in shares of Pinterest by 0.7% during the fourth quarter. Capital World Investors now owns 8,887,130 shares of the company’s stock worth $329,179,000 after buying an additional 64,270 shares during the period. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.