Shellback Capital LP Cuts Stake in Pinterest, Inc. (NYSE:PINS)

Shellback Capital LP lessened its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 62.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,000 shares of the company’s stock after selling 165,000 shares during the period. Shellback Capital LP’s holdings in Pinterest were worth $4,407,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Leibman Financial Services Inc. grew its stake in Pinterest by 0.9% during the 2nd quarter. Leibman Financial Services Inc. now owns 31,390 shares of the company’s stock valued at $1,383,000 after acquiring an additional 266 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Pinterest by 1.1% in the 2nd quarter. Raymond James Trust N.A. now owns 30,012 shares of the company’s stock valued at $1,323,000 after purchasing an additional 319 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Pinterest by 0.7% in the 2nd quarter. Toronto Dominion Bank now owns 56,961 shares of the company’s stock worth $2,510,000 after acquiring an additional 372 shares during the last quarter. Cornercap Investment Counsel Inc. lifted its holdings in Pinterest by 1.6% during the 2nd quarter. Cornercap Investment Counsel Inc. now owns 23,197 shares of the company’s stock worth $1,022,000 after buying an additional 373 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Pinterest by 113.4% in the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock valued at $34,000 after purchasing an additional 405 shares during the last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PINS. Royal Bank of Canada reissued an “outperform” rating and set a $48.00 price objective on shares of Pinterest in a research report on Thursday, September 12th. Oppenheimer initiated coverage on shares of Pinterest in a research report on Tuesday. They set an “outperform” rating and a $45.00 price target for the company. The Goldman Sachs Group lifted their price target on shares of Pinterest from $44.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Evercore ISI cut their price objective on Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Finally, KeyCorp lowered their target price on shares of Pinterest from $45.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.25.

Pinterest Stock Up 1.7 %

Shares of PINS stock opened at $32.70 on Friday. Pinterest, Inc. has a 12-month low of $23.59 and a 12-month high of $45.19. The company has a market capitalization of $22.34 billion, a P/E ratio of 155.71, a P/E/G ratio of 3.40 and a beta of 1.00. The firm has a 50-day moving average price of $31.85 and a 200 day moving average price of $36.63.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. Pinterest had a net margin of 5.75% and a return on equity of 6.94%. The firm had revenue of $853.68 million during the quarter, compared to the consensus estimate of $848.75 million. During the same period last year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 20.6% on a year-over-year basis. As a group, research analysts expect that Pinterest, Inc. will post 0.39 earnings per share for the current year.

Pinterest 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.