Pinterest (NYSE:PINS) Shares Gap Down Following Analyst Downgrade

Pinterest, Inc. (NYSE:PINS)’s stock price gapped down before the market opened on Friday after Rosenblatt Securities lowered their price target on the stock from $48.00 to $46.00. The stock had previously closed at $33.93, but opened at $29.14. Rosenblatt Securities currently has a buy rating on the stock. Pinterest shares last traded at $29.29, with a volume of 9,382,212 shares changing hands.

A number of other equities analysts have also weighed in on PINS. Susquehanna decreased their target price on Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a research report on Wednesday, July 31st. Robert W. Baird decreased their price objective on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley increased their price target on Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Barclays cut their price objective on Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Finally, Benchmark reissued a “hold” rating on shares of Pinterest in a report on Friday. Eight investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $42.22.

Insider Activity

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the completion of the sale, the director now directly owns 33,686 shares of the company’s stock, valued at $1,129,154.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

A number of institutional investors and hedge funds have recently bought and sold shares of PINS. Kornitzer Capital Management Inc. KS boosted its position in Pinterest by 20.3% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after acquiring an additional 68,096 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in Pinterest by 13.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 447,148 shares of the company’s stock valued at $15,598,000 after purchasing an additional 51,455 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Pinterest by 38.0% in the first quarter. Russell Investments Group Ltd. now owns 613,564 shares of the company’s stock worth $21,358,000 after purchasing an additional 169,052 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Pinterest during the second quarter valued at about $5,045,000. Finally, Quantbot Technologies LP boosted its holdings in shares of Pinterest by 217.8% in the 2nd quarter. Quantbot Technologies LP now owns 118,749 shares of the company’s stock valued at $5,233,000 after buying an additional 81,380 shares in the last quarter. 88.81% of the stock is owned by institutional investors.

Pinterest Trading Down 14.0 %

The stock has a market cap of $20.02 billion, a PE ratio of 108.06, a P/E/G ratio of 2.60 and a beta of 1.02. The business’s 50-day moving average price is $31.82 and its 200-day moving average price is $36.31.

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.