Pinterest (NYSE:PINS) Raised to Outperform at Wolfe Research

Pinterest (NYSE:PINS) was upgraded by equities research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research note issued on Thursday, MarketBeat reports. The brokerage presently has a $40.00 price objective on the stock. Wolfe Research’s price target points to a potential upside of 22.84% from the stock’s current price.

Several other analysts have also issued reports on PINS. UBS Group cut their target price on Pinterest from $50.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Benchmark decreased their target price on shares of Pinterest from $55.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Stifel Nicolaus reduced their price objective on Pinterest from $50.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Raymond James downgraded Pinterest from an “overweight” rating to a “market perform” rating in a report on Monday, April 7th. Finally, Guggenheim dropped their target price on Pinterest from $40.00 to $39.00 and set a “buy” rating for the company in a report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.26.

Pinterest Price Performance

Shares of PINS opened at $32.56 on Thursday. Pinterest has a 1-year low of $23.68 and a 1-year high of $45.19. The company has a market capitalization of $22.08 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.95 and a beta of 0.83. The firm’s 50 day simple moving average is $28.72 and its 200 day simple moving average is $31.23.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $854.99 million for the quarter, compared to analysts’ expectations of $848.49 million. Pinterest had a net margin of 51.07% and a return on equity of 8.10%. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.17 EPS. On average, equities analysts anticipate that Pinterest will post 0.6 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Benjamin Silbermann sold 408,332 shares of Pinterest stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $33.16, for a total value of $13,540,289.12. Following the completion of the transaction, the director now owns 6,274 shares in the company, valued at approximately $208,045.84. The trade was a 98.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $27.00, for a total value of $31,050.00. Following the completion of the sale, the director now owns 26,786 shares of the company’s stock, valued at approximately $723,222. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 862,168 shares of company stock valued at $28,368,681 in the last quarter. 7.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PINS. Price T Rowe Associates Inc. MD boosted its stake in shares of Pinterest by 104.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company’s stock valued at $737,533,000 after purchasing an additional 12,986,310 shares during the period. Norges Bank purchased a new position in shares of Pinterest during the fourth quarter worth approximately $358,205,000. Amundi raised its stake in shares of Pinterest by 618.9% during the first quarter. Amundi now owns 14,254,741 shares of the company’s stock valued at $441,897,000 after acquiring an additional 12,271,958 shares in the last quarter. Marshall Wace LLP grew its stake in Pinterest by 134.1% in the fourth quarter. Marshall Wace LLP now owns 10,701,783 shares of the company’s stock worth $310,352,000 after purchasing an additional 6,129,985 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Pinterest by 49.7% during the 4th quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company’s stock worth $395,441,000 after purchasing an additional 4,527,902 shares during the period. Institutional investors 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.