Pinterest (NYSE:PINS) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Pinterest (NYSE:PINS) from a neutral rating to an overweight rating in a report published on Tuesday morning, MarketBeat.com reports. They currently have $40.00 target price on the stock, up from their previous target price of $35.00.

A number of other brokerages also recently issued reports on PINS. The Goldman Sachs Group dropped their price objective on Pinterest from $47.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Raymond James downgraded Pinterest from an “overweight” rating to a “market perform” rating in a research note on Monday, April 7th. BMO Capital Markets dropped their price objective on Pinterest from $46.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, May 9th. UBS Group dropped their price objective on Pinterest from $50.00 to $39.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Finally, Wolfe Research raised Pinterest from a “peer perform” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research note on Thursday, May 15th. Six analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $40.42.

Pinterest Trading Up 3.9%

NYSE PINS opened at $33.16 on Tuesday. The business’s 50-day moving average price is $28.57 and its two-hundred day moving average price is $31.26. Pinterest has a 12 month low of $23.68 and a 12 month high of $45.19. The firm has a market capitalization of $22.49 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.95 and a beta of 0.83.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). Pinterest had a net margin of 51.07% and a return on equity of 8.10%. The company had revenue of $854.99 million during the quarter, compared to the consensus estimate of $848.49 million. During the same quarter last year, the firm posted $0.17 EPS. The company’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, analysts forecast that Pinterest will post 0.6 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Andrea Acosta sold 3,941 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $35.75, for a total value of $140,890.75. Following the completion of the transaction, the chief accounting officer now directly owns 144,129 shares of the company’s stock, valued at $5,152,611.75. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Benjamin Silbermann sold 102,083 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $31.16, for a total value of $3,180,906.28. Following the completion of the transaction, the director now directly owns 6,274 shares of the company’s stock, valued at approximately $195,497.84. This represents a 94.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,066,426 shares of company stock valued at $34,835,253 over the last three months. Corporate insiders own 7.06% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Several institutional investors and hedge funds have recently bought and sold shares of the company. Anderson Financial Strategies LLC bought a new position in Pinterest during the first quarter valued at $60,000. Strs Ohio bought a new position in Pinterest during the first quarter valued at $15,035,000. Geneos Wealth Management Inc. grew its holdings in Pinterest by 139.4% during the first quarter. Geneos Wealth Management Inc. now owns 3,400 shares of the company’s stock valued at $105,000 after purchasing an additional 1,980 shares during the period. IFM Investors Pty Ltd grew its holdings in Pinterest by 4.6% during the first quarter. IFM Investors Pty Ltd now owns 115,323 shares of the company’s stock valued at $3,575,000 after purchasing an additional 5,072 shares during the period. Finally, Ilmarinen Mutual Pension Insurance Co bought a new position in Pinterest during the first quarter valued at $2,945,000. 88.81% of the stock is owned by institutional investors.

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.