Envestnet Asset Management Inc. Has $20.77 Million Stock Holdings in Pinterest, Inc. (NYSE:PINS)

Envestnet Asset Management Inc. lifted its stake in Pinterest, Inc. (NYSE:PINS) by 8.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 670,132 shares of the company’s stock after acquiring an additional 52,563 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Pinterest worth $20,774,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PINS. Price T Rowe Associates Inc. MD grew its position in shares of Pinterest by 104.3% in 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 last quarter. Ameriprise Financial Inc. grew its position in Pinterest by 49.7% during the fourth quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company’s stock worth $395,441,000 after buying an additional 4,527,902 shares in the last quarter. FMR LLC lifted its stake in Pinterest by 2.6% during the fourth quarter. FMR LLC now owns 12,599,356 shares of the company’s stock worth $365,381,000 after purchasing an additional 316,633 shares during the period. Norges Bank bought a new position in Pinterest during the fourth quarter worth about $358,205,000. Finally, Marshall Wace LLP lifted its stake in Pinterest by 134.1% during 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 during the period. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Barclays cut their target price on shares of Pinterest from $42.00 to $38.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. Wolfe Research upgraded shares of Pinterest from a “peer perform” rating to an “outperform” rating and set a $40.00 target price for the company in a research report on Thursday, May 15th. Benchmark decreased their price target on shares of Pinterest from $55.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. UBS Group upped their target price on shares of Pinterest from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Guggenheim reduced their target price on shares of Pinterest from $40.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Six research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Pinterest presently has an average rating of “Moderate Buy” and an average target price of $40.97.

Insider Activity

In other news, Director Jeremy S. Levine sold 6,274 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $34.11, for a total transaction of $214,006.14. Following the completion of the transaction, the director owned 1,158,833 shares of the company’s stock, valued at approximately $39,527,793.63. This trade represents a 0.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,510 shares of the firm’s stock in a transaction on Friday, June 27th. The shares were sold at an average price of $35.68, for a total transaction of $410,676.80. Following the transaction, the insider directly owned 390,230 shares of the company’s stock, valued at $13,923,406.40. The trade was a 2.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,278,445 shares of company stock worth $43,269,922. Insiders own 7.06% of the company’s stock.

Pinterest Stock Down 1.3%

Shares of NYSE:PINS opened at $36.07 on Thursday. The company’s 50 day moving average price is $33.80 and its two-hundred day moving average price is $32.25. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $42.20. The firm has a market cap of $24.47 billion, a PE ratio of 13.16, a PEG ratio of 1.80 and a beta of 0.94.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.02). The firm had revenue of $854.99 million for the quarter, compared to analyst estimates of $848.49 million. Pinterest had a return on equity of 8.13% and a net margin of 50.41%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.17 EPS. On average, research analysts expect that Pinterest, Inc. will post 0.6 EPS for the current year.

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.