Principal Financial Group Inc. Cuts Stake in Pinterest, Inc. (NYSE:PINS)

Principal Financial Group Inc. reduced its stake in shares of Pinterest, Inc. (NYSE:PINS) by 22.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,393 shares of the company’s stock after selling 11,153 shares during the quarter. Principal Financial Group Inc.’s holdings in Pinterest were worth $1,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Bartlett & CO. Wealth Management LLC purchased a new position in shares of Pinterest in the first quarter valued at $25,000. Garde Capital Inc. purchased a new position in shares of Pinterest in the first quarter valued at $26,000. NBC Securities Inc. grew its holdings in shares of Pinterest by 99,900.0% in the first quarter. NBC Securities Inc. now owns 1,000 shares of the company’s stock valued at $31,000 after purchasing an additional 999 shares in the last quarter. American National Bank & Trust purchased a new position in shares of Pinterest in the first quarter valued at $32,000. Finally, Golden State Wealth Management LLC grew its holdings in shares of Pinterest by 665.4% in the first quarter. Golden State Wealth Management LLC now owns 1,217 shares of the company’s stock valued at $38,000 after purchasing an additional 1,058 shares in the last quarter. 88.81% of the stock is owned by hedge funds and other institutional investors.

Pinterest Stock Up 3.2%

Shares of NYSE PINS opened at $37.24 on Friday. The business’s 50 day moving average price is $34.13 and its 200 day moving average price is $32.38. The firm has a market cap of $25.26 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.83 and a beta of 0.94. Pinterest, Inc. has a 52 week low of $23.68 and a 52 week high of $42.02.

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

Analyst Ratings Changes

A number of brokerages recently issued reports on PINS. Barclays lowered their price target on Pinterest from $42.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. UBS Group raised their price target on Pinterest from $44.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday. BMO Capital Markets decreased their target price on Pinterest from $46.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Piper Sandler decreased their target price on Pinterest from $41.00 to $34.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. upgraded Pinterest from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $40.00 in a research report on Tuesday, June 3rd. Six analysts have rated the stock with a hold rating and twenty-four have given 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 $41.19.

Insider Buying and Selling at Pinterest

In related news, Director Benjamin Silbermann sold 408,332 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $33.16, for a total transaction of $13,540,289.12. Following the completion of the sale, the director directly owned 6,274 shares in the company, valued at approximately $208,045.84. The trade was a 98.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders sold 1,381,678 shares of company stock worth $46,988,343. Corporate insiders own 7.06% of the company’s stock.

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.