Pinterest (NYSE:PINS) Price Target Raised to $44.00

Pinterest (NYSE:PINS) had its target price raised by Bank of America from $41.00 to $44.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages also recently weighed in on PINS. Sanford C. Bernstein upped their price objective on shares of Pinterest from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 22nd. Guggenheim reiterated a “buy” rating on shares of Pinterest in a research report on Monday, July 28th. The Goldman Sachs Group decreased their price objective on shares of Pinterest from $47.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Wells Fargo & Company set a $42.00 price objective on shares of Pinterest and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Finally, KeyCorp upped their price objective on shares of Pinterest from $40.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Five equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $42.40.

Pinterest Price Performance

Shares of PINS opened at $35.19 on Friday. Pinterest has a 1-year low of $23.68 and a 1-year high of $40.90. The firm has a market capitalization of $23.87 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 1.76 and a beta of 0.78. The company’s fifty day moving average price is $36.01 and its 200-day moving average price is $33.13.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.01). Pinterest had a net margin of 49.31% and a return on equity of 8.44%. The business had revenue of $998.23 million during the quarter, compared to analysts’ expectations of $973.42 million. During the same period in the previous year, the company posted $0.29 earnings per share. Pinterest’s revenue for the quarter was up 16.9% compared to the same quarter last year. As a group, research analysts anticipate that Pinterest will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In other Pinterest news, Director Benjamin Silbermann sold 408,332 shares of the firm’s stock in a transaction 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 sale, the director directly owned 6,274 shares in the company, valued at $208,045.84. This trade represents a 98.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 1,502,611 shares of company stock valued at $51,602,943 over the last 90 days. Corporate insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Revolve Wealth Partners LLC purchased a new position in Pinterest during the 4th quarter worth $252,000. Orion Portfolio Solutions LLC grew its position in Pinterest by 30.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 8,215 shares of the company’s stock worth $238,000 after purchasing an additional 1,909 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Pinterest during the 4th quarter worth $279,000. Envestnet Asset Management Inc. grew its position in Pinterest by 2.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 617,569 shares of the company’s stock worth $17,910,000 after purchasing an additional 12,500 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Pinterest by 22.5% during the 4th quarter. Russell Investments Group Ltd. now owns 514,620 shares of the company’s stock worth $14,969,000 after purchasing an additional 94,365 shares during the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.