PNC Financial Services Group Inc. Increases Stock Position in Pinterest, Inc. (NYSE:PINS)

PNC Financial Services Group Inc. grew its stake in shares of Pinterest, Inc. (NYSE:PINS) by 16.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,645 shares of the company’s stock after acquiring an additional 4,137 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Pinterest were worth $888,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bartlett & CO. Wealth Management LLC bought a new stake in Pinterest during the first quarter valued at approximately $25,000. Garde Capital Inc. bought a new stake in Pinterest during the first quarter valued at approximately $26,000. NBC Securities Inc. grew its position in Pinterest by 99,900.0% during the first quarter. NBC Securities Inc. now owns 1,000 shares of the company’s stock valued at $31,000 after buying an additional 999 shares during the period. American National Bank & Trust bought a new stake in Pinterest during the first quarter valued at approximately $32,000. Finally, Golden State Wealth Management LLC grew its position in Pinterest by 665.4% during the first quarter. Golden State Wealth Management LLC now owns 1,217 shares of the company’s stock valued at $38,000 after buying an additional 1,058 shares during the period. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Pinterest Stock Down 2.5%

Pinterest stock opened at $34.25 on Tuesday. The company has a market cap of $23.23 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.76 and a beta of 0.78. The firm’s fifty day moving average is $36.06 and its 200 day moving average is $33.14. Pinterest, Inc. has a 52-week low of $23.68 and a 52-week high of $40.90.

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

Insider Activity at Pinterest

In related news, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $36.88, for a total transaction of $42,412.00. Following the sale, the director owned 31,750 shares of the company’s stock, valued at $1,170,940. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Matthew Madrigal sold 20,000 shares of the company’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $38.58, for a total transaction of $771,600.00. Following the sale, the chief technology officer directly owned 428,823 shares in the company, valued at approximately $16,543,991.34. The trade was a 4.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,502,611 shares of company stock valued at $51,602,943 over the last quarter. 7.11% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler set a $40.00 target price on shares of Pinterest in a research report on Friday. BMO Capital Markets cut their target price on shares of Pinterest from $46.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Sanford C. Bernstein lifted their price target on shares of Pinterest from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. Benchmark lifted their price target on shares of Pinterest from $45.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Finally, Stifel Nicolaus lifted their price target on shares of Pinterest from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday. Five research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.40.

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.