Bank of America Issues Pessimistic Forecast for Pinterest (NYSE:PINS) Stock Price

Pinterest (NYSE:PINS) had its price target reduced by research analysts at Bank of America from $44.00 to $39.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 48.15% from the stock’s current price.

Other research analysts have also issued research reports about the stock. TD Cowen boosted their target price on shares of Pinterest from $40.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday, July 15th. Morgan Stanley upgraded Pinterest from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $45.00 in a research note on Monday, July 21st. Weiss Ratings began coverage on Pinterest in a research note on Saturday, November 1st. They set a “hold (c+)” rating for the company. Guggenheim reaffirmed a “buy” rating on shares of Pinterest in a report on Tuesday, September 2nd. Finally, Mizuho began coverage on Pinterest in a research report on Monday, September 29th. They issued an “outperform” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Pinterest has a consensus rating of “Moderate Buy” and an average price target of $39.23.

Pinterest Stock Up 2.2%

Shares of Pinterest stock opened at $26.33 on Wednesday. Pinterest has a 12-month low of $23.68 and a 12-month high of $40.90. The stock has a 50 day moving average price of $33.78 and a two-hundred day moving average price of $33.77. The stock has a market capitalization of $17.90 billion, a P/E ratio of 9.14, a PEG ratio of 1.32 and a beta of 0.96.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. Pinterest had a net margin of 48.99% and a return on equity of 8.20%. The company had revenue of $665.93 million for the quarter. Sell-side analysts anticipate that Pinterest will post 0.6 earnings per share for the current year.

Insider Transactions at Pinterest

In other Pinterest news, Director Benjamin Silbermann sold 102,083 shares of Pinterest stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $34.86, for a total transaction of $3,558,613.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Andrea Acosta sold 3,759 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $34.96, for a total transaction of $131,414.64. Following the completion of the sale, the chief accounting officer directly owned 157,402 shares in the company, valued at $5,502,773.92. This trade represents a 2.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 640,236 shares of company stock valued at $22,878,326 in the last ninety days. 7.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PINS. Vanguard Group Inc. boosted its holdings in Pinterest by 2.2% during the first quarter. Vanguard Group Inc. now owns 58,008,711 shares of the company’s stock valued at $1,798,270,000 after purchasing an additional 1,263,863 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Pinterest by 25.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after buying an additional 6,460,143 shares during the period. Ameriprise Financial Inc. boosted its stake in Pinterest by 15.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company’s stock valued at $638,969,000 after buying an additional 2,319,964 shares in the last quarter. Franklin Resources Inc. grew its position in Pinterest by 4.4% in the second quarter. Franklin Resources Inc. now owns 16,862,033 shares of the company’s stock valued at $604,673,000 after acquiring an additional 718,105 shares during the period. Finally, Amundi raised its stake in Pinterest by 618.9% during the first quarter. Amundi now owns 14,254,741 shares of the company’s stock worth $441,897,000 after acquiring an additional 12,271,958 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.