Bank of Nova Scotia Has $9.25 Million Stock Position in Pinterest, Inc. $PINS

Bank of Nova Scotia lowered its position in shares of Pinterest, Inc. (NYSE:PINS) by 42.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 257,964 shares of the company’s stock after selling 190,703 shares during the quarter. Bank of Nova Scotia’s holdings in Pinterest were worth $9,250,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PINS. Renaissance Group LLC grew its holdings in Pinterest by 4.5% during the 2nd quarter. Renaissance Group LLC now owns 1,019,178 shares of the company’s stock worth $36,548,000 after acquiring an additional 43,541 shares during the period. Oppenheimer Asset Management Inc. boosted its position in shares of Pinterest by 243.1% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 69,446 shares of the company’s stock worth $2,490,000 after purchasing an additional 49,204 shares during the last quarter. KLP Kapitalforvaltning AS grew its stake in shares of Pinterest by 8.0% during the second quarter. KLP Kapitalforvaltning AS now owns 412,200 shares of the company’s stock worth $14,781,000 after purchasing an additional 30,500 shares during the period. Norges Bank bought a new stake in Pinterest in the second quarter valued at about $477,853,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Pinterest by 101.2% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 108,064 shares of the company’s stock valued at $3,875,000 after purchasing an additional 54,365 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

Analyst Ratings Changes

PINS has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Pinterest from $42.00 to $35.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. UBS Group reduced their price objective on shares of Pinterest from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. The Goldman Sachs Group decreased their price objective on shares of Pinterest from $43.00 to $36.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Piper Sandler reaffirmed a “neutral” rating and issued a $33.00 target price (down previously from $35.00) on shares of Pinterest in a research note on Wednesday, November 5th. Finally, Cantor Fitzgerald reduced their price target on shares of Pinterest from $40.00 to $34.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Pinterest currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.97.

Insider Buying and Selling at Pinterest

In related news, insider Wanjiku Juanita Walcott sold 74,047 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $26.89, for a total transaction of $1,991,123.83. Following the completion of the transaction, the insider directly owned 301,214 shares in the company, valued at approximately $8,099,644.46. This trade represents a 19.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Benjamin Silbermann sold 102,083 shares of Pinterest stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $34.86, for a total value of $3,558,613.38. The SEC filing for this sale provides additional information. Insiders have sold 301,042 shares of company stock valued at $10,087,667 in the last 90 days. 7.06% of the stock is currently owned by company insiders.

Pinterest Stock Up 2.3%

Pinterest stock opened at $27.81 on Thursday. The stock has a market capitalization of $18.79 billion, a PE ratio of 9.66, a price-to-earnings-growth ratio of 1.72 and a beta of 0.89. Pinterest, Inc. has a twelve month low of $23.68 and a twelve month high of $40.90. The company has a 50 day moving average of $29.42 and a 200-day moving average of $33.41.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. The business had revenue of $665.93 million for the quarter. Pinterest had a net margin of 48.99% and a return on equity of 8.20%. Equities analysts anticipate that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

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.