Balyasny Asset Management L.P. Raises Position in Pinterest, Inc. $PINS

Balyasny Asset Management L.P. raised its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 1,138.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,601,571 shares of the company’s stock after buying an additional 4,230,125 shares during the period. Balyasny Asset Management L.P. owned about 0.68% of Pinterest worth $165,012,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PINS. Renaissance Group LLC grew its holdings in shares of Pinterest by 4.5% in the second quarter. Renaissance Group LLC now owns 1,019,178 shares of the company’s stock worth $36,548,000 after purchasing an additional 43,541 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in 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 acquiring an additional 49,204 shares during the last quarter. KLP Kapitalforvaltning AS grew its holdings in Pinterest by 8.0% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 412,200 shares of the company’s stock worth $14,781,000 after acquiring an additional 30,500 shares during the last quarter. Norges Bank purchased a new position in shares of Pinterest in the second quarter valued at about $477,853,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Pinterest by 101.2% during 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 acquiring an additional 54,365 shares during the last quarter. 88.81% of the stock is owned by institutional investors.

Pinterest Stock Performance

Shares of NYSE:PINS opened at $25.93 on Friday. The firm has a market capitalization of $17.52 billion, a P/E ratio of 9.00, a P/E/G ratio of 1.70 and a beta of 0.89. The stock has a 50 day moving average price of $29.20 and a 200-day moving average price of $33.33. 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 Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. Pinterest had a return on equity of 8.20% and a net margin of 48.99%.The company had revenue of $665.93 million for the quarter. On average, equities analysts forecast that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Benjamin Silbermann sold 102,083 shares of the stock in a transaction that occurred 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Donnelly Julia Brau sold 22,821 shares of the firm’s stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $34.85, for a total value of $795,311.85. Following the completion of the transaction, the chief financial officer directly owned 312,422 shares in the company, valued at $10,887,906.70. The trade was a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 301,042 shares of company stock valued at $10,087,667. 7.06% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on PINS shares. Cantor Fitzgerald cut their target price on Pinterest from $40.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Pinterest in a report on Monday. Wedbush cut Pinterest from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $34.00 to $30.00 in a research note on Monday, December 8th. JPMorgan Chase & Co. decreased their target price on Pinterest from $44.00 to $36.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Finally, Guggenheim dropped their price target on Pinterest from $44.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Pinterest presently has an average rating of “Moderate Buy” and a consensus price target of $38.97.

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.