California Public Employees Retirement System Cuts Holdings in Pinterest, Inc. $PINS

California Public Employees Retirement System reduced its position in Pinterest, Inc. (NYSE:PINS) by 3.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,020,542 shares of the company’s stock after selling 39,564 shares during the period. California Public Employees Retirement System owned 0.15% of Pinterest worth $18,717,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Pinterest during the 4th quarter valued at approximately $357,945,000. State Street Corp increased its stake in Pinterest by 52.6% in the 4th quarter. State Street Corp now owns 21,492,169 shares of the company’s stock worth $556,432,000 after acquiring an additional 7,412,213 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Pinterest by 30.5% during the 4th quarter. Victory Capital Management Inc. now owns 26,808,870 shares of the company’s stock worth $694,082,000 after acquiring an additional 6,258,628 shares in the last quarter. Davis Selected Advisers raised its holdings in shares of Pinterest by 49.5% during the 4th quarter. Davis Selected Advisers now owns 11,801,983 shares of the company’s stock worth $305,554,000 after acquiring an additional 3,909,926 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Pinterest by 15.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,809,693 shares of the company’s stock valued at $719,994,000 after acquiring an additional 3,669,476 shares during the last quarter. 88.81% of the stock is owned by institutional investors.

Pinterest Stock Performance

NYSE PINS opened at $22.00 on Friday. The company has a market cap of $12.32 billion, a P/E ratio of 45.83, a P/E/G ratio of 1.28 and a beta of 0.89. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.23 and a current ratio of 4.23. The business’s 50 day moving average price is $21.14 and its 200-day moving average price is $20.67. Pinterest, Inc. has a fifty-two week low of $13.84 and a fifty-two week high of $39.93.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Monday, May 4th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $965.84 million. Pinterest had a return on equity of 8.26% and a net margin of 7.64%.Pinterest’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.23 EPS. Sell-side analysts predict that Pinterest, Inc. will post 0.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PINS. DA Davidson began coverage on shares of Pinterest in a report on Wednesday, July 8th. They issued a “buy” rating and a $26.00 target price for the company. Wall Street Zen raised shares of Pinterest from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Barclays increased their price objective on shares of Pinterest from $25.00 to $27.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 5th. Morgan Stanley lifted their price objective on shares of Pinterest from $27.00 to $30.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Finally, Evercore set a $27.00 target price on shares of Pinterest in a report on Tuesday, May 5th. Seventeen equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.69.

Insiders Place Their Bets

In other news, Director Benjamin Silbermann sold 46,875 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $22.63, for a total value of $1,060,781.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Wanjiku Juanita Walcott sold 27,337 shares of Pinterest stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $20.46, for a total transaction of $559,315.02. Following the transaction, the insider directly owned 724,673 shares of the company’s stock, valued at approximately $14,826,809.58. This represents a 3.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 323,845 shares of company stock worth $6,836,065 in the last quarter. Company insiders own 8.09% of the company’s stock.

About Pinterest

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.