Pinterest (NYSE:PINS) Coverage Initiated at Wedbush

Research analysts at Wedbush began coverage on shares of Pinterest (NYSE:PINS) in a research note issued on Thursday, Marketbeat.com reports. The firm set a “neutral” rating and a $24.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 3.60% from the company’s current price.

Other research analysts have also issued reports about the company. TD Cowen reissued a “buy” rating on shares of Pinterest in a report on Monday, June 22nd. Wall Street Zen upgraded Pinterest from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. JPMorgan Chase & Co. lifted their target price on Pinterest from $20.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. UBS Group upped their target price on Pinterest from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Finally, Guggenheim reiterated a “buy” rating and issued a $24.00 price target on shares of Pinterest in a report on Monday, June 15th. Seventeen equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Pinterest currently has an average rating of “Hold” and a consensus price target of $27.66.

Pinterest Trading Up 0.3%

NYSE:PINS opened at $23.17 on Thursday. The company has a market capitalization of $12.98 billion, a P/E ratio of 48.26, a PEG ratio of 1.30 and a beta of 0.89. The company has a current ratio of 4.23, a quick ratio of 4.23 and a debt-to-equity ratio of 0.34. Pinterest has a 12 month low of $13.84 and a 12 month high of $39.93. The firm has a fifty day simple moving average of $20.93 and a 200-day simple moving average of $20.80.

Pinterest (NYSE:PINS) last released its earnings results on Monday, May 4th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $965.84 million. Pinterest had a return on equity of 8.26% and a net margin of 7.64%.The firm’s revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 EPS. On average, equities research analysts anticipate that Pinterest will post 0.66 earnings per share for the current year.

Insider Activity

In other news, Director Benjamin Silbermann sold 46,875 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $22.63, for a total value of $1,060,781.25. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Wanjiku Juanita Walcott sold 14,208 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $19.65, for a total value of $279,187.20. Following the sale, the insider directly owned 691,840 shares in the company, valued at approximately $13,594,656. This trade represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 323,845 shares of company stock worth $6,836,065 over the last ninety days. 8.09% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinterest

Hedge funds and other institutional investors have recently made changes to their positions in the company. Elevated Capital Advisors LLC acquired a new position in shares of Pinterest in the 4th quarter valued at $26,000. Caitong International Asset Management Co. Ltd increased its holdings in Pinterest by 2,017.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,101 shares of the company’s stock valued at $29,000 after buying an additional 1,049 shares in the last quarter. Addison Advisors LLC raised its position in shares of Pinterest by 727.3% in the fourth quarter. Addison Advisors LLC now owns 1,365 shares of the company’s stock worth $35,000 after acquiring an additional 1,200 shares during the period. Garner Asset Management Corp acquired a new position in shares of Pinterest in the fourth quarter worth about $36,000. Finally, MidFirst Bank acquired a new position in shares of Pinterest in the fourth quarter worth about $44,000. Institutional investors and hedge funds own 88.81% 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.