Axxcess Wealth Management LLC Takes Position in Pinterest, Inc. (NYSE:PINS)

Axxcess Wealth Management LLC bought a new position in Pinterest, Inc. (NYSE:PINS) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,427 shares of the company’s stock, valued at approximately $223,000.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Pinterest by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company’s stock worth $1,988,110,000 after acquiring an additional 994,848 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Pinterest by 34.0% in the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock worth $371,764,000 after acquiring an additional 2,548,925 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of Pinterest by 12.6% in the 4th quarter. Baillie Gifford & Co. now owns 9,305,759 shares of the company’s stock worth $344,685,000 after acquiring an additional 1,043,173 shares during the last quarter. Capital World Investors grew its holdings in shares of Pinterest by 0.7% in the 4th quarter. Capital World Investors now owns 8,887,130 shares of the company’s stock worth $329,179,000 after acquiring an additional 64,270 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Pinterest by 2.2% in the 1st quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock worth $283,592,000 after acquiring an additional 176,540 shares during the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Citigroup lifted their target price on Pinterest from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Wells Fargo & Company raised their target price on Pinterest from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 25th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $48.00 target price (up previously from $45.00) on shares of Pinterest in a research report on Wednesday, May 1st. Sanford C. Bernstein raised their target price on Pinterest from $35.00 to $38.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 1st. Finally, Wolfe Research initiated coverage on Pinterest in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Nine analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Pinterest currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.60.

Insider Activity

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value of $1,343,826.40. Following the sale, the chief financial officer now directly owns 362,822 shares in the company, valued at approximately $16,102,040.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $44.38, for a total transaction of $1,343,826.40. Following the transaction, the chief financial officer now owns 362,822 shares of the company’s stock, valued at approximately $16,102,040.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the transaction, the director now directly owns 29,712 shares in the company, valued at approximately $1,255,332. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,250 shares of company stock worth $2,191,304. Company insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

Pinterest stock opened at $37.55 on Friday. The business’s 50-day simple moving average is $42.30 and its 200-day simple moving average is $38.53. The firm has a market capitalization of $25.65 billion, a PE ratio of 178.82, a PEG ratio of 3.66 and a beta of 0.97. Pinterest, Inc. has a 52 week low of $23.59 and a 52 week high of $45.19.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.05. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The firm had revenue of $739.98 million for the quarter, compared to analyst estimates of $699.96 million. Research analysts forecast that Pinterest, Inc. will post 0.44 earnings per share for the current year.

About Pinterest

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.