Pinterest (NYSE:PINS) Issues Earnings Results

Pinterest (NYSE:PINS) released its quarterly earnings data on Tuesday. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01, Briefing.com reports. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The firm had revenue of $853.68 million during the quarter, compared to analysts’ expectations of $848.75 million. During the same period in the previous year, the business posted ($0.04) earnings per share. The company’s revenue for the quarter was up 20.6% compared to the same quarter last year. Pinterest updated its Q3 2024 guidance to EPS.

Pinterest Stock Performance

Shares of Pinterest stock traded down $4.48 on Wednesday, hitting $32.87. The stock had a trading volume of 13,774,967 shares, compared to its average volume of 9,325,163. The stock has a 50 day moving average of $42.11 and a 200 day moving average of $38.53. Pinterest has a twelve month low of $23.59 and a twelve month high of $45.19. The firm has a market capitalization of $22.46 billion, a P/E ratio of 161.29, a PEG ratio of 3.65 and a beta of 0.97.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Benchmark reaffirmed a “hold” rating on shares of Pinterest in a research report on Wednesday, May 1st. Rosenblatt Securities reissued 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. Piper Sandler reduced their target price on shares of Pinterest from $52.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $52.00 target price on shares of Pinterest in a research report on Monday. Finally, Morgan Stanley boosted their target price on shares of Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Nine research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Activity

In other news, insider Wanjiku Juanita Walcott sold 11,627 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total value of $481,590.34. Following the completion of the transaction, the insider now owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.90, for a total value of $168,795.50. Following the sale, the chief accounting officer now directly owns 189,470 shares in the company, valued at $8,317,733. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 11,627 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total value of $481,590.34. Following the completion of the sale, the insider now owns 307,256 shares in the company, valued at $12,726,543.52. The disclosure for this sale can be found here. Insiders sold 50,250 shares of company stock valued at $2,191,304 over the last quarter. 7.11% of the stock is owned by company insiders.

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.