Pinterest (NYSE:PINS) Price Target Cut to $40.00 by Analysts at Raymond James

Pinterest (NYSE:PINS) had its price objective reduced by Raymond James from $45.00 to $40.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also commented on the stock. Royal Bank of Canada restated an outperform rating and issued a $52.00 price objective on shares of Pinterest in a research note on Monday. JPMorgan Chase & Co. lowered their target price on shares of Pinterest from $44.00 to $38.00 and set a neutral rating on the stock in a report on Wednesday. Loop Capital boosted their price objective on shares of Pinterest from $43.00 to $49.00 and gave the stock a buy rating in a report on Monday, May 6th. UBS Group decreased their price objective on shares of Pinterest from $57.00 to $52.00 and set a buy rating on the stock in a report on Wednesday. Finally, Benchmark reaffirmed a hold rating on shares of Pinterest in a report on Wednesday. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $42.07.

Pinterest Trading Down 14.5 %

Pinterest stock opened at $31.94 on Wednesday. The stock has a market cap of $21.82 billion, a P/E ratio of 152.10, a price-to-earnings-growth ratio of 3.64 and a beta of 0.97. The company has a fifty day simple moving average of $41.92 and a 200-day simple moving average of $38.49. Pinterest has a 12-month low of $23.59 and a 12-month high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.28 by $0.01. Pinterest had a net margin of 5.75% and a return on equity of 7.04%. The firm had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. During the same period last year, the business earned ($0.04) EPS. Pinterest’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Pinterest will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $43.90, for a total transaction of $168,795.50. Following the completion of the transaction, the chief accounting officer now directly owns 189,470 shares of the company’s stock, valued at approximately $8,317,733. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $44.38, for a total value of $1,343,826.40. Following the completion of the transaction, the chief financial officer now directly 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 Securities & Exchange Commission, which is available at this link. Also, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $43.90, for a total transaction of $168,795.50. Following the completion of the transaction, the chief accounting officer now directly owns 189,470 shares of the company’s stock, valued at $8,317,733. The disclosure for this sale can be found here. Insiders sold a total of 50,250 shares of company stock valued at $2,191,304 in the last ninety days. Corporate insiders own 7.11% of the company’s stock.

Institutional Trading of Pinterest

Several hedge funds have recently bought and sold shares of PINS. Norges Bank bought a new stake in Pinterest in the 4th quarter valued at about $241,229,000. Wellington Management Group LLP lifted its position in Pinterest by 1,188.9% in the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after purchasing an additional 5,524,796 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Pinterest by 128.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after purchasing an additional 3,134,776 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Pinterest by 34.0% during the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock worth $371,764,000 after buying an additional 2,548,925 shares in the last quarter. Finally, Contour Asset Management LLC raised its position in shares of Pinterest by 79.5% during the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock worth $169,242,000 after buying an additional 2,023,500 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors.

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.