Wells Fargo & Company Trims Pinterest (NYSE:PINS) Target Price to $41.00

Pinterest (NYSE:PINS) had its price target cut by Wells Fargo & Company from $49.00 to $41.00 in a research report released on Wednesday, MarketBeat Ratings reports. They currently have an overweight rating on the stock.

Several other equities analysts have also issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Pinterest from $42.00 to $46.00 and gave the stock a buy rating in a report on Wednesday, May 1st. The Goldman Sachs Group upped their target price on Pinterest from $44.00 to $50.00 and gave the company a buy rating in a research report on Tuesday, July 9th. Sanford C. Bernstein increased their price target on Pinterest from $35.00 to $38.00 and gave the company a market perform rating in a research note on Wednesday, May 1st. KeyCorp dropped their price target on Pinterest from $45.00 to $43.00 and set an overweight rating on the stock in a research note on Wednesday. Finally, Rosenblatt Securities reaffirmed a buy rating and issued a $48.00 price objective (up from $45.00) on shares of Pinterest in a research report on Wednesday, May 1st. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $42.71.

Pinterest Trading Down 6.9 %

Shares of NYSE PINS opened at $29.10 on Wednesday. The stock has a market capitalization of $19.88 billion, a PE ratio of 138.58, a price-to-earnings-growth ratio of 3.13 and a beta of 0.97. Pinterest has a 12-month low of $23.59 and a 12-month high of $45.19. The stock’s fifty day simple moving average is $41.47 and its two-hundred day simple moving average is $38.38.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $853.68 million for the quarter, compared to the consensus estimate of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) earnings per share. On average, equities analysts predict that Pinterest will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Pinterest

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 307,256 shares in the company, valued at $12,726,543.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Gokul Rajaram sold 1,934 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total transaction of $81,711.50. Following the transaction, the director now owns 29,712 shares in the company, valued at approximately $1,255,332. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Wanjiku Juanita Walcott sold 11,627 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total transaction of $481,590.34. Following the completion of the sale, the insider now directly owns 307,256 shares of the company’s stock, valued at approximately $12,726,543.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,250 shares of company stock worth $2,191,304. 7.11% of the stock is owned by company insiders.

Institutional Trading of Pinterest

Several institutional investors have recently modified their holdings of PINS. Hohimer Wealth Management LLC acquired a new position in shares of Pinterest during the 2nd quarter worth about $1,049,000. Midland Wealth Advisors LLC acquired a new position in shares of Pinterest during the second quarter valued at approximately $353,000. Generate Investment Management Ltd acquired a new position in shares of Pinterest during the second quarter valued at approximately $11,001,000. Rhumbline Advisers boosted its stake in shares of Pinterest by 8.2% in the second quarter. Rhumbline Advisers now owns 929,561 shares of the company’s stock worth $40,966,000 after acquiring an additional 70,201 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in shares of Pinterest by 6.4% in the second quarter. CIBC Asset Management Inc now owns 20,152 shares of the company’s stock worth $888,000 after acquiring an additional 1,212 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.