Pinterest (NYSE:PINS) Given New $48.00 Price Target at Evercore ISI

Pinterest (NYSE:PINS) had its target price cut by Evercore ISI from $50.00 to $48.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts have also issued reports on PINS. KeyCorp lowered their price target on shares of Pinterest from $45.00 to $43.00 and set an overweight rating on the stock in a report on Wednesday. Royal Bank of Canada restated an outperform rating and issued a $52.00 target price on shares of Pinterest in a research note on Monday, July 29th. Susquehanna reduced their target price on shares of Pinterest from $50.00 to $45.00 and set a positive rating on the stock in a research note on Wednesday. The Goldman Sachs Group boosted their target price on shares of Pinterest from $44.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, July 9th. Finally, Piper Sandler reduced their target price on shares of Pinterest from $52.00 to $45.00 and set an overweight rating on the stock in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $42.71.

Pinterest Price Performance

Shares of Pinterest stock opened at $29.10 on Wednesday. The firm 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. The company’s fifty day moving average price is $41.47 and its two-hundred day moving average price is $38.39. Pinterest has a 52-week low of $23.59 and a 52-week high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.01. The firm had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. Pinterest had a net margin of 5.75% and a return on equity of 6.94%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.04) EPS. Analysts predict that Pinterest will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 362,822 shares in the company, valued at $16,102,040.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Andrea Acosta sold 2,564 shares of Pinterest stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $45.00, for a total value of $115,380.00. Following the sale, the chief accounting officer now directly owns 186,906 shares in the company, valued at $8,410,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $44.38, for a total transaction of $1,343,826.40. Following the completion of the sale, the chief financial officer now owns 362,822 shares in the company, valued at $16,102,040.36. The disclosure for this sale can be found here. In the last three months, insiders sold 50,250 shares of company stock valued at $2,191,304. 7.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinterest

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its position in shares of Pinterest by 55.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock valued at $6,477,000 after acquiring an additional 62,117 shares during the period. Blue Trust Inc. boosted its position in shares of Pinterest by 87.7% in the fourth quarter. Blue Trust Inc. now owns 1,192 shares of the company’s stock valued at $44,000 after acquiring an additional 557 shares during the period. Global Retirement Partners LLC boosted its position in shares of Pinterest by 396.2% in the fourth quarter. Global Retirement Partners LLC now owns 1,300 shares of the company’s stock valued at $48,000 after acquiring an additional 1,038 shares during the period. Camelot Portfolios LLC boosted its position in shares of Pinterest by 15.9% in the fourth quarter. Camelot Portfolios LLC now owns 19,642 shares of the company’s stock valued at $728,000 after acquiring an additional 2,700 shares during the period. Finally, China Universal Asset Management Co. Ltd. bought a new stake in shares of Pinterest in the fourth quarter valued at about $926,000. 88.81% of the stock is owned by institutional investors.

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.