Piper Sandler Cuts Pinterest (NYSE:PINS) Price Target to $45.00

Pinterest (NYSE:PINS) had its price target trimmed by Piper Sandler from $52.00 to $45.00 in a report published on Wednesday, Marketbeat.com reports. The brokerage currently has an overweight rating on the stock.

PINS has been the subject of several other reports. Stifel Nicolaus lifted their price objective on shares of Pinterest from $42.00 to $46.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. dropped their price target on shares of Pinterest from $44.00 to $38.00 and set a neutral rating for the company in a research note on Wednesday. The Goldman Sachs Group increased their price objective on shares of Pinterest from $44.00 to $50.00 and gave the stock a buy rating in a research report on Tuesday, July 9th. KeyCorp dropped their target price on Pinterest from $48.00 to $40.00 and set an overweight rating for the company in a research report on Wednesday, April 24th. Finally, Loop Capital increased their price target on Pinterest from $43.00 to $49.00 and gave the stock a buy rating in a report on Monday, May 6th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company presently 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. Pinterest has a 12-month low of $23.59 and a 12-month high of $45.19. The firm’s 50-day moving average price is $41.47 and its 200-day moving average price is $38.39. The stock has a market capitalization of $19.88 billion, a price-to-earnings ratio of 138.58, a P/E/G ratio of 3.13 and a beta of 0.97.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business 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 company’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.04) earnings per share. On average, equities analysts predict that Pinterest will post 0.44 EPS for the current fiscal year.

Insider Transactions at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 362,822 shares of the company’s stock, valued at $16,102,040.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Donnelly Julia Brau sold 30,280 shares of the 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 of the company’s stock, valued at $16,102,040.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction 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 completion of the transaction, the director now directly owns 29,712 shares in the company, valued at $1,255,332. 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. Corporate insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Hohimer Wealth Management LLC acquired a new stake in Pinterest in the second quarter worth about $1,049,000. Midland Wealth Advisors LLC purchased a new position in shares of Pinterest in the 2nd quarter valued at approximately $353,000. Generate Investment Management Ltd acquired a new stake in Pinterest in the 2nd quarter worth approximately $11,001,000. Rhumbline Advisers grew its position in Pinterest by 8.2% during the 2nd quarter. Rhumbline Advisers now owns 929,561 shares of the company’s stock worth $40,966,000 after purchasing an additional 70,201 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in Pinterest by 6.4% during the 2nd quarter. CIBC Asset Management Inc now owns 20,152 shares of the company’s stock valued at $888,000 after purchasing an additional 1,212 shares in the last quarter. 88.81% of the stock is owned by institutional investors and hedge funds.

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.