Pinterest, Inc. (NYSE:PINS) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in Pinterest, Inc. (NYSE:PINS) by 5.2% in the 3rd quarter, Holdings Channel reports. The firm owned 5,272,979 shares of the company’s stock after selling 289,310 shares during the quarter. Pinterest accounts for approximately 0.8% of Fred Alger Management LLC’s portfolio, making the stock its 23rd biggest position. Fred Alger Management LLC’s holdings in Pinterest were worth $170,686,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PINS. Brown Shipley& Co Ltd purchased a new position in Pinterest in the second quarter valued at about $25,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Pinterest during the 2nd quarter valued at approximately $26,000. Hexagon Capital Partners LLC increased its stake in Pinterest by 157.7% during the second quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock valued at $33,000 after purchasing an additional 459 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Pinterest by 113.4% in the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock valued at $34,000 after buying an additional 405 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in Pinterest during the second quarter worth about $35,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Insider Buying and Selling at Pinterest

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the transaction, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at $9,729,324.72. The trade was a 9.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the completion of the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. This represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,580 shares of company stock valued at $1,063,499. Company insiders own 7.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PINS. KeyCorp lowered their price objective on Pinterest from $45.00 to $39.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Roth Mkm reduced their price target on Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. TD Cowen started coverage on shares of Pinterest in a research report on Tuesday. They issued a “buy” rating and a $38.00 target price for the company. Robert W. Baird lowered their price objective on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Finally, Raymond James reduced their price objective on shares of Pinterest from $40.00 to $34.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.63.

Pinterest Price Performance

NYSE PINS opened at $30.32 on Friday. The business has a 50 day simple moving average of $31.80 and a 200 day simple moving average of $35.52. The stock has a market capitalization of $20.49 billion, a P/E ratio of 101.07, a P/E/G ratio of 2.17 and a beta of 1.02. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19.

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.