Cornercap Investment Counsel Inc. Cuts Holdings in Pinterest, Inc. (NYSE:PINS)

Cornercap Investment Counsel Inc. lessened its position in shares of Pinterest, Inc. (NYSE:PINS) by 5.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,636 shares of the company’s stock after selling 1,009 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Pinterest were worth $511,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PINS. Allstate Corp purchased a new position in Pinterest in the fourth quarter valued at approximately $512,000. DnB Asset Management AS lifted its holdings in shares of Pinterest by 1.8% during the 4th quarter. DnB Asset Management AS now owns 101,539 shares of the company’s stock valued at $2,945,000 after acquiring an additional 1,806 shares in the last quarter. Orion Portfolio Solutions LLC increased its holdings in Pinterest by 30.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 8,215 shares of the company’s stock valued at $238,000 after purchasing an additional 1,909 shares in the last quarter. Norges Bank purchased a new position in Pinterest in the fourth quarter valued at about $358,205,000. Finally, Blair William & Co. IL purchased a new stake in shares of Pinterest in the fourth quarter worth about $799,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Pinterest Trading Down 2.3 %

Shares of NYSE PINS opened at $31.49 on Friday. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19. The company has a market cap of $21.35 billion, a PE ratio of 11.70, a P/E/G ratio of 1.95 and a beta of 1.02. The stock has a 50 day simple moving average of $34.66 and a 200-day simple moving average of $32.39.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.30). Pinterest had a net margin of 51.07% and a return on equity of 8.10%. Sell-side analysts forecast that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Monness Crespi & Hardt upgraded Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a report on Friday, January 10th. KeyCorp decreased their target price on shares of Pinterest from $46.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday, March 18th. Barclays lifted their price target on shares of Pinterest from $36.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Rosenblatt Securities upped their price objective on shares of Pinterest from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $41.00 target price (up from $36.00) on shares of Pinterest in a research report on Friday, February 7th. Seven analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $43.33.

Insider Transactions at Pinterest

In other Pinterest news, Director Benjamin Silbermann sold 102,083 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $31.16, for a total value of $3,180,906.28. Following the completion of the sale, the director now directly owns 6,274 shares of the company’s stock, valued at approximately $195,497.84. This represents a 94.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Andrea Acosta sold 3,667 shares of Pinterest stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $37.46, for a total transaction of $137,365.82. Following the completion of the transaction, the chief accounting officer now directly owns 144,129 shares in the company, valued at $5,399,072.34. This represents a 2.48 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 351,753 shares of company stock valued at $11,640,201. Company insiders own 7.11% 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.