Wells Fargo & Company Boosts Pinterest (NYSE:PINS) Price Target to $48.00

Pinterest (NYSE:PINS) had its target price hoisted by Wells Fargo & Company from $47.00 to $48.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also issued reports on PINS. Citigroup increased their target price on Pinterest from $48.00 to $51.00 and gave the company a buy rating in a research report on Wednesday. Wedbush boosted their target price on shares of Pinterest from $38.00 to $44.00 and gave the stock a neutral rating in a research note on Wednesday. Evercore ISI raised their price target on shares of Pinterest from $45.00 to $50.00 and gave the company an outperform rating in a research note on Friday, January 26th. Piper Sandler boosted their price objective on Pinterest from $48.00 to $50.00 and gave the stock an overweight rating in a research note on Wednesday. Finally, Sanford C. Bernstein raised their target price on Pinterest from $35.00 to $38.00 and gave the company a market perform rating in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $40.82.

Pinterest Stock Performance

PINS stock opened at $40.40 on Wednesday. Pinterest has a one year low of $20.60 and a one year high of $41.60. The firm’s fifty day moving average is $34.79 and its 200 day moving average is $34.48. The firm has a market cap of $27.43 billion, a PE ratio of 192.39, a P/E/G ratio of 5.55 and a beta of 0.99.

Pinterest (NYSE:PINS) last posted its earnings results on Thursday, February 8th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $981.26 million for the quarter, compared to analysts’ expectations of $988.62 million. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. Research analysts predict that Pinterest will post 0.36 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Sabrina Ellis sold 24,410 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total transaction of $866,310.90. Following the completion of the sale, the insider now directly owns 500,504 shares of the company’s stock, valued at approximately $17,762,886.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pinterest news, Director Jeffrey D. Jordan sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $36.65, for a total value of $733,000.00. Following the sale, the director now owns 54,215 shares of the company’s stock, valued at $1,986,979.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sabrina Ellis sold 24,410 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total value of $866,310.90. Following the transaction, the insider now owns 500,504 shares in the company, valued at $17,762,886.96. The disclosure for this sale can be found here. Insiders have sold a total of 164,471 shares of company stock valued at $5,773,431 in the last quarter. Insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Several institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC increased its holdings in Pinterest by 152.3% during the 4th quarter. ARK Investment Management LLC now owns 1,444,579 shares of the company’s stock worth $53,507,000 after purchasing an additional 872,016 shares during the period. Nordea Investment Management AB increased its stake in shares of Pinterest by 57.9% during the fourth quarter. Nordea Investment Management AB now owns 882,233 shares of the company’s stock worth $32,766,000 after buying an additional 323,547 shares during the period. International Assets Investment Management LLC raised its holdings in Pinterest by 3,402.0% in the fourth quarter. International Assets Investment Management LLC now owns 80,266 shares of the company’s stock valued at $2,973,000 after acquiring an additional 77,974 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Pinterest by 53.1% in the third quarter. Acadian Asset Management LLC now owns 3,138,973 shares of the company’s stock valued at $84,826,000 after acquiring an additional 1,089,299 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Pinterest by 55.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock worth $6,477,000 after acquiring an additional 62,117 shares during the last quarter. Hedge funds and other institutional investors 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.