Pinterest (NYSE:PINS) Trading Up 12.9% on Analyst Upgrade

Pinterest, Inc. (NYSE:PINS)’s stock price rose 12.9% on Monday after JPMorgan Chase & Co. raised their price target on the stock from $30.00 to $35.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Pinterest traded as high as $33.54 and last traded at $32.98. Approximately 7,696,049 shares changed hands during trading, a decline of 40% from the average daily volume of 12,837,813 shares. The stock had previously closed at $29.22.

A number of other equities research analysts have also recently commented on PINS. Monness Crespi & Hardt lowered their target price on Pinterest from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. KeyCorp lifted their price objective on Pinterest from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Piper Sandler decreased their price objective on Pinterest from $41.00 to $34.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. TD Cowen decreased their price objective on Pinterest from $46.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Finally, Barclays decreased their price objective on Pinterest from $42.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday, May 9th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.27.

Insider Transactions at Pinterest

In other Pinterest news, CAO Andrea Acosta sold 3,667 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $37.46, for a total value of $137,365.82. Following the completion of the sale, the chief accounting officer now owns 144,129 shares of the company’s stock, valued at $5,399,072.34. This represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a 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, February 19th. The stock was sold at an average price of $39.19, for a total value of $45,068.50. Following the completion of the sale, the director now directly owns 29,086 shares of the company’s stock, valued at approximately $1,139,880.34. This represents a 3.80% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 453,836 shares of company stock valued at $14,828,392. 7.06% of the stock is owned by corporate insiders.

Institutional Trading of Pinterest

Several hedge funds and other institutional investors have recently bought and sold shares of PINS. Price T Rowe Associates Inc. MD lifted its position in Pinterest by 104.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company’s stock valued at $737,533,000 after purchasing an additional 12,986,310 shares during the last quarter. Norges Bank bought a new stake in Pinterest in the fourth quarter valued at approximately $358,205,000. Marshall Wace LLP lifted its position in Pinterest by 134.1% in the fourth quarter. Marshall Wace LLP now owns 10,701,783 shares of the company’s stock valued at $310,352,000 after purchasing an additional 6,129,985 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Pinterest by 49.7% in the fourth quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company’s stock valued at $395,441,000 after purchasing an additional 4,527,902 shares during the last quarter. Finally, Contour Asset Management LLC bought a new stake in Pinterest in the fourth quarter valued at approximately $86,330,000. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Up 0.3%

The company has a 50-day simple moving average of $28.77 and a two-hundred day simple moving average of $31.21. The stock has a market cap of $22.33 billion, a P/E ratio of 12.24, a P/E/G ratio of 1.95 and a beta of 0.83.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). The company had revenue of $854.99 million during the quarter, compared to the consensus estimate of $848.49 million. Pinterest had a net margin of 51.07% and a return on equity of 8.10%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS. As a group, sell-side analysts forecast that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

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.