Piper Sandler Trims Pinterest (NYSE:PINS) Target Price to $22.00

Pinterest (NYSE:PINSGet Rating) had its target price lowered by Piper Sandler from $23.00 to $22.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently commented on the company. Wells Fargo & Company reduced their price target on Pinterest from $37.00 to $34.00 and set an overweight rating for the company in a report on Tuesday. Susquehanna Bancshares raised Pinterest to a positive rating and increased their target price for the stock from $22.00 to $35.00 in a report on Tuesday. Morgan Stanley reduced their target price on Pinterest from $21.00 to $18.00 and set an equal weight rating on the stock in a report on Tuesday, July 19th. The Goldman Sachs Group reduced their target price on Pinterest from $35.00 to $24.00 and set a neutral rating on the stock in a report on Thursday, June 9th. Finally, JPMorgan Chase & Co. reduced their target price on Pinterest from $32.00 to $26.00 and set a neutral rating on the stock in a report on Wednesday, June 29th. Nineteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $29.76.

Pinterest Stock Performance

Shares of PINS opened at $22.53 on Tuesday. The company has a market capitalization of $14.95 billion, a P/E ratio of 72.68, a P/E/G ratio of 6.27 and a beta of 1.19. Pinterest has a one year low of $16.14 and a one year high of $66.00. The stock has a 50-day moving average price of $19.53 and a 200 day moving average price of $22.64.

Pinterest (NYSE:PINSGet Rating) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.06). The business had revenue of $666.00 million during the quarter, compared to analysts’ expectations of $663.19 million. Pinterest had a net margin of 8.10% and a return on equity of 8.35%. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.11 EPS. As a group, equities research analysts forecast that Pinterest will post 0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Pinterest

In other news, SVP Naveen Gavini sold 5,491 shares of the firm’s stock in a transaction on Thursday, May 12th. The stock was sold at an average price of $20.00, for a total transaction of $109,820.00. Following the completion of the sale, the senior vice president now directly owns 529,551 shares of the company’s stock, valued at approximately $10,591,020. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Naveen Gavini sold 5,491 shares of the firm’s stock in a transaction on Thursday, May 12th. The stock was sold at an average price of $20.00, for a total transaction of $109,820.00. Following the completion of the sale, the senior vice president now directly owns 529,551 shares of the company’s stock, valued at approximately $10,591,020. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William J. Ready acquired 222,551 shares of Pinterest stock in a transaction dated Wednesday, August 3rd. The shares were bought at an average cost of $22.47 per share, with a total value of $5,000,720.97. Following the completion of the purchase, the chief executive officer now owns 222,551 shares in the company, valued at $5,000,720.97. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 548,619 shares of company stock valued at $10,307,146. 7.58% of the stock is owned by corporate insiders.

Institutional Trading of Pinterest

Hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP raised its holdings in shares of Pinterest by 134.4% during the second quarter. Allworth Financial LP now owns 1,390 shares of the company’s stock worth $25,000 after acquiring an additional 797 shares in the last quarter. Cohanzick Management LLC purchased a new stake in shares of Pinterest during the first quarter worth $25,000. KRS Capital Management LLC purchased a new stake in shares of Pinterest during the fourth quarter worth $26,000. Sandy Cove Advisors LLC purchased a new stake in shares of Pinterest during the fourth quarter worth $33,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of Pinterest by 212.0% during the first quarter. First Horizon Advisors Inc. now owns 1,404 shares of the company’s stock worth $35,000 after acquiring an additional 954 shares in the last quarter. 63.76% of the stock is currently owned by hedge funds and other institutional investors.

About Pinterest

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Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company's engine allows people to find inspiration for their lives, including recipes, style and home inspiration, DIY, and others; and provides video, product, and idea pins. It shows visual machine learning recommendations based on pinners taste and interests.

Further Reading

Analyst Recommendations for Pinterest (NYSE:PINS)

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