Contravisory Investment Management Inc. Buys New Position in Pinterest, Inc. (NYSE:PINS)

Contravisory Investment Management Inc. acquired a new stake in Pinterest, Inc. (NYSE:PINS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 241,277 shares of the company’s stock, valued at approximately $6,597,000.

A number of other hedge funds have also modified their holdings of the company. Flagship Harbor Advisors LLC increased its holdings in shares of Pinterest by 12.2% in the second quarter. Flagship Harbor Advisors LLC now owns 14,444 shares of the company’s stock valued at $395,000 after purchasing an additional 1,574 shares during the period. SG Americas Securities LLC purchased a new position in shares of Pinterest in the second quarter valued at approximately $7,471,000. Nordea Investment Management AB lifted its position in shares of Pinterest by 59.8% in the second quarter. Nordea Investment Management AB now owns 1,102,335 shares of the company’s stock valued at $30,568,000 after acquiring an additional 412,339 shares in the last quarter. Level Four Advisory Services LLC purchased a new position in shares of Pinterest in the first quarter valued at approximately $450,000. Finally, Prelude Capital Management LLC increased its holdings in shares of Pinterest by 35.5% in the first quarter. Prelude Capital Management LLC now owns 191,100 shares of the company’s stock valued at $5,211,000 after purchasing an additional 50,087 shares during the last quarter. 72.63% of the stock is owned by institutional investors and hedge funds.

Pinterest Price Performance

NYSE PINS traded down $0.43 during trading hours on Monday, hitting $25.28. The company had a trading volume of 3,870,004 shares, compared to its average volume of 11,168,873. Pinterest, Inc. has a fifty-two week low of $20.60 and a fifty-two week high of $30.86. The company has a market capitalization of $16.94 billion, a price-to-earnings ratio of -59.79, a P/E/G ratio of 82.00 and a beta of 1.03. The firm’s 50 day moving average is $27.49 and its 200 day moving average is $26.14.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, August 1st. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. Pinterest had a negative return on equity of 4.59% and a negative net margin of 10.14%. The firm had revenue of $708.03 million during the quarter, compared to the consensus estimate of $698.28 million. On average, equities analysts anticipate that Pinterest, Inc. will post 0.01 EPS for the current year.

Insider Activity at Pinterest

In other news, Chairman Benjamin Silbermann sold 130,000 shares of Pinterest stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $26.00, for a total transaction of $3,380,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Chairman Benjamin Silbermann sold 130,000 shares of Pinterest stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $26.00, for a total value of $3,380,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Todd R. Morgenfeld sold 60,705 shares of Pinterest stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $26.22, for a total value of $1,591,685.10. Following the completion of the transaction, the chief financial officer now owns 384,615 shares of the company’s stock, valued at $10,084,605.30. The disclosure for this sale can be found here. In the last three months, insiders sold 618,413 shares of company stock worth $16,873,466. Corporate insiders own 6.85% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Loop Capital increased their price target on Pinterest from $28.00 to $37.00 in a report on Monday, July 17th. Wedbush started coverage on Pinterest in a report on Monday, August 21st. They issued a “neutral” rating and a $30.00 target price for the company. Wolfe Research boosted their price target on Pinterest from $33.00 to $35.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. Robert W. Baird boosted their target price on Pinterest from $30.00 to $34.00 in a research report on Wednesday, August 2nd. Finally, Barclays boosted their price target on Pinterest from $26.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 2nd. Twelve investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Pinterest presently has an average rating of “Hold” and an average target price of $30.58.

Pinterest Profile

Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company's engine allows people to find ideas, such as recipes, home and style inspiration, and others; provides video, product, and idea pins; and offers organizing and planning tools. It shows organic recommendations and advertising engine based on pinners tastes and preferences; and enables pinners with shoppable product pins, which include price, color, and size that redirect to retailer websites.