Pinterest (NYSE:PINS) Reaches New 1-Year High After Analyst Upgrade

Pinterest, Inc. (NYSE:PINSGet Free Report) reached a new 52-week high during trading on Monday after KeyCorp raised their price target on the stock from $37.00 to $48.00. KeyCorp currently has an overweight rating on the stock. Pinterest traded as high as $40.95 and last traded at $38.95, with a volume of 3908318 shares changing hands. The stock had previously closed at $39.75.

Several other equities research analysts also recently issued reports on PINS. Argus upgraded Pinterest from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Thursday, January 18th. Wedbush raised their target price on Pinterest from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 27th. Evercore ISI upped their price target on Pinterest from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Stifel Nicolaus raised their price objective on shares of Pinterest from $26.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Finally, Bank of America raised shares of Pinterest from a “neutral” rating to a “buy” rating and upped their target price for the stock from $32.00 to $37.00 in a report on Tuesday, October 31st. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.90.

Get Our Latest Report on PINS

Insider Activity

In other news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $37.95, for a total value of $73,395.30. Following the completion of the sale, the director now owns 39,382 shares of the company’s stock, valued at approximately $1,494,546.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Wanjiku Juanita Walcott sold 11,410 shares of Pinterest stock in a transaction on Monday, November 27th. The shares were sold at an average price of $32.28, for a total value of $368,314.80. Following the sale, the insider now owns 216,326 shares in the company, valued at $6,983,003.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $37.95, for a total transaction of $73,395.30. Following the completion of the transaction, the director now owns 39,382 shares of the company’s stock, valued at $1,494,546.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,737 shares of company stock valued at $2,826,987. 6.85% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Pinterest

A number of large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Pinterest by 372.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,073,874 shares of the company’s stock valued at $487,394,000 after buying an additional 15,825,757 shares during the period. Renaissance Technologies LLC boosted its stake in Pinterest by 262.8% during the first quarter. Renaissance Technologies LLC now owns 11,515,600 shares of the company’s stock worth $283,399,000 after acquiring an additional 8,341,222 shares in the last quarter. Capital World Investors purchased a new stake in Pinterest in the second quarter worth about $187,614,000. Norges Bank bought a new position in shares of Pinterest during the fourth quarter valued at approximately $149,748,000. Finally, Clearbridge Investments LLC purchased a new position in shares of Pinterest during the second quarter valued at approximately $147,982,000. Institutional investors own 72.63% of the company’s stock.

Pinterest Stock Performance

The stock has a market capitalization of $27.70 billion, a P/E ratio of -128.34, a PEG ratio of 4.07 and a beta of 1.02. The business has a 50-day moving average price of $36.65 and a 200 day moving average price of $30.97.

Pinterest Company Profile

(Get Free Report)

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.

Further Reading

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