Pinterest (NYSE:PINS) Shares Gap Down on Analyst Downgrade

Pinterest, Inc. (NYSE:PINS)’s stock price gapped down before the market opened on Thursday after KeyCorp lowered their price target on the stock from $48.00 to $40.00. The stock had previously closed at $32.85, but opened at $31.07. KeyCorp currently has an overweight rating on the stock. Pinterest shares last traded at $31.97, with a volume of 4,482,310 shares.

A number of other equities analysts have 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 report on Thursday, January 18th. JPMorgan Chase & Co. lifted their price target on Pinterest from $34.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, February 9th. Susquehanna upped their price objective on shares of Pinterest from $35.00 to $45.00 and gave the company a “positive” rating in a research note on Friday, February 9th. Rosenblatt Securities reiterated a “buy” rating and set a $45.00 price objective on shares of Pinterest in a research report on Friday, February 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $48.00 price target on shares of Pinterest in a report on Tuesday, March 26th. Seven investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.68.

Insider Transactions at Pinterest

In other news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $33.34, for a total value of $64,479.56. Following the sale, the director now owns 31,646 shares in the company, valued at approximately $1,055,077.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Pinterest news, insider Sabrina Ellis sold 24,410 shares of the business’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 of the company’s stock, valued at $17,762,886.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $33.34, for a total value of $64,479.56. Following the completion of the sale, the director now owns 31,646 shares of the company’s stock, valued at $1,055,077.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 184,471 shares of company stock valued at $6,525,231. Corporate insiders own 6.85% of the company’s stock.

Institutional Investors Weigh In On Pinterest

A number of hedge funds have recently added to or reduced their stakes in PINS. ARK Investment Management LLC lifted its stake in shares of Pinterest by 152.3% during the fourth quarter. ARK Investment Management LLC now owns 1,444,579 shares of the company’s stock valued at $53,507,000 after acquiring an additional 872,016 shares during the period. Nordea Investment Management AB boosted its stake in shares of Pinterest by 57.9% in the 4th quarter. Nordea Investment Management AB now owns 882,233 shares of the company’s stock valued at $32,766,000 after purchasing an additional 323,547 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Pinterest by 3,402.0% during the fourth quarter. International Assets Investment Management LLC now owns 80,266 shares of the company’s stock worth $2,973,000 after buying an additional 77,974 shares during the last quarter. Acadian Asset Management LLC lifted 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 buying an additional 1,089,299 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted 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 valued at $6,477,000 after acquiring an additional 62,117 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

Pinterest Trading Up 4.1 %

The business’s fifty day simple moving average is $34.56 and its 200 day simple moving average is $34.14. The stock has a market cap of $23.06 billion, a price-to-earnings ratio of -566.07, a price-to-earnings-growth ratio of 4.50 and a beta of 0.99.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. Pinterest had a positive return on equity of 3.83% and a negative net margin of 1.17%. The business had revenue of $981.26 million during the quarter, compared to analysts’ expectations of $988.62 million. As a group, research analysts anticipate that Pinterest, Inc. will post 0.36 earnings per share for the current year.

Pinterest Company Profile

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.