Analysts Issue Forecasts for Pinterest, Inc.’s Q2 2024 Earnings (NYSE:PINS)

Pinterest, Inc. (NYSE:PINS) – Stock analysts at Wedbush boosted their Q2 2024 EPS estimates for Pinterest in a research note issued on Wednesday, May 1st. Wedbush analyst S. Devitt now anticipates that the company will post earnings per share of $0.04 for the quarter, up from their previous forecast of $0.03. Wedbush currently has a “Neutral” rating and a $44.00 target price on the stock. The consensus estimate for Pinterest’s current full-year earnings is $0.43 per share. Wedbush also issued estimates for Pinterest’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $0.56 EPS and FY2025 earnings at $0.85 EPS.

Pinterest (NYSE:PINS) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The business had revenue of $981.26 million during the quarter, compared to the consensus estimate of $988.62 million.

A number of other research firms also recently issued reports on PINS. Evercore ISI upped their price target on shares of Pinterest from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Royal Bank of Canada increased their price target on shares of Pinterest from $48.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Benchmark reissued a “hold” rating on shares of Pinterest in a research note on Wednesday, May 1st. Citigroup raised their price objective on Pinterest from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Finally, Piper Sandler boosted their target price on Pinterest from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $40.82.

Pinterest Price Performance

NYSE PINS opened at $40.41 on Monday. The stock has a market capitalization of $27.44 billion, a PE ratio of 192.44, a P/E/G ratio of 4.64 and a beta of 0.99. Pinterest has a 1-year low of $20.60 and a 1-year high of $41.60. The business has a 50 day simple moving average of $34.79 and a two-hundred day simple moving average of $34.58.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. ARK Investment Management LLC lifted its holdings in Pinterest by 152.3% in 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 grew its position in shares of Pinterest by 57.9% during the 4th quarter. Nordea Investment Management AB now owns 882,233 shares of the company’s stock valued at $32,766,000 after acquiring an additional 323,547 shares during the period. International Assets Investment Management LLC increased its stake in shares of Pinterest by 3,402.0% in the 4th quarter. International Assets Investment Management LLC now owns 80,266 shares of the company’s stock valued at $2,973,000 after purchasing an additional 77,974 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Pinterest by 53.1% in the 3rd quarter. Acadian Asset Management LLC now owns 3,138,973 shares of the company’s stock worth $84,826,000 after purchasing an additional 1,089,299 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Pinterest by 55.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock worth $6,477,000 after purchasing an additional 62,117 shares in the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Pinterest news, insider Sabrina Ellis sold 24,410 shares of Pinterest stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total value of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares of the company’s stock, valued at $17,762,886.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Donnelly Julia Brau sold 65,972 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $34.42, for a total value of $2,270,756.24. Following the completion of the transaction, the chief financial officer now directly owns 392,829 shares of the company’s stock, valued at approximately $13,521,174.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sabrina Ellis sold 24,410 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total transaction of $866,310.90. Following the sale, the insider now directly owns 500,504 shares in the company, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 164,471 shares of company stock worth $5,773,431. Corporate insiders own 7.11% of the company’s stock.

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.