Pinterest (NYSE:PINS) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Pinterest (NYSE:PINS) in a research report sent to investors on Thursday, Benzinga reports. Royal Bank of Canada currently has a $48.00 price target on the stock.

Other research analysts also recently issued reports about the stock. Benchmark reaffirmed a hold rating on shares of Pinterest in a research note on Wednesday, July 31st. Rosenblatt Securities restated a buy rating and issued a $48.00 price objective on shares of Pinterest in a research report on Wednesday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Pinterest from $44.00 to $38.00 and set a neutral rating for the company in a report on Wednesday, July 31st. Stifel Nicolaus reduced their price target on Pinterest from $46.00 to $45.00 and set a buy rating on the stock in a report on Wednesday, July 31st. Finally, Barclays dropped their price objective on Pinterest from $38.00 to $36.00 and set an equal weight rating for the company in a report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $42.50.

Pinterest Trading Down 1.5 %

Shares of NYSE:PINS opened at $28.86 on Thursday. The stock has a market capitalization of $19.80 billion, a P/E ratio of 137.44, a price-to-earnings-growth ratio of 3.26 and a beta of 1.00. The stock’s 50-day moving average price is $33.86 and its 200-day moving average price is $36.97. Pinterest has a 12-month low of $23.59 and a 12-month high of $45.19.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. Pinterest’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same period last year, the company earned ($0.04) EPS. As a group, research analysts predict that Pinterest will post 0.39 EPS for the current year.

Insider Buying and Selling at Pinterest

In related news, CAO Andrea Acosta sold 2,564 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $45.00, for a total value of $115,380.00. Following the transaction, the chief accounting officer now owns 186,906 shares in the company, valued at approximately $8,410,770. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $44.38, for a total transaction of $1,343,826.40. Following the sale, the chief financial officer now directly owns 362,822 shares in the company, valued at approximately $16,102,040.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Andrea Acosta sold 2,564 shares of Pinterest stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $45.00, for a total value of $115,380.00. Following the completion of the sale, the chief accounting officer now directly owns 186,906 shares of the company’s stock, valued at approximately $8,410,770. The disclosure for this sale can be found here. 7.11% of the stock is owned by company insiders.

Institutional Investors Weigh In On Pinterest

Several institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in Pinterest during the 4th quarter valued at about $241,229,000. Wellington Management Group LLP lifted its position in Pinterest by 1,188.9% during the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after purchasing an additional 5,524,796 shares during the period. Bank of New York Mellon Corp boosted its holdings in Pinterest by 128.2% in the first quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock worth $193,473,000 after purchasing an additional 3,134,776 shares during the last quarter. Franklin Resources Inc. grew its position in Pinterest by 34.0% in the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock worth $371,764,000 after purchasing an additional 2,548,925 shares during the period. Finally, 1832 Asset Management L.P. purchased a new stake in Pinterest during the 2nd quarter valued at $98,655,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.