Clearbridge Investments LLC Sells 172,562 Shares of Pinterest, Inc. (NYSE:PINS)

Clearbridge Investments LLC trimmed its stake in Pinterest, Inc. (NYSE:PINS) by 2.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,007,179 shares of the company’s stock after selling 172,562 shares during the period. Clearbridge Investments LLC owned 1.17% of Pinterest worth $352,876,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in PINS. US Bancorp DE raised its position in shares of Pinterest by 113.0% in the 4th quarter. US Bancorp DE now owns 26,081 shares of the company’s stock worth $966,000 after acquiring an additional 13,835 shares in the last quarter. TD Asset Management Inc increased its position in Pinterest by 197.8% during the 4th quarter. TD Asset Management Inc now owns 346,726 shares of the company’s stock valued at $12,843,000 after buying an additional 230,280 shares in the last quarter. Stifel Financial Corp increased its position in Pinterest by 22.0% during the 4th quarter. Stifel Financial Corp now owns 153,588 shares of the company’s stock valued at $5,689,000 after buying an additional 27,678 shares in the last quarter. Bank of Nova Scotia increased its position in Pinterest by 1,357.6% during the 4th quarter. Bank of Nova Scotia now owns 223,284 shares of the company’s stock valued at $8,270,000 after buying an additional 207,965 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new position in Pinterest during the 4th quarter valued at about $5,741,000. 88.81% of the stock is owned by institutional investors.

Pinterest Stock Down 0.3 %

NYSE:PINS opened at $32.37 on Tuesday. Pinterest, Inc. has a 52 week low of $23.59 and a 52 week high of $45.19. The company has a market capitalization of $22.11 billion, a P/E ratio of 154.14, a P/E/G ratio of 3.53 and a beta of 1.00. The stock’s fifty day moving average is $31.68 and its two-hundred day moving average is $36.63.

Pinterest (NYSE:PINS) last posted its earnings results on Tuesday, July 30th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The company had revenue of $853.68 million for the quarter, compared to the consensus estimate of $848.75 million. During the same quarter in the previous year, the business earned ($0.04) earnings per share. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. Sell-side analysts anticipate that Pinterest, Inc. will post 0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction on Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the sale, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at $9,729,324.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 7.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on PINS shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 target price on shares of Pinterest in a research report on Thursday, September 12th. JPMorgan Chase & Co. dropped their price target on Pinterest from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus dropped their price target on Pinterest from $46.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Rosenblatt Securities reiterated a “buy” rating and set a $48.00 price target on shares of Pinterest in a research note on Wednesday, July 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $41.00 price target on shares of Pinterest in a research note on Monday. Eight analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Pinterest has a consensus rating of “Moderate Buy” and a consensus price target of $43.25.

About Pinterest

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.