Pinterest (NYSE:PINS) Shares Gap Up to $32.37

Shares of Pinterest, Inc. (NYSE:PINS) gapped up prior to trading on Tuesday . The stock had previously closed at $32.37, but opened at $33.80. Pinterest shares last traded at $33.40, with a volume of 2,810,350 shares traded.

Wall Street Analyst Weigh In

PINS has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $45.00 price target on shares of Pinterest in a report on Friday, September 13th. Susquehanna reduced their target price on Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. decreased 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $41.00 price objective on shares of Pinterest in a research note on Monday. Finally, Raymond James decreased their target price on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, Pinterest presently has an average rating of “Moderate Buy” and a consensus target price of $43.25.

Pinterest Trading Up 0.2 %

The business’s 50-day simple moving average is $31.50 and its two-hundred day simple moving average is $36.62. The company has a market capitalization of $22.17 billion, a PE ratio of 154.14, a PEG ratio of 3.53 and a beta of 1.00.

Pinterest (NYSE:PINS) last issued its quarterly 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 firm had revenue of $853.68 million during the quarter, compared to the consensus estimate of $848.75 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. Pinterest’s revenue for the quarter was up 20.6% on a year-over-year basis. On average, analysts forecast that Pinterest, Inc. will post 0.39 EPS for the current year.

Insider Buying and Selling

In related news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction dated 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 transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at $9,729,324.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Several large investors have recently added to or reduced their stakes in PINS. Centaurus Financial Inc. acquired a new stake in Pinterest during the second quarter worth about $103,000. Sanctuary Advisors LLC acquired a new stake in shares of Pinterest during the 2nd quarter worth approximately $3,853,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Pinterest by 10.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 271,622 shares of the company’s stock worth $11,971,000 after purchasing an additional 25,500 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Pinterest by 8.8% in the 2nd quarter. Cetera Investment Advisers now owns 69,122 shares of the company’s stock worth $3,046,000 after purchasing an additional 5,587 shares during the last quarter. Finally, Truist Financial Corp boosted its position in Pinterest by 4.1% during the 2nd quarter. Truist Financial Corp now owns 84,638 shares of the company’s stock valued at $3,730,000 after purchasing an additional 3,327 shares during the period. 88.81% of the stock is currently owned by institutional investors.

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.