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

Pinterest, Inc. (NYSE:PINS) gapped down prior to trading on Friday after Rosenblatt Securities lowered their price target on the stock from $48.00 to $46.00. The stock had previously closed at $33.93, but opened at $29.14. Rosenblatt Securities currently has a buy rating on the stock. Pinterest shares last traded at $29.29, with a volume of 9,382,212 shares.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $41.00 target price on shares of Pinterest in a research note on Monday, October 7th. Benchmark reaffirmed a “hold” rating on shares of Pinterest in a report on Friday. Evercore ISI dropped their price objective on shares of Pinterest from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Piper Sandler reissued an “overweight” rating and issued a $41.00 target price (down from $45.00) on shares of Pinterest in a research report on Friday. Finally, Morgan Stanley lifted their price target on Pinterest from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.22.

Insider Transactions at Pinterest

In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the sale, the chief financial officer now owns 297,351 shares in the company, valued at $9,729,324.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total transaction of $38,548.00. Following the completion of the transaction, the director now owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brown Shipley& Co Ltd purchased a new position in shares of Pinterest in the second quarter worth about $25,000. Wellington Shields Capital Management LLC purchased a new position in Pinterest in the 2nd quarter worth approximately $26,000. Hexagon Capital Partners LLC boosted its holdings in shares of Pinterest by 157.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock worth $33,000 after purchasing an additional 459 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Pinterest by 113.4% during the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock worth $34,000 after purchasing an additional 405 shares during the last quarter. Finally, Rothschild Investment LLC purchased a new stake in shares of Pinterest in the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Price Performance

The firm has a fifty day moving average of $31.82 and a 200 day moving average of $36.31. The stock has a market cap of $20.02 billion, a price-to-earnings ratio of 108.06, a PEG ratio of 2.60 and a beta of 1.02.

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.