Principal Financial Group Inc. Sells 94,225 Shares of Pinterest, Inc. (NYSE:PINS)

Principal Financial Group Inc. lessened its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 33.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 191,579 shares of the company’s stock after selling 94,225 shares during the period. Principal Financial Group Inc.’s holdings in Pinterest were worth $6,201,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PINS. Brown Shipley& Co Ltd bought a new position in Pinterest in the 2nd quarter worth approximately $25,000. Wellington Shields Capital Management LLC acquired a new position in shares of Pinterest during the second quarter valued at $26,000. Rothschild Investment LLC bought a new position in Pinterest in the second quarter valued at about $35,000. V Square Quantitative Management LLC bought a new stake in Pinterest during the 3rd quarter worth about $37,000. Finally, Crewe Advisors LLC lifted its position in Pinterest by 91.1% during the 3rd quarter. Crewe Advisors LLC now owns 1,154 shares of the company’s stock valued at $37,000 after purchasing an additional 550 shares during the period. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $30.88, for a total transaction of $118,733.60. Following the completion of the transaction, the chief accounting officer now directly owns 158,468 shares in the company, valued at approximately $4,893,491.84. The trade was a 2.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $30.98, for a total value of $35,627.00. Following the transaction, the director now directly owns 31,386 shares in the company, valued at $972,338.28. The trade was a 3.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,157 shares of company stock valued at $592,685 in the last 90 days. 7.11% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on PINS shares. JPMorgan Chase & Co. lowered their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. KeyCorp cut their price target on Pinterest from $45.00 to $39.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Pinterest in a research note on Tuesday, December 10th. Roth Mkm cut their target price on Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Finally, UBS Group lowered their price target on Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Eight research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Pinterest presently has an average rating of “Moderate Buy” and a consensus target price of $41.46.

Pinterest Stock Performance

NYSE:PINS opened at $29.00 on Thursday. Pinterest, Inc. has a 52-week low of $27.00 and a 52-week high of $45.19. The company has a market cap of $19.60 billion, a P/E ratio of 96.67, a P/E/G ratio of 2.17 and a beta of 1.02. The stock’s 50-day simple moving average is $30.76 and its 200 day simple moving average is $33.50.

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.