Pinterest, Inc. (NYSE:PINS) Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC boosted its position in Pinterest, Inc. (NYSE:PINS) by 52.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,295 shares of the company’s stock after acquiring an additional 4,223 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Pinterest were worth $398,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PINS. 1832 Asset Management L.P. purchased a new stake in shares of Pinterest during the second quarter worth about $98,655,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Pinterest by 45.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,735,384 shares of the company’s stock worth $198,846,000 after purchasing an additional 1,798,494 shares during the last quarter. Ninety One UK Ltd raised its position in shares of Pinterest by 44.6% in the 2nd quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock valued at $239,991,000 after purchasing an additional 1,679,348 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its stake in shares of Pinterest by 66.6% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,199,415 shares of the company’s stock valued at $145,594,000 after buying an additional 1,678,756 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Pinterest by 31.6% during the second quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock worth $248,793,000 after buying an additional 1,356,459 shares in the last quarter. 88.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinterest

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

Wall Street Analyst Weigh In

A number of research firms have commented on PINS. Piper Sandler reiterated an “overweight” rating and set a $45.00 price objective on shares of Pinterest in a research note on Friday, September 13th. Wells Fargo & Company reduced their price target on shares of Pinterest from $49.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Morgan Stanley boosted their price objective on Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. The Goldman Sachs Group increased their target price on Pinterest from $44.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Finally, Susquehanna decreased their target price on Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a research report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.32.

Pinterest Stock Performance

Shares of NYSE:PINS opened at $33.18 on Friday. The company has a market capitalization of $22.77 billion, a PE ratio of 122.89, a price-to-earnings-growth ratio of 2.62 and a beta of 1.01. The stock has a fifty day moving average of $31.50 and a 200-day moving average of $36.49. Pinterest, Inc. has a one year low of $23.59 and a one year high of $45.19.

Pinterest (NYSE:PINS) last announced its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $848.75 million. During the same period in the previous year, the firm earned ($0.04) earnings per share. Pinterest’s revenue for the quarter was up 20.6% compared to the same quarter last year. As a group, research analysts forecast that Pinterest, Inc. will post 0.39 EPS for the current fiscal year.

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.