Connor Clark & Lunn Investment Management Ltd. Sells 125,175 Shares of Pinterest, Inc. (NYSE:PINS)

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Pinterest, Inc. (NYSE:PINS) by 80.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,377 shares of the company’s stock after selling 125,175 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Pinterest were worth $1,016,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PINS. 1832 Asset Management L.P. bought a new stake in shares of Pinterest in the 2nd quarter valued at about $98,655,000. Ninety One UK Ltd lifted its stake 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 acquiring an additional 1,679,348 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Pinterest by 31.6% during the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock valued at $248,793,000 after purchasing an additional 1,356,459 shares during the period. AMI Asset Management Corp purchased a new position in Pinterest during the 2nd quarter valued at about $57,569,000. Finally, American Century Companies Inc. increased its holdings in Pinterest by 57.6% during the 2nd quarter. American Century Companies Inc. now owns 3,042,065 shares of the company’s stock valued at $134,064,000 after purchasing an additional 1,112,163 shares during the period. Institutional investors own 88.81% of the company’s stock.

Pinterest Trading Down 2.2 %

PINS stock opened at $30.33 on Thursday. The stock has a market capitalization of $20.50 billion, a PE ratio of 101.10, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19. The stock’s 50 day simple moving average is $31.81 and its 200 day simple moving average is $35.56.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Benchmark restated a “hold” rating on shares of Pinterest in a report on Friday, November 8th. Wedbush upgraded Pinterest from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their price target on Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Rosenblatt Securities reduced their price target on Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, Stifel Nicolaus reduced their target price on Pinterest from $46.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.63.

Insider Activity at Pinterest

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 transaction of $38,548.00. Following the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Donnelly Julia Brau sold 30,280 shares of the 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 directly owns 297,351 shares in the company, valued at $9,729,324.72. The trade was a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,580 shares of company stock valued at $1,063,499. 7.11% of the stock is owned by corporate insiders.

Pinterest 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.