HighTower Advisors LLC Reduces Stock Holdings in Pinterest, Inc. (NYSE:PINS)

HighTower Advisors LLC cut its holdings in Pinterest, Inc. (NYSE:PINS) by 35.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,803 shares of the company’s stock after selling 36,267 shares during the period. HighTower Advisors LLC’s holdings in Pinterest were worth $2,090,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sequoia Financial Advisors LLC acquired a new stake in shares of Pinterest in the second quarter valued at approximately $265,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Pinterest by 6.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,340 shares of the company’s stock worth $1,293,000 after acquiring an additional 1,704 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Pinterest by 4.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 21,315 shares of the company’s stock worth $939,000 after purchasing an additional 891 shares in the last quarter. Blue Trust Inc. raised its stake in Pinterest by 251.7% in the 2nd quarter. Blue Trust Inc. now owns 2,272 shares of the company’s stock valued at $100,000 after purchasing an additional 1,626 shares during the last quarter. Finally, Raymond James & Associates raised its stake in Pinterest by 8.9% in the 2nd quarter. Raymond James & Associates now owns 788,453 shares of the company’s stock valued at $34,747,000 after purchasing an additional 64,731 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,862 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total value of $365,586.84. Following the transaction, the insider now directly owns 246,921 shares of the company’s stock, valued at $7,610,105.22. This represents a 4.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the 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 owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,287 shares of company stock worth $1,547,820 over the last 90 days. Company insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

Shares of NYSE:PINS opened at $30.65 on Friday. The business’s 50-day simple moving average is $31.65 and its 200 day simple moving average is $34.67. The company has a market cap of $20.71 billion, a P/E ratio of 102.17, a PEG ratio of 2.26 and a beta of 1.02. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19.

Analysts Set New Price Targets

A number of brokerages have recently commented on PINS. UBS Group lowered their price target on shares of Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Pinterest in a research note on Tuesday, December 10th. Piper Sandler lowered Pinterest from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $41.00 to $36.00 in a research note on Tuesday, December 10th. Rosenblatt Securities lowered their price objective on Pinterest from $48.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Finally, Benchmark reiterated a “hold” rating on shares of Pinterest 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.46.

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.