Pinterest (NYSE:PINS) Receives New Coverage from Analysts at Oppenheimer

Investment analysts at Oppenheimer initiated coverage on shares of Pinterest (NYSE:PINS) in a research note issued on Tuesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $45.00 price target on the stock. Oppenheimer’s target price would indicate a potential upside of 39.93% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. Wells Fargo & Company cut their target price on Pinterest from $49.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. UBS Group cut their target price on Pinterest from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Robert W. Baird cut their target price on Pinterest from $44.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Roth Mkm dropped their price target on Pinterest from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Finally, Evercore ISI dropped their price target on Pinterest from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.87.

Pinterest Price Performance

PINS stock opened at $32.16 on Tuesday. The firm has a market capitalization of $22.07 billion, a P/E ratio of 153.15, a P/E/G ratio of 3.40 and a beta of 1.00. The business’s 50-day moving average is $32.01 and its two-hundred day moving average is $36.66. Pinterest has a 1 year low of $23.59 and a 1 year high of $45.19.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. Pinterest’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.04) EPS. On average, analysts expect that Pinterest will post 0.39 EPS for the current year.

Hedge Funds Weigh In On Pinterest

A number of institutional investors have recently made changes to their positions in PINS. Wellington Management Group LLP raised its holdings in shares of Pinterest by 1,188.9% in the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock worth $221,850,000 after acquiring an additional 5,524,796 shares during the last quarter. Bank of New York Mellon Corp grew its position in Pinterest by 128.2% during the first quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after acquiring an additional 3,134,776 shares during the period. 1832 Asset Management L.P. purchased a new stake in Pinterest during the second quarter valued at about $98,655,000. Contour Asset Management LLC grew its position in Pinterest by 79.5% during the fourth quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after acquiring an additional 2,023,500 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Pinterest by 45.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,735,384 shares of the company’s stock valued at $198,846,000 after acquiring an additional 1,798,494 shares during the period. 88.81% of the stock is owned by institutional investors and hedge funds.

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.