KeyCorp Raises Pinterest (NYSE:PINS) Price Target to $45.00

Pinterest (NYSE:PINS) had its target price increased by KeyCorp from $43.00 to $45.00 in a report published on Wednesday, Benzinga reports. KeyCorp currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on PINS. Oppenheimer began coverage on Pinterest in a research note on Tuesday, September 24th. They issued an outperform rating and a $45.00 price objective for the company. Piper Sandler restated an overweight rating and set a $45.00 price target on shares of Pinterest in a report on Friday, September 13th. Barclays dropped their price objective on shares of Pinterest from $38.00 to $36.00 and set an equal weight rating on the stock in a research note on Wednesday, July 31st. Royal Bank of Canada reissued an outperform rating and set a $48.00 target price on shares of Pinterest in a research note on Thursday, September 12th. Finally, Citigroup cut their price objective on Pinterest from $51.00 to $44.00 and set a buy rating for the company in a report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $43.32.

Pinterest Price Performance

Shares of PINS opened at $34.15 on Wednesday. The company has a 50-day moving average of $31.05 and a two-hundred day moving average of $36.53. The stock has a market cap of $23.33 billion, a price-to-earnings ratio of 162.62, a PEG ratio of 2.61 and a beta of 1.01. Pinterest has a one year low of $23.59 and a one year high of $45.19.

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

Insider Activity

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at $9,729,324.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 7.11% of the stock is owned by company insiders.

Hedge Funds Weigh In On Pinterest

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of Pinterest by 1,188.9% during the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock worth $221,850,000 after purchasing an additional 5,524,796 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Pinterest in the 2nd quarter valued at $98,655,000. Contour Asset Management LLC raised its stake in shares of Pinterest by 79.5% in the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after buying an additional 2,023,500 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of 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 acquiring an additional 1,798,494 shares during the period. Finally, Ninety One UK Ltd boosted its position in shares of Pinterest by 44.6% during 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 in the last quarter. 88.81% of the stock is currently owned by institutional investors.

Pinterest Company 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.