Wedbush Upgrades Pinterest (NYSE:PINS) to “Strong-Buy”

Pinterest (NYSE:PINS) was upgraded by analysts at Wedbush from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also commented on PINS. JPMorgan Chase & Co. dropped their target price on Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday. Raymond James decreased their target price on shares of Pinterest from $40.00 to $34.00 and set an “outperform” rating on the stock in a research report on Friday. Stifel Nicolaus cut their price target on shares of Pinterest from $46.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Benchmark reiterated a “hold” rating on shares of Pinterest in a report on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $41.00 target price (down from $45.00) on shares of Pinterest in a research report on Friday. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $42.00.

Pinterest Trading Up 4.1 %

Shares of PINS stock opened at $30.38 on Monday. Pinterest has a twelve month low of $27.00 and a twelve month high of $45.19. The company has a market capitalization of $20.85 billion, a price-to-earnings ratio of 101.27, a PEG ratio of 2.25 and a beta of 1.02. The firm has a 50-day moving average price of $31.82 and a 200 day moving average price of $36.36.

Insider Buying and Selling

In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the transaction, the chief financial officer now owns 297,351 shares in the company, valued at approximately $9,729,324.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the sale, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction that occurred 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 directly owns 33,686 shares in the company, valued at approximately $1,129,154.72. This trade 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.

Hedge Funds Weigh In On Pinterest

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its stake in Pinterest by 195.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,151 shares of the company’s stock valued at $75,000 after buying an additional 1,422 shares during the period. Envestnet Portfolio Solutions Inc. grew its holdings in Pinterest by 19.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 20,424 shares of the company’s stock worth $708,000 after acquiring an additional 3,371 shares during the period. Empowered Funds LLC raised its position in Pinterest by 25.5% in the first quarter. Empowered Funds LLC now owns 7,432 shares of the company’s stock worth $258,000 after acquiring an additional 1,510 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Pinterest by 38.0% in the 1st quarter. Russell Investments Group Ltd. now owns 613,564 shares of the company’s stock valued at $21,358,000 after acquiring an additional 169,052 shares during the last quarter. Finally, US Bancorp DE boosted its position in shares of Pinterest by 2.0% during the 1st quarter. US Bancorp DE now owns 26,602 shares of the company’s stock valued at $922,000 after purchasing an additional 521 shares in the last quarter. 88.81% of the stock is currently 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.