Wedbush Issues Positive Forecast for Pinterest (NYSE:PINS) Stock Price

Pinterest (NYSE:PINS) had its price objective boosted by Wedbush from $38.00 to $46.00 in a research report report published on Friday morning, MarketBeat.com reports. Wedbush currently has an outperform rating on the stock.

PINS has been the subject of a number of other research reports. Robert W. Baird reduced their price objective on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Guggenheim upped their price objective on Pinterest from $33.00 to $39.00 and gave the stock a “neutral” rating in a research note on Friday. Wells Fargo & Company lifted their target price on Pinterest from $39.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group reissued a “hold” rating and set a $32.00 price target (down from $40.00) on shares of Pinterest in a research report on Monday, January 13th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $41.00 price objective (up previously from $36.00) on shares of Pinterest in a research report on Friday. Eight analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.86.

Pinterest Price Performance

PINS stock opened at $40.02 on Friday. Pinterest has a 12 month low of $27.00 and a 12 month high of $45.19. The firm’s 50-day moving average is $31.23 and its 200 day moving average is $31.57. The company has a market capitalization of $27.04 billion, a PE ratio of 14.88, a P/E/G ratio of 1.72 and a beta of 1.06.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.63 by ($0.30). Pinterest had a net margin of 51.07% and a return on equity of 9.20%. Sell-side analysts forecast that Pinterest will post 0.59 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $29.73, for a total value of $34,189.50. Following the transaction, the director now owns 32,536 shares in the company, valued at $967,295.28. This trade represents a 3.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $30.88, for a total value of $118,733.60. Following the completion of the sale, the chief accounting officer now directly owns 158,468 shares in the company, valued at $4,893,491.84. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,157 shares of company stock valued at $589,131. 7.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

Several institutional investors and hedge funds have recently added to or reduced their stakes in PINS. Whipplewood Advisors LLC purchased a new position in shares of Pinterest in the fourth quarter worth about $28,000. GAMMA Investing LLC raised its holdings in Pinterest by 63.5% in the 4th quarter. GAMMA Investing LLC now owns 1,069 shares of the company’s stock valued at $31,000 after acquiring an additional 415 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in Pinterest in the 3rd quarter worth approximately $37,000. Crewe Advisors LLC boosted its holdings in shares of Pinterest by 91.1% during the 3rd quarter. Crewe Advisors LLC now owns 1,154 shares of the company’s stock worth $37,000 after purchasing an additional 550 shares during the last quarter. Finally, True Wealth Design LLC grew its position in shares of Pinterest by 8,261.1% in the third quarter. True Wealth Design LLC now owns 1,505 shares of the company’s stock valued at $49,000 after purchasing an additional 1,487 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.