ARK Investment Management LLC Buys 38,820 Shares of Pinterest, Inc. (NYSE:PINS)

ARK Investment Management LLC lifted its position in Pinterest, Inc. (NYSE:PINS) by 0.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,368,549 shares of the company’s stock after purchasing an additional 38,820 shares during the period. Pinterest comprises approximately 1.3% of ARK Investment Management LLC’s portfolio, making the stock its 23rd biggest holding. ARK Investment Management LLC’s holdings in Pinterest were worth $141,410,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PINS. 1832 Asset Management L.P. bought a new stake in Pinterest in the 2nd quarter worth $98,655,000. Ninety One UK Ltd grew its stake in shares of Pinterest by 44.6% in the second quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock worth $239,991,000 after purchasing an additional 1,679,348 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Pinterest by 31.6% in the second quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock worth $248,793,000 after purchasing an additional 1,356,459 shares during the last quarter. AMI Asset Management Corp purchased a new position in Pinterest during the 2nd quarter valued at about $57,569,000. Finally, American Century Companies Inc. increased its stake in shares of Pinterest by 57.6% during the second quarter. American Century Companies Inc. now owns 3,042,065 shares of the company’s stock valued at $134,064,000 after buying an additional 1,112,163 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the sale, the director now owns 33,686 shares in the company, valued at $1,129,154.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the completion of the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was 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.

Pinterest Trading Up 0.5 %

NYSE PINS opened at $33.93 on Friday. Pinterest, Inc. has a 12 month low of $27.00 and a 12 month high of $45.19. The stock has a market cap of $23.28 billion, a price-to-earnings ratio of 125.67, a PEG ratio of 2.49 and a beta of 1.02. The company’s 50 day moving average is $31.88 and its two-hundred day moving average is $36.36.

Analyst Ratings Changes

PINS has been the topic of a number of research analyst reports. Barclays reduced 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 report on Wednesday, July 31st. Oppenheimer initiated coverage on shares of Pinterest in a research report on Tuesday, September 24th. They set an “outperform” rating and a $45.00 price target on the stock. KeyCorp raised their price objective on shares of Pinterest from $43.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on Pinterest from $44.00 to $38.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Finally, Evercore ISI lowered their target price on Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.56.

Pinterest 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.