Zacks Investment Research Downgrades Pinterest (NASDAQ:PINS) to Hold

Zacks Investment Research downgraded shares of Pinterest (NASDAQ:PINS) from a buy rating to a hold rating in a report published on Saturday, Zacks.com reports.

According to Zacks, “Pinterest Inc. provides a visual discovery engine. Its platform allows users to discover ideas for daily activities, remodeling a house or training for a marathon, ongoing passions and planning a wedding or a dream vacation. The company also provides Product Pins which make items shoppable with up-to-date pricing; Recipe Pins to cook a meal by bringing the relevant information; and Shop the Look, which enables pinners to shop for the individual products. Pinterest Inc. is based in San Francisco, California. “

A number of other analysts have also issued reports on PINS. Rosenblatt Securities reissued a hold rating and issued a $31.00 price target on shares of Pinterest in a research report on Wednesday, August 7th. Vertical Group began coverage on shares of Pinterest in a research report on Tuesday, July 2nd. They issued a positive rating for the company. Wedbush increased their price target on shares of Pinterest from $33.00 to $38.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Deutsche Bank raised shares of Pinterest from a hold rating to a buy rating and raised their price objective for the company from $26.00 to $40.00 in a research report on Friday, August 2nd. Finally, Nomura raised their price objective on shares of Pinterest from $34.00 to $39.00 and gave the company a buy rating in a research report on Friday, August 2nd. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Pinterest currently has a consensus rating of Hold and an average price target of $32.53.



NASDAQ PINS opened at $30.11 on Friday. The stock has a 50 day moving average of $32.28. Pinterest has a 52-week low of $23.05 and a 52-week high of $36.83.

Pinterest (NASDAQ:PINS) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The company had revenue of $261.20 million during the quarter, compared to analysts’ expectations of $237.23 million. Pinterest’s revenue for the quarter was up 62.0% compared to the same quarter last year.

A number of institutional investors and hedge funds have recently modified their holdings of PINS. Vanguard Group Inc. bought a new position in Pinterest during the second quarter valued at approximately $200,954,000. BlackRock Inc. acquired a new position in Pinterest during the second quarter valued at approximately $84,126,000. Putnam Investments LLC acquired a new position in Pinterest during the second quarter valued at approximately $83,971,000. Morgan Stanley acquired a new position in Pinterest during the second quarter valued at approximately $69,076,000. Finally, Third Point LLC acquired a new position in Pinterest during the second quarter valued at approximately $36,883,000.

About Pinterest

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Analyst Recommendations for Pinterest (NASDAQ:PINS)

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