Royal Bank of Canada Boosts Pinterest (NYSE:PINS) Price Target to $48.00

Pinterest (NYSE:PINSFree Report) had its target price raised by Royal Bank of Canada from $46.00 to $48.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

PINS has been the topic of a number of other reports. Stifel Nicolaus lifted their price target on Pinterest from $26.00 to $32.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Piper Sandler upped their price target on Pinterest from $37.00 to $40.00 and gave the company an overweight rating in a research report on Wednesday, November 29th. Bank of America raised Pinterest from a neutral rating to a buy rating and upped their price target for the company from $32.00 to $37.00 in a research report on Tuesday, October 31st. Susquehanna upped their price target on Pinterest from $35.00 to $45.00 and gave the company a positive rating in a research report on Friday. Finally, Argus raised Pinterest from a hold rating to a buy rating and set a $45.00 price target for the company in a research report on Thursday, January 18th. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $37.52.

Check Out Our Latest Research Report on Pinterest

Pinterest Stock Down 9.5 %

NYSE:PINS opened at $36.87 on Friday. The firm has a market capitalization of $24.86 billion, a PE ratio of -614.40, a price-to-earnings-growth ratio of 3.78 and a beta of 1.02. Pinterest has a twelve month low of $20.60 and a twelve month high of $41.60. The stock’s 50-day simple moving average is $37.15 and its 200 day simple moving average is $31.29.

Insider Buying and Selling

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,410 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $32.28, for a total value of $368,314.80. Following the sale, the insider now owns 216,326 shares in the company, valued at approximately $6,983,003.28. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Wanjiku Juanita Walcott sold 11,410 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $32.28, for a total value of $368,314.80. Following the completion of the sale, the insider now owns 216,326 shares in the company, valued at approximately $6,983,003.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $37.95, for a total transaction of $73,395.30. Following the completion of the transaction, the director now directly owns 39,382 shares in the company, valued at $1,494,546.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,737 shares of company stock worth $2,826,987. 6.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in Pinterest by 372.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,073,874 shares of the company’s stock valued at $487,394,000 after acquiring an additional 15,825,757 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Pinterest by 262.8% during the first quarter. Renaissance Technologies LLC now owns 11,515,600 shares of the company’s stock worth $283,399,000 after purchasing an additional 8,341,222 shares during the last quarter. Capital World Investors bought a new stake in Pinterest in the second quarter valued at $187,614,000. Norges Bank bought a new stake in Pinterest in the fourth quarter valued at $241,229,000. Finally, Clearbridge Investments LLC bought a new stake in shares of Pinterest during the second quarter valued at about $147,982,000. Hedge funds and other institutional investors own 72.63% of the company’s stock.

Pinterest Company Profile

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Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company's engine allows people to find ideas, such as recipes, home and style inspiration, and others; provides video, product, and idea pins; and offers organizing and planning tools. It shows organic recommendations and advertising engine based on pinners tastes and preferences; and enables pinners with shoppable product pins, which include price, color, and size that redirect to retailer websites.

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Analyst Recommendations for Pinterest (NYSE:PINS)

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