Pinterest (NYSE:PINS) Earns Outperform Rating from Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of Pinterest (NYSE:PINS) in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $45.00 target price on the stock.

Other equities analysts have also recently issued research reports about the company. JPMorgan Chase & Co. cut their price objective on Pinterest from $44.00 to $38.00 and set a neutral rating on the stock in a report on Wednesday, July 31st. Piper Sandler reiterated an overweight rating and set a $45.00 price objective on shares of Pinterest in a report on Friday, September 13th. Cantor Fitzgerald reiterated an overweight rating and set a $41.00 price objective on shares of Pinterest in a report on Monday. Royal Bank of Canada reiterated an outperform rating and set a $48.00 price objective on shares of Pinterest in a report on Thursday, September 12th. Finally, Evercore ISI cut their price objective on Pinterest from $50.00 to $48.00 and set an outperform rating on the stock in a report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $43.25.

Pinterest Trading Up 1.7 %

Shares of PINS opened at $32.70 on Tuesday. Pinterest has a 1 year low of $23.59 and a 1 year high of $45.19. The stock has a market cap of $22.34 billion, a P/E ratio of 155.71, a price-to-earnings-growth ratio of 3.40 and a beta of 1.00. The stock’s 50-day moving average price is $31.85 and its two-hundred day moving average price is $36.63.

Pinterest (NYSE:PINS) last issued its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The firm had revenue of $853.68 million for the quarter, compared to analysts’ expectations of $848.75 million. During the same quarter last year, the business earned ($0.04) earnings per share. The company’s revenue was up 20.6% compared to the same quarter last year. As a group, equities analysts forecast that Pinterest will post 0.39 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PINS. Wellington Management Group LLP boosted its stake in Pinterest by 1,188.9% in the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after purchasing an additional 5,524,796 shares during the period. Bank of New York Mellon Corp boosted its stake in Pinterest by 128.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after purchasing an additional 3,134,776 shares during the period. 1832 Asset Management L.P. bought a new stake in Pinterest in the 2nd quarter valued at $98,655,000. Contour Asset Management LLC boosted its stake in Pinterest by 79.5% in the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after purchasing an additional 2,023,500 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Pinterest by 45.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,735,384 shares of the company’s stock valued at $198,846,000 after purchasing an additional 1,798,494 shares during the period. 88.81% of the stock is owned by institutional investors and hedge funds.

Pinterest Company 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.