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

Pinterest (NYSE:PINS) had its price objective lifted by equities researchers at Wedbush from $37.00 to $38.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Wedbush’s price target indicates a potential upside of 32.13% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Deutsche Bank Aktiengesellschaft initiated coverage on Pinterest in a research note on Monday, September 23rd. They issued a “buy” rating and a $43.00 price target for the company. Oppenheimer assumed coverage on shares of Pinterest in a research report on Tuesday, September 24th. They set an “outperform” rating and a $45.00 target price on the stock. Robert W. Baird decreased their price target on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a report on Friday. Evercore ISI dropped their price objective on shares of Pinterest from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Finally, Barclays reduced their target price on Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $43.26.

Pinterest Stock Performance

NYSE:PINS traded down $5.17 during midday trading on Friday, reaching $28.76. 17,907,656 shares of the stock traded hands, compared to its average volume of 9,328,219. The stock has a market capitalization of $19.74 billion, a PE ratio of 105.89, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02. Pinterest has a 12-month low of $27.00 and a 12-month high of $45.19. The business has a 50-day moving average of $31.88 and a two-hundred day moving average of $36.36.

Insider Transactions at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total value of $38,548.00. Following the transaction, 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 legal filing with the SEC, which is available through this link. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Pinterest by 1.8% in the first quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company’s stock worth $1,988,110,000 after buying an additional 994,848 shares in the last quarter. Baillie Gifford & Co. raised its holdings in Pinterest by 9.5% in the 2nd quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after acquiring an additional 880,398 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Pinterest by 2.2% in the 1st quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock worth $283,592,000 after purchasing an additional 176,540 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Pinterest by 6.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock worth $262,695,000 after purchasing an additional 380,431 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of Pinterest by 8.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock valued at $192,423,000 after purchasing an additional 460,708 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.