Sumitomo Mitsui Trust Group Inc. Acquires 460,708 Shares of Pinterest, Inc. (NYSE:PINS)

Sumitomo Mitsui Trust Group Inc. grew its stake in Pinterest, Inc. (NYSE:PINS) by 8.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,944,489 shares of the company’s stock after purchasing an additional 460,708 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.87% of Pinterest worth $192,423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PINS. 1832 Asset Management L.P. acquired a new position in Pinterest in the second quarter valued at about $98,655,000. Ninety One UK Ltd grew its position in Pinterest by 44.6% during the 2nd quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock worth $239,991,000 after acquiring an additional 1,679,348 shares during the last quarter. Acadian Asset Management LLC raised its position in Pinterest by 31.6% in the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock valued at $248,793,000 after purchasing an additional 1,356,459 shares during the last quarter. AMI Asset Management Corp acquired a new position in Pinterest in the second quarter worth $57,569,000. Finally, American Century Companies Inc. grew its holdings 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 worth $134,064,000 after purchasing an additional 1,112,163 shares during the last quarter. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Oppenheimer decreased their price objective on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. lowered their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Wolfe Research started coverage on Pinterest in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Barclays dropped their price target on shares of Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Finally, Wedbush raised shares of Pinterest from a “hold” rating to a “strong-buy” rating in a report on Monday. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Pinterest Price Performance

Shares of Pinterest stock opened at $30.67 on Wednesday. The firm has a market cap of $21.05 billion, a price-to-earnings ratio of 102.24, a price-to-earnings-growth ratio of 2.36 and a beta of 1.02. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19. The stock’s 50-day moving average is $31.79 and its 200-day moving average is $36.34.

Insider Buying and Selling at Pinterest

In other news, Director Gokul Rajaram sold 1,150 shares of the business’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 sale, the director now owns 33,686 shares of the company’s stock, valued at $1,129,154.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total value of $38,548.00. Following the sale, the director now owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.11% of the company’s stock.

About Pinterest

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.