West Tower Group LLC Sells 2,000 Shares of Pinterest, Inc. (NYSE:PINS)

West Tower Group LLC lessened its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 28.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,000 shares of the company’s stock after selling 2,000 shares during the quarter. West Tower Group LLC’s holdings in Pinterest were worth $162,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PINS. Ontario Teachers Pension Plan Board grew its stake in Pinterest by 51.5% in the third quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock worth $285,248,000 after purchasing an additional 2,996,750 shares during the period. 1832 Asset Management L.P. purchased a new stake in Pinterest in the second quarter worth $98,655,000. Ninety One UK Ltd grew its stake in Pinterest by 44.6% in the second quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock worth $239,991,000 after purchasing an additional 1,679,348 shares during the period. Acadian Asset Management LLC grew its stake in Pinterest by 31.6% in the second quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock worth $248,793,000 after purchasing an additional 1,356,459 shares during the period. Finally, AMI Asset Management Corp purchased a new stake in Pinterest in the second quarter worth $57,569,000. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Up 1.6 %

NYSE PINS opened at $30.51 on Tuesday. The stock’s 50-day moving average price is $31.77 and its 200-day moving average price is $35.67. Pinterest, Inc. has a 52 week low of $27.00 and a 52 week high of $45.19. The company has a market capitalization of $20.62 billion, a P/E ratio of 101.70, a price-to-earnings-growth ratio of 2.15 and a beta of 1.02.

Insider Transactions at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the sale, the chief financial officer now owns 297,351 shares in the company, valued at approximately $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the 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 $1,129,154.72. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,580 shares of company stock valued at $1,063,499 over the last quarter. 7.11% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PINS shares. Raymond James cut their target price on Pinterest from $40.00 to $34.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Robert W. Baird cut their target price on Pinterest from $41.00 to $36.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $48.00 target price on shares of Pinterest in a research note on Thursday, September 12th. Citigroup cut their target price on Pinterest from $51.00 to $44.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, Susquehanna cut their target price on Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.86.

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.