Cinctive Capital Management LP Makes New Investment in Pinterest, Inc. (NYSE:PINS)

Cinctive Capital Management LP acquired a new stake in Pinterest, Inc. (NYSE:PINS) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 195,967 shares of the company’s stock, valued at approximately $6,343,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Southpoint Capital Advisors LP purchased a new stake in shares of Pinterest in the third quarter worth approximately $123,006,000. Ontario Teachers Pension Plan Board increased 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. bought a new stake in shares of Pinterest during the second quarter worth $98,655,000. Ninety One UK Ltd boosted its stake in shares of Pinterest by 44.6% during the second quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock valued at $239,991,000 after purchasing an additional 1,679,348 shares during the period. Finally, Acadian Asset Management LLC grew its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PINS. Cantor Fitzgerald reiterated an “overweight” rating and set a $41.00 price objective on shares of Pinterest in a report on Monday, October 7th. TD Cowen started coverage on Pinterest in a report on Tuesday, November 26th. They issued a “buy” rating and a $38.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 target price on shares of Pinterest in a research report on Thursday, September 12th. Rosenblatt Securities cut their price target on Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Roth Mkm lowered their price objective on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Pinterest has an average rating of “Moderate Buy” and a consensus price target of $41.65.

Pinterest Stock Performance

Pinterest stock opened at $30.32 on Monday. The business’s 50-day simple moving average is $31.80 and its two-hundred day simple moving average is $35.35. The company has a market cap of $20.49 billion, a PE ratio of 101.07, a PEG ratio of 2.17 and a beta of 1.02. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19.

Insider Buying and Selling

In other news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.88, for a total value of $118,733.60. Following the sale, the chief accounting officer now owns 158,468 shares in the company, valued at $4,893,491.84. This represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total value of $365,586.84. Following the sale, the insider now directly owns 246,921 shares in the company, valued at approximately $7,610,105.22. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,287 shares of company stock valued at $1,547,820 over the last quarter. 7.11% of the stock is currently owned by company insiders.

Pinterest 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.