Wedbush Reiterates “Neutral” Rating for Pinterest (NYSE:PINS)

Wedbush reiterated their neutral rating on shares of Pinterest (NYSE:PINS) in a research note issued to investors on Wednesday morning, MarketBeat reports. Wedbush currently has a $46.00 price objective on the stock.

A number of other research analysts also recently commented on the company. JPMorgan Chase & Co. increased their target price on Pinterest from $38.00 to $44.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. Wells Fargo & Company increased their target price on Pinterest from $48.00 to $49.00 and gave the stock an overweight rating in a report on Tuesday, June 25th. Piper Sandler reaffirmed an overweight rating and set a $52.00 target price on shares of Pinterest in a report on Friday, June 14th. Sanford C. Bernstein increased their target price on Pinterest from $35.00 to $38.00 and gave the stock a market perform rating in a report on Wednesday, May 1st. Finally, Roth Mkm increased their target price on Pinterest from $38.00 to $40.00 and gave the stock a neutral rating in a report on Wednesday, May 1st. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $42.60.

Pinterest Stock Performance

PINS stock opened at $37.55 on Wednesday. Pinterest has a 1 year low of $23.59 and a 1 year high of $45.19. The stock has a 50-day simple moving average of $42.30 and a 200-day simple moving average of $38.53. The firm has a market cap of $25.65 billion, a P/E ratio of 178.82, a price-to-earnings-growth ratio of 3.66 and a beta of 0.97.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The firm had revenue of $739.98 million during the quarter, compared to analyst estimates of $699.96 million. On average, equities research analysts predict that Pinterest will post 0.44 EPS for the current year.

Insider Buying and Selling at Pinterest

In other Pinterest news, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total transaction of $81,711.50. Following the sale, the director now owns 29,712 shares of the company’s stock, valued at approximately $1,255,332. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total transaction of $81,711.50. Following the transaction, the director now directly owns 29,712 shares in the company, valued at approximately $1,255,332. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Andrea Acosta sold 3,845 shares of Pinterest stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $43.90, for a total value of $168,795.50. Following the transaction, the chief accounting officer now owns 189,470 shares in the company, valued at $8,317,733. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock valued at $2,191,304 in the last quarter. Corporate insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC acquired a new position in shares of Pinterest during the 4th quarter valued at $27,000. Hexagon Capital Partners LLC grew its holdings in shares of Pinterest by 157.7% in the 2nd quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock worth $33,000 after acquiring an additional 459 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Pinterest in the 4th quarter worth $30,000. Washington Trust Advisors Inc. grew its holdings in shares of Pinterest by 46.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock worth $38,000 after acquiring an additional 326 shares during the last quarter. Finally, Quent Capital LLC grew its holdings in shares of Pinterest by 71.2% in the 1st quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 460 shares during the last quarter. 88.81% of the stock is currently 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.