Pinterest (NYSE:PINS) Price Target Cut to $48.00

Pinterest (NYSE:PINS) had its target price trimmed by Evercore ISI from $50.00 to $48.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also recently commented on PINS. Sanford C. Bernstein upped their target price on shares of Pinterest from $35.00 to $38.00 and gave the company a market perform rating in a research note on Wednesday, May 1st. Rosenblatt Securities reiterated a buy rating and set a $48.00 target price on shares of Pinterest in a research note on Wednesday. Piper Sandler cut their target price on shares of Pinterest from $52.00 to $45.00 and set an overweight rating for the company in a research note on Wednesday. Citigroup cut their target price on shares of Pinterest from $51.00 to $44.00 and set a buy rating for the company in a research note on Wednesday. Finally, Wolfe Research assumed coverage on shares of Pinterest in a research note on Tuesday, July 16th. They set a peer perform rating for the company. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $42.07.

Pinterest Stock Down 14.5 %

PINS stock opened at $31.94 on Wednesday. The company has a market capitalization of $21.82 billion, a price-to-earnings ratio of 152.10, a P/E/G ratio of 3.64 and a beta of 0.97. Pinterest has a 12 month low of $23.59 and a 12 month high of $45.19. The firm has a 50 day moving average of $41.92 and a two-hundred day moving average of $38.49.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $853.68 million during the quarter, compared to the consensus estimate of $848.75 million. Pinterest had a net margin of 5.75% and a return on equity of 7.04%. Pinterest’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. On average, research analysts expect that Pinterest will post 0.44 EPS for the current fiscal year.

Insider Activity

In related news, insider Wanjiku Juanita Walcott sold 11,627 shares of Pinterest stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total transaction of $481,590.34. Following the transaction, the insider now owns 307,256 shares of the company’s stock, valued at approximately $12,726,543.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total transaction of $481,590.34. Following the sale, the insider now directly owns 307,256 shares in the company, valued at approximately $12,726,543.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Andrea Acosta sold 3,845 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $43.90, for a total transaction of $168,795.50. Following the sale, 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. In the last quarter, insiders have sold 50,250 shares of company stock valued at $2,191,304. 7.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its holdings in Pinterest by 3,402.0% during the fourth quarter. International Assets Investment Management LLC now owns 80,266 shares of the company’s stock worth $2,973,000 after acquiring an additional 77,974 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Pinterest by 55.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 174,870 shares of the company’s stock worth $6,477,000 after acquiring an additional 62,117 shares in the last quarter. Corient Private Wealth LLC raised its holdings in Pinterest by 56.7% during the fourth quarter. Corient Private Wealth LLC now owns 96,380 shares of the company’s stock worth $3,570,000 after acquiring an additional 34,876 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Pinterest by 13.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 447,148 shares of the company’s stock worth $15,598,000 after acquiring an additional 51,455 shares in the last quarter. Finally, Contrarius Investment Management Ltd raised its holdings in Pinterest by 300.0% during the fourth quarter. Contrarius Investment Management Ltd now owns 1,722,412 shares of the company’s stock worth $63,798,000 after acquiring an additional 1,291,854 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.