Pinterest (NYSE:PINS) Given New $41.00 Price Target at Wells Fargo & Company

Pinterest (NYSE:PINS) had its price objective reduced by Wells Fargo & Company from $49.00 to $41.00 in a research report released on Wednesday morning, Marketbeat reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently weighed in on PINS. The Goldman Sachs Group upped their price objective on shares of Pinterest from $44.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Benchmark reaffirmed a hold rating on shares of Pinterest in a research report on Wednesday, May 1st. Wolfe Research started coverage on Pinterest in a report on Tuesday, July 16th. They issued a peer perform rating on the stock. Roth Mkm raised their price target on Pinterest from $38.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, May 1st. Finally, Citigroup dropped their price target on shares of Pinterest from $51.00 to $44.00 and set a buy rating on the stock in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Pinterest presently has an average rating of Moderate Buy and a consensus target price of $42.71.

Pinterest Stock Down 6.9 %

PINS opened at $29.10 on Wednesday. Pinterest has a 52 week low of $23.59 and a 52 week high of $45.19. The stock has a market cap of $19.88 billion, a PE ratio of 138.58, a PEG ratio of 3.13 and a beta of 0.97. The business has a 50 day moving average of $41.47 and a 200-day moving average of $38.39.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The business had revenue of $853.68 million during the quarter, compared to analyst estimates of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.04) earnings per share. Equities analysts anticipate that Pinterest will post 0.44 EPS for the current year.

Insider Transactions at Pinterest

In related news, Director Gokul Rajaram sold 1,934 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the transaction, the director now directly owns 29,712 shares of the company’s stock, valued at approximately $1,255,332. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred 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 completion of 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 filing with the SEC, which is available at this hyperlink. Also, CAO Andrea Acosta sold 2,564 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $45.00, for a total transaction of $115,380.00. Following the sale, the chief accounting officer now owns 186,906 shares in the company, valued at approximately $8,410,770. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock worth $2,191,304 in the last 90 days. 7.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PINS. Norges Bank purchased a new position in shares of Pinterest in the fourth quarter valued at about $241,229,000. Wellington Management Group LLP lifted its holdings in Pinterest by 1,188.9% in the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock worth $221,850,000 after purchasing an additional 5,524,796 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Pinterest by 128.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock worth $193,473,000 after purchasing an additional 3,134,776 shares during the period. Franklin Resources Inc. grew its holdings in Pinterest by 34.0% during the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock valued at $371,764,000 after buying an additional 2,548,925 shares in the last quarter. Finally, Contour Asset Management LLC raised its position in shares of Pinterest by 79.5% during the fourth quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after buying an additional 2,023,500 shares during the last quarter. Institutional investors own 88.81% 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.