Raymond James Trims Pinterest (NYSE:PINS) Target Price to $40.00

Pinterest (NYSE:PINS) had its target price reduced by Raymond James from $45.00 to $40.00 in a report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

PINS has been the topic of a number of other reports. The Goldman Sachs Group lifted their price target on Pinterest from $44.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Loop Capital boosted their price objective on Pinterest from $43.00 to $49.00 and gave the stock a buy rating in a research note on Monday, May 6th. Wedbush lowered their price objective on Pinterest from $46.00 to $37.00 and set a neutral rating on the stock in a research note on Wednesday. Royal Bank of Canada reissued an outperform rating and set a $52.00 price objective on shares of Pinterest in a research note on Monday, July 29th. Finally, Benchmark reissued a hold rating on shares of Pinterest in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $42.71.

Pinterest Price Performance

Shares of NYSE:PINS opened at $29.10 on Wednesday. The business’s 50 day moving average price is $41.47 and its 200-day moving average price is $38.39. The firm has a market capitalization of $19.88 billion, a PE ratio of 138.58, a P/E/G ratio of 3.13 and a beta of 0.97. Pinterest has a 1 year low of $23.59 and a 1 year high of $45.19.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $853.68 million for 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 business’s revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.04) earnings per share. As a group, analysts expect that Pinterest will post 0.44 earnings per share for the current year.

Insiders Place Their Bets

In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction dated 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 approximately $8,317,733. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Pinterest news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction dated 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 approximately $8,317,733. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value of $1,343,826.40. Following the sale, the chief financial officer now owns 362,822 shares in the company, valued at approximately $16,102,040.36. The disclosure for this sale can be found here. Insiders have sold a total of 50,250 shares of company stock worth $2,191,304 in the last quarter. 7.11% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hohimer Wealth Management LLC acquired a new position in shares of Pinterest during the 2nd quarter worth about $1,049,000. Midland Wealth Advisors LLC acquired a new position in shares of Pinterest during the 2nd quarter worth about $353,000. Generate Investment Management Ltd acquired a new position in shares of Pinterest during the 2nd quarter worth about $11,001,000. Rhumbline Advisers boosted its position in shares of Pinterest by 8.2% during the 2nd quarter. Rhumbline Advisers now owns 929,561 shares of the company’s stock worth $40,966,000 after acquiring an additional 70,201 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of Pinterest by 6.4% in the 2nd quarter. CIBC Asset Management Inc now owns 20,152 shares of the company’s stock valued at $888,000 after purchasing an additional 1,212 shares during the period. 88.81% of the stock is owned by institutional investors and hedge funds.

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.