Wedbush Trims Pinterest (NYSE:PINS) Target Price to $37.00

Pinterest (NYSE:PINS) had its price target cut by Wedbush from $46.00 to $37.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts also recently commented on PINS. Barclays dropped their price objective on shares of Pinterest from $38.00 to $36.00 and set an equal weight rating on the stock in a report on Wednesday. Sanford C. Bernstein upped their price objective on shares of Pinterest from $35.00 to $38.00 and gave the company a market perform rating in a report on Wednesday, May 1st. Roth Mkm upped their price objective on shares of Pinterest from $38.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, May 1st. Benchmark reaffirmed a hold rating on shares of Pinterest in a report on Wednesday, May 1st. Finally, The Goldman Sachs Group increased their price target on shares of Pinterest from $44.00 to $50.00 and gave the stock a buy rating in a report on Tuesday, July 9th. Eight analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, Pinterest currently has a consensus rating of Moderate Buy and a consensus target price of $42.71.

Pinterest Stock Performance

Shares of NYSE:PINS opened at $29.10 on Wednesday. The company’s 50-day moving average is $41.47 and its 200 day moving average is $38.39. The company has a market capitalization of $19.88 billion, a P/E ratio of 138.58, a price-to-earnings-growth ratio of 3.13 and a beta of 0.97. Pinterest has a fifty-two week low of $23.59 and a fifty-two week 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 for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $853.68 million for 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 6.94%. The firm’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. As a group, research analysts predict that Pinterest will post 0.44 earnings per share for the current year.

Insider Transactions at Pinterest

In other 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 value of $481,590.34. Following the transaction, the insider now owns 307,256 shares in the company, valued at $12,726,543.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Wanjiku Juanita Walcott sold 11,627 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total value of $481,590.34. Following the completion of the sale, the insider now owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Andrea Acosta sold 3,845 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $43.90, for a total value of $168,795.50. Following the completion of the sale, the chief accounting officer now directly owns 189,470 shares of the company’s stock, valued at approximately $8,317,733. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 50,250 shares of company stock worth $2,191,304. Insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Several institutional investors and hedge funds have recently added to or reduced their stakes in PINS. GAMMA Investing LLC purchased a new position in Pinterest during the fourth quarter valued at $27,000. Rakuten Securities Inc. purchased a new position in Pinterest during the fourth quarter valued at $30,000. Hexagon Capital Partners LLC lifted its position in Pinterest by 157.7% during the second quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock valued at $33,000 after buying an additional 459 shares during the period. Rothschild Investment LLC purchased a new position in Pinterest during the second quarter valued at $35,000. Finally, Quent Capital LLC lifted its position in Pinterest by 71.2% during the first quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 460 shares during the period. Hedge funds and other institutional investors 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.