Harding Loevner LP cut its position in shares of Pinterest, Inc. (NYSE:PINS – Free Report) by 15.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 6,074,105 shares of the company’s stock after selling 1,144,455 shares during the quarter. Harding Loevner LP owned 0.91% of Pinterest worth $166,066,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Pinterest by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 50,128,803 shares of the company’s stock worth $1,233,670,000 after acquiring an additional 958,619 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Pinterest by 1.6% in the 2nd quarter. BlackRock Inc. now owns 34,476,228 shares of the company’s stock worth $942,580,000 after acquiring an additional 545,900 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Pinterest by 28.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 25,743,947 shares of the company’s stock worth $702,039,000 after acquiring an additional 5,670,073 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Pinterest by 22.7% in the 1st quarter. Macquarie Group Ltd. now owns 18,300,308 shares of the company’s stock worth $499,049,000 after acquiring an additional 3,385,379 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Pinterest by 2.0% during the first quarter. State Street Corp now owns 12,143,900 shares of the company’s stock valued at $298,861,000 after buying an additional 235,403 shares in the last quarter. 72.63% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on PINS. Wedbush lifted their price target on Pinterest from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. Citigroup upgraded Pinterest from a “neutral” rating to a “buy” rating and lifted their price target for the company from $31.00 to $36.00 in a report on Wednesday, September 20th. HSBC began coverage on Pinterest in a report on Tuesday, September 26th. They set a “buy” rating and a $32.10 price target on the stock. Wells Fargo & Company lowered their price target on Pinterest from $36.00 to $35.00 and set an “overweight” rating on the stock in a report on Wednesday, September 20th. Finally, New Street Research initiated coverage on Pinterest in a report on Monday, November 27th. They set a “buy” rating and a $48.00 price target on the stock. Ten investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.34.
Pinterest Trading Down 2.0 %
Shares of Pinterest stock traded down $0.71 during trading on Monday, reaching $34.08. The company’s stock had a trading volume of 1,894,331 shares, compared to its average volume of 11,353,535. The business’s fifty day moving average price is $29.07 and its 200-day moving average price is $27.38. Pinterest, Inc. has a one year low of $20.60 and a one year high of $35.03.
Pinterest (NYSE:PINS – Get Free Report) last issued its quarterly earnings results on Monday, October 30th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.06. Pinterest had a negative return on equity of 1.98% and a negative net margin of 7.43%. The firm had revenue of $763.20 million for the quarter, compared to analyst estimates of $743.34 million. Equities research analysts forecast that Pinterest, Inc. will post 0.11 earnings per share for the current year.
Insider Activity at Pinterest
In other news, SVP Naveen Gavini sold 9,888 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $27.81, for a total value of $274,985.28. Following the sale, the senior vice president now directly owns 217,918 shares in the company, valued at approximately $6,060,299.58. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Christine Deputy sold 45,153 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $26.48, for a total value of $1,195,651.44. Following the transaction, the insider now directly owns 349,836 shares of the company’s stock, valued at approximately $9,263,657.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Naveen Gavini sold 9,888 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $27.81, for a total value of $274,985.28. Following the completion of the transaction, the senior vice president now directly owns 217,918 shares in the company, valued at $6,060,299.58. The disclosure for this sale can be found here. Insiders have sold 167,410 shares of company stock worth $4,600,606 over the last three months. Company insiders own 6.85% of the company’s stock.
Pinterest Company Profile
Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company’s engine allows people to find ideas, such as recipes, home and style inspiration, and others; provides video, product, and idea pins; and offers organizing and planning tools. It shows organic recommendations and advertising engine based on pinners tastes and preferences; and enables pinners with shoppable product pins, which include price, color, and size that redirect to retailer websites.