First Trust Advisors LP Increases Position in Pinterest, Inc. $PINS

First Trust Advisors LP raised its position in Pinterest, Inc. (NYSE:PINS) by 1,549.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,379,815 shares of the company’s stock after purchasing an additional 1,296,169 shares during the period. First Trust Advisors LP’s holdings in Pinterest were worth $49,480,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Pinterest by 25.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after purchasing an additional 6,460,143 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Pinterest by 4.4% during the 2nd quarter. Franklin Resources Inc. now owns 16,862,033 shares of the company’s stock worth $604,673,000 after buying an additional 718,105 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Pinterest by 13.7% during the 1st quarter. Ameriprise Financial Inc. now owns 15,498,454 shares of the company’s stock worth $480,452,000 after acquiring an additional 1,862,654 shares in the last quarter. Amundi boosted its position in shares of Pinterest by 618.9% during the 1st quarter. Amundi now owns 14,254,741 shares of the company’s stock worth $441,897,000 after acquiring an additional 12,271,958 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Pinterest in the 2nd quarter valued at about $477,853,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PINS. Wedbush cut Pinterest from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $34.00 to $30.00 in a research note on Monday. Bank of America reduced their price objective on shares of Pinterest from $44.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Piper Sandler restated a “neutral” rating and issued a $33.00 target price (down previously from $35.00) on shares of Pinterest in a report on Wednesday, November 5th. Royal Bank Of Canada cut their price target on shares of Pinterest from $45.00 to $38.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. Finally, Guggenheim reduced their price target on shares of Pinterest from $44.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.97.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 22,821 shares of Pinterest stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $34.85, for a total value of $795,311.85. Following the transaction, the chief financial officer directly owned 312,422 shares in the company, valued at $10,887,906.70. This trade represents a 6.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Benjamin Silbermann sold 102,083 shares of the company’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $34.86, for a total transaction of $3,558,613.38. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 403,125 shares of company stock worth $13,669,759 in the last three months. Insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

Shares of Pinterest stock opened at $27.16 on Tuesday. The company has a market capitalization of $18.35 billion, a P/E ratio of 9.43, a PEG ratio of 1.70 and a beta of 0.89. Pinterest, Inc. has a 1 year low of $23.68 and a 1 year high of $40.90. The company’s fifty day moving average is $29.60 and its two-hundred day moving average is $33.48.

Pinterest (NYSE:PINS) last announced its earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. The business had revenue of $665.93 million during the quarter. Pinterest had a net margin of 48.99% and a return on equity of 8.20%. As a group, equities analysts expect that Pinterest, Inc. will post 0.6 earnings per share for the current year.

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.