Pinterest, Inc. $PINS Shares Purchased by Federated Hermes Inc.

Federated Hermes Inc. boosted its stake in Pinterest, Inc. (NYSE:PINS) by 9.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 489,786 shares of the company’s stock after buying an additional 43,290 shares during the period. Federated Hermes Inc.’s holdings in Pinterest were worth $17,564,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PINS. Norges Bank purchased a new stake in shares of Pinterest in the 2nd quarter valued at approximately $477,853,000. Amundi increased its holdings in Pinterest by 618.9% in the 1st quarter. Amundi now owns 14,254,741 shares of the company’s stock valued at $441,897,000 after purchasing an additional 12,271,958 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Pinterest by 25.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock valued at $988,662,000 after purchasing an additional 6,460,143 shares during the last quarter. Swedbank AB raised its position in Pinterest by 344.0% in the first quarter. Swedbank AB now owns 5,839,485 shares of the company’s stock valued at $181,024,000 after purchasing an additional 4,524,433 shares during the period. Finally, Congress Asset Management Co. acquired a new position in Pinterest during the second quarter worth $82,516,000. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Insider Activity

In other news, insider Wanjiku Juanita Walcott sold 74,047 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $26.89, for a total value of $1,991,123.83. Following the sale, the insider directly owned 301,214 shares in the company, valued at approximately $8,099,644.46. This trade represents a 19.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Benjamin Silbermann sold 102,083 shares of the business’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. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 301,042 shares of company stock worth $10,087,667. 7.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PINS. The Goldman Sachs Group dropped their price objective on Pinterest from $43.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $30.00 target price (down from $49.00) on shares of Pinterest in a research report on Wednesday, November 5th. Guggenheim cut their price target on shares of Pinterest from $44.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Benchmark reduced their price target on shares of Pinterest from $48.00 to $39.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Bank of America dropped their price objective on shares of Pinterest from $44.00 to $39.00 and set a “buy” rating for the company in a 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.97.

Pinterest Stock Performance

Shares of PINS opened at $27.81 on Thursday. Pinterest, Inc. has a 1 year low of $23.68 and a 1 year high of $40.90. The stock has a market capitalization of $18.79 billion, a PE ratio of 9.66, a PEG ratio of 1.72 and a beta of 0.89. The stock has a 50-day simple moving average of $29.42 and a 200-day simple moving average of $33.41.

Pinterest (NYSE:PINS) last issued its earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. Pinterest had a net margin of 48.99% and a return on equity of 8.20%. The firm had revenue of $665.93 million for the quarter. Analysts predict that Pinterest, Inc. will post 0.6 EPS for the current year.

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.