Allspring Global Investments Holdings LLC Decreases Position in Pinterest, Inc. $PINS

Allspring Global Investments Holdings LLC trimmed its holdings in Pinterest, Inc. (NYSE:PINS) by 83.9% in the first quarter, HoldingsChannel.com reports. The firm owned 126,688 shares of the company’s stock after selling 658,417 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Pinterest were worth $2,317,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Pinterest in the 4th quarter valued at $357,945,000. State Street Corp lifted its holdings in shares of Pinterest by 52.6% in the 4th quarter. State Street Corp now owns 21,492,169 shares of the company’s stock valued at $556,432,000 after purchasing an additional 7,412,213 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Pinterest by 30.5% in the 4th quarter. Victory Capital Management Inc. now owns 26,808,870 shares of the company’s stock valued at $694,082,000 after purchasing an additional 6,258,628 shares during the period. Davis Selected Advisers boosted its position in shares of Pinterest by 49.5% in the 4th quarter. Davis Selected Advisers now owns 11,801,983 shares of the company’s stock valued at $305,554,000 after purchasing an additional 3,909,926 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Pinterest by 15.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,809,693 shares of the company’s stock worth $719,994,000 after buying an additional 3,669,476 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Pinterest

In other Pinterest news, Director Benjamin Silbermann sold 46,875 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $22.63, for a total value of $1,060,781.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Wanjiku Juanita Walcott sold 14,208 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $19.65, for a total transaction of $279,187.20. Following the transaction, the insider owned 691,840 shares of the company’s stock, valued at approximately $13,594,656. The trade was a 2.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 323,845 shares of company stock valued at $6,836,065. Corporate insiders own 8.09% of the company’s stock.

Pinterest Stock Up 1.3%

PINS opened at $22.18 on Friday. Pinterest, Inc. has a 52 week low of $13.84 and a 52 week high of $39.93. The business has a 50 day moving average price of $21.20 and a two-hundred day moving average price of $20.68. The company has a quick ratio of 4.23, a current ratio of 4.23 and a debt-to-equity ratio of 0.34. The company has a market cap of $12.43 billion, a PE ratio of 46.22, a P/E/G ratio of 1.26 and a beta of 0.89.

Pinterest (NYSE:PINS) last announced its earnings results on Monday, May 4th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $965.84 million. Pinterest had a return on equity of 8.26% and a net margin of 7.64%.The company’s revenue was up 17.8% on a year-over-year basis. During the same period last year, the business posted $0.23 EPS. As a group, research analysts anticipate that Pinterest, Inc. will post 0.65 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on PINS. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Pinterest in a research report on Tuesday, June 30th. TD Cowen reissued a “buy” rating on shares of Pinterest in a report on Monday, June 22nd. Guggenheim restated a “buy” rating and set a $24.00 target price on shares of Pinterest in a research report on Monday, June 15th. Benchmark lowered their target price on shares of Pinterest from $34.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Finally, Evercore set a $27.00 target price on shares of Pinterest in a report on Tuesday, May 5th. Seventeen analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $27.69.

Pinterest Company Profile

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.