BMO Capital Markets Cuts Pinterest (NYSE:PINS) Price Target to $35.00

Pinterest (NYSE:PINS) had its target price cut by BMO Capital Markets from $41.00 to $35.00 in a research report released on Wednesday, Marketbeat reports. They currently have an outperform rating on the stock.

A number of other brokerages have also recently weighed in on PINS. Piper Sandler set a $40.00 price objective on Pinterest in a research note on Friday, August 8th. Guggenheim restated a “buy” rating on shares of Pinterest in a report on Tuesday, September 2nd. UBS Group cut their price target on shares of Pinterest from $51.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday. Susquehanna reissued a “positive” rating and issued a $42.00 price objective on shares of Pinterest in a research note on Friday, August 8th. Finally, Wall Street Zen cut shares of Pinterest from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, Pinterest presently has a consensus rating of “Moderate Buy” and an average price target of $39.55.

Pinterest Price Performance

Shares of PINS stock opened at $27.06 on Wednesday. The company has a 50-day moving average of $33.58 and a two-hundred day moving average of $33.79. The firm has a market cap of $18.40 billion, a PE ratio of 9.39, a price-to-earnings-growth ratio of 1.37 and a beta of 0.96. Pinterest has a 1-year low of $23.68 and a 1-year high of $40.90.

Pinterest (NYSE:PINS) last posted its quarterly earnings data 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 during the quarter. Sell-side analysts anticipate that Pinterest will post 0.6 EPS for the current fiscal year.

Insider Activity

In other news, CFO Donnelly Julia Brau sold 22,821 shares of the firm’s 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 sale, the chief financial officer directly owned 312,422 shares in the company, valued at approximately $10,887,906.70. This trade represents a 6.81% 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 Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $35.00, for a total transaction of $40,250.00. Following the sale, the director directly owned 30,600 shares of the company’s stock, valued at approximately $1,071,000. This trade represents a 3.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 640,236 shares of company stock valued at $22,878,326. 7.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pinterest

Institutional investors have recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. raised its stake in Pinterest by 243.1% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 69,446 shares of the company’s stock worth $2,490,000 after acquiring an additional 49,204 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in Pinterest by 101.2% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 108,064 shares of the company’s stock valued at $3,875,000 after acquiring an additional 54,365 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Pinterest by 15.6% during the second quarter. Truist Financial Corp now owns 98,363 shares of the company’s stock worth $3,527,000 after purchasing an additional 13,267 shares during the last quarter. Ninety One UK Ltd increased its position in shares of Pinterest by 11.0% during the second quarter. Ninety One UK Ltd now owns 6,689,112 shares of the company’s stock worth $239,872,000 after purchasing an additional 661,757 shares in the last quarter. Finally, Machina Capital S.A.S. acquired a new stake in shares of Pinterest during the second quarter worth about $848,000. Hedge funds and other institutional investors own 88.81% of the company’s stock.

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.