JPMorgan Chase & Co. Cuts Pinterest (NYSE:PINS) Price Target to $36.00

Pinterest (NYSE:PINS) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $44.00 to $36.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 41.59% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Wedbush lowered their target price on Pinterest from $44.00 to $34.00 and set an “outperform” rating for the company in a research note on Wednesday. Sanford C. Bernstein lowered their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday. Stifel Nicolaus boosted their target price on Pinterest from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Mizuho began coverage on Pinterest in a research note on Monday, September 29th. They set an “outperform” rating and a $50.00 target price for the company. Finally, Barclays lowered their target price on Pinterest from $40.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold 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 $39.23.

Pinterest Stock Performance

Shares of NYSE PINS traded down $7.48 during trading on Wednesday, reaching $25.43. The stock had a trading volume of 57,482,013 shares, compared to its average volume of 11,558,266. Pinterest has a fifty-two week low of $23.68 and a fifty-two week high of $40.90. The business’s 50-day moving average price is $34.19 and its 200-day moving average price is $33.87. The company has a market cap of $17.29 billion, a P/E ratio of 9.12, a PEG ratio of 1.73 and a beta of 0.96.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. Pinterest had a return on equity of 8.44% and a net margin of 49.31%.The business had revenue of $665.93 million during the quarter. Analysts forecast that Pinterest will post 0.6 EPS for the current fiscal year.

Insider Transactions at Pinterest

In other Pinterest news, Director Benjamin Silbermann sold 102,083 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Donnelly Julia Brau sold 22,821 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $10,887,906.70. This represents a 6.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 640,236 shares of company stock valued at $22,878,326 over the last quarter. Company insiders own 7.11% of the company’s stock.

Institutional Trading of Pinterest

Several institutional investors and hedge funds have recently added to or reduced their stakes in PINS. Revolve Wealth Partners LLC acquired a new position in Pinterest during the 4th quarter worth approximately $252,000. GAMMA Investing LLC increased its position in Pinterest by 107.3% during the 1st quarter. GAMMA Investing LLC now owns 2,216 shares of the company’s stock worth $69,000 after purchasing an additional 1,147 shares during the period. Capital Investment Advisory Services LLC acquired a new position in Pinterest during the 1st quarter worth approximately $200,000. Concurrent Investment Advisors LLC acquired a new position in Pinterest during the 1st quarter worth approximately $261,000. Finally, Envestnet Asset Management Inc. increased its position in Pinterest by 8.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 670,132 shares of the company’s stock worth $20,774,000 after purchasing an additional 52,563 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.