Millennium Management LLC reduced its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 64.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,246,510 shares of the company’s stock after selling 2,307,174 shares during the quarter. Millennium Management LLC owned 0.20% of Pinterest worth $92,279,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PINS. Price T Rowe Associates Inc. MD lifted its position in shares of Pinterest by 1,970.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,442,892 shares of the company’s stock worth $1,439,357,000 after buying an additional 18,503,966 shares during the last quarter. Morgan Stanley lifted its position in shares of Pinterest by 261.7% during the 4th quarter. Morgan Stanley now owns 20,554,319 shares of the company’s stock worth $1,354,531,000 after buying an additional 14,872,010 shares during the last quarter. Baillie Gifford & Co. increased its holdings in Pinterest by 1,479,469.8% in the 1st quarter. Baillie Gifford & Co. now owns 6,273,376 shares of the company’s stock worth $464,418,000 after purchasing an additional 6,272,952 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in Pinterest by 323.0% in the 1st quarter. Neuberger Berman Group LLC now owns 4,634,686 shares of the company’s stock worth $343,068,000 after purchasing an additional 3,538,891 shares in the last quarter. Finally, Norges Bank acquired a new position in Pinterest in the 4th quarter worth about $233,189,000. Institutional investors and hedge funds own 61.06% of the company’s stock.
NYSE:PINS traded down $0.29 on Thursday, hitting $71.94. The stock had a trading volume of 241,128 shares, compared to its average volume of 8,238,455. The company’s fifty day moving average price is $69.33. The company has a market cap of $45.82 billion, a P/E ratio of -1,207.50 and a beta of 1.26. Pinterest, Inc. has a 52 week low of $23.56 and a 52 week high of $89.90.
PINS has been the subject of a number of recent research reports. Citigroup lowered their target price on Pinterest from $85.00 to $65.00 in a report on Monday, May 10th. Bank of America reaffirmed a “neutral” rating and issued a $78.00 target price (down previously from $94.00) on shares of Pinterest in a report on Monday, March 29th. JPMorgan Chase & Co. lowered their target price on Pinterest from $102.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, April 28th. Evercore ISI initiated coverage on Pinterest in a report on Tuesday, April 13th. They issued an “outperform” rating and a $97.00 target price for the company. Finally, Wedbush lowered their target price on Pinterest from $100.00 to $91.00 and set an “outperform” rating for the company in a report on Wednesday, April 28th. Eleven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Pinterest has an average rating of “Buy” and a consensus target price of $80.45.
In other news, insider Evan Sharp sold 55,925 shares of the firm’s stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $75.25, for a total value of $4,208,356.25. Following the transaction, the insider now owns 55,925 shares in the company, valued at $4,208,356.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Benjamin Silbermann sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 11th. The shares were sold at an average price of $60.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now owns 25,000 shares in the company, valued at approximately $1,500,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 965,462 shares of company stock worth $67,481,707. Corporate insiders own 8.45% of the company’s stock.
Pinterest, Inc provides visual discovery engine in the United States and internationally. The company's engine allows people to find inspiration for their lives, including recipes, style and home inspiration, DIY, and others. It shows them visual recommendations based on people personal taste and interests.
Featured Article: Neutral Rating
Want to see what other hedge funds are holding PINS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pinterest, Inc. (NYSE:PINS).
Receive News & Ratings for Pinterest Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinterest and related companies with MarketBeat.com's FREE daily email newsletter.