Pinterest (NYSE:PINS) Price Target Cut to $40.00 by Analysts at Evercore ISI

Pinterest (NYSE:PINS) had its price target cut by Evercore ISI from $50.00 to $40.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s target price would indicate a potential upside of 50.04% from the company’s previous close.

Several other equities analysts have also recently issued reports on PINS. Citigroup reaffirmed a “buy” rating and set a $50.00 price target (up previously from $44.00) on shares of Pinterest in a research note on Friday, August 8th. Wall Street Zen downgraded Pinterest from a “buy” rating to a “hold” rating in a report on Saturday, October 4th. Bank of America decreased their price target on Pinterest from $44.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday. Morgan Stanley raised Pinterest from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $37.00 to $45.00 in a research note on Monday, July 21st. Finally, Wells Fargo & Company set a $35.00 price target on shares of Pinterest in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $40.35.

Pinterest Stock Performance

Shares of PINS opened at $26.66 on Wednesday. Pinterest has a 52 week low of $23.68 and a 52 week high of $40.90. The stock has a market capitalization of $18.13 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 1.73 and a beta of 0.96. The stock has a fifty day moving average of $34.19 and a 200-day moving average of $33.87.

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

Insider Activity at Pinterest

In other news, Director Benjamin Silbermann sold 102,083 shares of the company’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $34.86, for a total transaction of $3,558,613.38. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Andrea Acosta sold 3,759 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $34.96, for a total transaction of $131,414.64. Following the transaction, the chief accounting officer directly owned 157,402 shares in the company, valued at $5,502,773.92. This trade represents a 2.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 640,236 shares of company stock valued at $22,878,326 in the last ninety days. Insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

Institutional investors have recently modified their holdings of the company. Oppenheimer Asset Management Inc. lifted its holdings in shares of Pinterest by 243.1% in the second quarter. Oppenheimer Asset Management Inc. now owns 69,446 shares of the company’s stock valued at $2,490,000 after purchasing an additional 49,204 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in Pinterest by 101.2% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 108,064 shares of the company’s stock valued at $3,875,000 after buying an additional 54,365 shares during the last quarter. Truist Financial Corp lifted its stake in Pinterest by 15.6% during the 2nd quarter. Truist Financial Corp now owns 98,363 shares of the company’s stock valued at $3,527,000 after acquiring an additional 13,267 shares in the last quarter. Ninety One UK Ltd boosted its holdings in Pinterest by 11.0% during the 2nd quarter. Ninety One UK Ltd now owns 6,689,112 shares of the company’s stock worth $239,872,000 after acquiring an additional 661,757 shares during the last quarter. Finally, Aurora Investment Counsel bought a new stake in shares of Pinterest in the 2nd quarter worth $1,934,000. 88.81% of the stock is owned by institutional investors and hedge funds.

Pinterest Company Profile

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.