Pinterest (NYSE:PINS) Sets New 1-Year Low After Analyst Downgrade

Pinterest, Inc. (NYSE:PINS) shares reached a new 52-week low on Thursday after Benchmark lowered their price target on the stock from $39.00 to $34.00. Benchmark currently has a buy rating on the stock. Pinterest traded as low as $18.84 and last traded at $18.8770, with a volume of 2152945 shares traded. The stock had previously closed at $19.09.

A number of other brokerages have also commented on PINS. Monness Crespi & Hardt lowered shares of Pinterest from a “buy” rating to a “neutral” rating in a report on Wednesday, November 5th. Barclays reduced their target price on shares of Pinterest from $40.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 5th. Roth Mkm lowered their price target on shares of Pinterest from $34.00 to $29.00 and set a “neutral” rating for the company in a report on Friday, January 30th. The Goldman Sachs Group reduced their price objective on Pinterest from $36.00 to $32.00 and set a “buy” rating on the stock in a report on Tuesday, January 13th. Finally, BMO Capital Markets decreased their price objective on Pinterest from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.78.

Insider Transactions at Pinterest

In related news, CFO Donnelly Julia Brau sold 22,821 shares of the stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $25.86, for a total value of $590,151.06. Following the sale, the chief financial officer directly owned 540,358 shares in the company, valued at $13,973,657.88. This trade represents a 4.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Malik Ducard sold 2,293 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $22.06, for a total transaction of $50,583.58. Following the transaction, the insider owned 695,187 shares of the company’s stock, valued at approximately $15,335,825.22. This represents a 0.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 33,407 shares of company stock valued at $855,925. 7.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Pinterest

Several large investors have recently made changes to their positions in PINS. Norges Bank bought a new stake in Pinterest in the 4th quarter valued at $357,945,000. Davis Selected Advisers acquired a new stake in shares of Pinterest in the 3rd quarter valued at about $253,887,000. Balyasny Asset Management L.P. lifted its holdings in shares of Pinterest by 1,138.8% in the second quarter. Balyasny Asset Management L.P. now owns 4,601,571 shares of the company’s stock valued at $165,012,000 after purchasing an additional 4,230,125 shares in the last quarter. Man Group plc boosted its position in shares of Pinterest by 185.7% during the third quarter. Man Group plc now owns 4,983,427 shares of the company’s stock worth $160,317,000 after buying an additional 3,239,222 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of Pinterest by 18.5% during the third quarter. Victory Capital Management Inc. now owns 20,550,242 shares of the company’s stock worth $685,899,000 after buying an additional 3,213,241 shares in the last quarter. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Performance

The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 6.55, a price-to-earnings-growth ratio of 0.89 and a beta of 0.92. The stock has a 50-day moving average of $25.08 and a 200-day moving average of $30.23.

About Pinterest

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.