Franklin Resources Inc. Has $289.66 Million Stake in Pinterest, Inc. (NYSE:PINS)

Franklin Resources Inc. lowered its stake in Pinterest, Inc. (NYSE:PINS - Free Report) by 11.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,524,285 shares of the company's stock after selling 1,153,093 shares during the period. Franklin Resources Inc. owned approximately 1.26% of Pinterest worth $289,655,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Brown Shipley& Co Ltd bought a new position in shares of Pinterest in the second quarter worth about $25,000. Wellington Shields Capital Management LLC bought a new position in Pinterest in the 2nd quarter worth approximately $26,000. Rothschild Investment LLC acquired a new position in shares of Pinterest during the second quarter worth approximately $35,000. International Assets Investment Management LLC bought a new stake in shares of Pinterest in the second quarter valued at approximately $40,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Pinterest in the third quarter valued at approximately $37,000. Institutional investors own 88.81% of the company's stock.

Insiders Place Their Bets

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the company's stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the sale, the chief financial officer now owns 297,351 shares in the company, valued at approximately $9,729,324.72. This represents a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total value of $365,586.84. Following the transaction, the insider now owns 246,921 shares in the company, valued at approximately $7,610,105.22. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,287 shares of company stock valued at $1,547,820. 7.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PINS has been the subject of several research analyst reports. Royal Bank of Canada reiterated an "outperform" rating and set a $48.00 target price on shares of Pinterest in a research note on Tuesday, December 10th. Roth Mkm cut their price objective on shares of Pinterest from $39.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, November 8th. Oppenheimer decreased their target price on Pinterest from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Friday, November 8th. Benchmark reaffirmed a "hold" rating on shares of Pinterest in a report on Friday, November 8th. Finally, Raymond James reduced their price objective on Pinterest from $40.00 to $34.00 and set an "outperform" rating for the company in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.46.

Pinterest Stock Down 0.6 %

NYSE:PINS traded down $0.19 during mid-day trading on Friday, reaching $30.65. 9,688,111 shares of the company were exchanged, compared to its average volume of 9,658,982. Pinterest, Inc. has a 12 month low of $27.00 and a 12 month high of $45.19. The stock has a market cap of $20.71 billion, a PE ratio of 102.17, a PEG ratio of 2.26 and a beta of 1.02. The company has a fifty day moving average of $31.65 and a 200 day moving average of $34.62.

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.