Jennison Associates LLC Grows Position in Pinterest, Inc. (NYSE:PINS)

Jennison Associates LLC grew its position in Pinterest, Inc. (NYSE:PINS - Free Report) by 1.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,615,844 shares of the company's stock after acquiring an additional 27,331 shares during the period. Jennison Associates LLC owned about 0.24% of Pinterest worth $52,305,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of PINS. Kornitzer Capital Management Inc. KS increased its stake in Pinterest by 20.3% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company's stock worth $13,087,000 after buying an additional 68,096 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Pinterest by 8.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company's stock valued at $192,423,000 after acquiring an additional 460,708 shares during the last quarter. GDS Wealth Management purchased a new stake in shares of Pinterest in the 3rd quarter valued at approximately $2,517,000. TimesSquare Capital Management LLC boosted its position in shares of Pinterest by 16.2% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,963,645 shares of the company's stock worth $63,563,000 after purchasing an additional 273,855 shares during the period. Finally, Artemis Investment Management LLP acquired a new stake in Pinterest in the 2nd quarter valued at approximately $5,045,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

Pinterest Trading Up 2.1 %

Shares of Pinterest stock traded up $0.61 during trading hours on Friday, hitting $29.92. 9,041,812 shares of the company were exchanged, compared to its average volume of 9,623,798. The business has a 50-day moving average of $31.71 and a 200-day moving average of $35.93. Pinterest, Inc. has a 1 year low of $27.00 and a 1 year high of $45.19. The stock has a market capitalization of $20.22 billion, a price-to-earnings ratio of 97.90, a P/E/G ratio of 2.13 and a beta of 1.02.

Insiders Place Their Bets

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the business's stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the transaction, the chief financial officer now owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was a 9.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the completion of the sale, the director now owns 33,686 shares in the company, valued at approximately $1,129,154.72. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,580 shares of company stock worth $1,063,499. 7.11% of the stock is owned by insiders.

Analysts Set New Price Targets

PINS has been the topic of several research reports. Royal Bank of Canada reissued an "outperform" rating and set a $48.00 target price on shares of Pinterest in a research note on Thursday, September 12th. Piper Sandler reissued an "overweight" rating and issued a $41.00 price target (down previously from $45.00) on shares of Pinterest in a research report on Friday, November 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $41.00 price objective on shares of Pinterest in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft started coverage on Pinterest in a research note on Monday, September 23rd. They set a "buy" rating and a $43.00 target price for the company. Finally, Susquehanna reduced their price target on Pinterest from $50.00 to $45.00 and set a "positive" rating on the stock in a research report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Pinterest currently has a consensus rating of "Moderate Buy" and an average target price of $42.00.

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.