Nwam LLC Takes $2.99 Million Position in Pinterest, Inc. (NYSE:PINS)

Nwam LLC purchased a new stake in Pinterest, Inc. (NYSE:PINS - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 92,456 shares of the company's stock, valued at approximately $2,993,000.

A number of other hedge funds have also modified their holdings of the business. Baillie Gifford & Co. raised its stake in Pinterest by 9.5% in the 2nd quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company's stock valued at $445,818,000 after purchasing an additional 880,398 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its position in Pinterest by 51.5% during the third quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company's stock worth $285,248,000 after acquiring an additional 2,996,750 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Pinterest by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company's stock worth $262,695,000 after acquiring an additional 380,431 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in Pinterest by 8.4% in the 3rd 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. Finally, Acadian Asset Management LLC lifted its stake in shares of Pinterest by 31.6% during the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company's stock worth $248,793,000 after purchasing an additional 1,356,459 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. KeyCorp dropped their price target on shares of Pinterest from $45.00 to $39.00 and set an "overweight" rating for the company in a research report on Monday, November 11th. Wedbush raised Pinterest from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Oppenheimer cut their price objective on Pinterest from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Friday, November 8th. Susquehanna decreased their target price on Pinterest from $50.00 to $45.00 and set a "positive" rating for the company in a report on Wednesday, July 31st. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $41.00 price target on shares of Pinterest in a report on Monday, October 7th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Pinterest presently has an average rating of "Moderate Buy" and a consensus target price of $42.00.

Pinterest Stock Performance

Shares of NYSE:PINS traded up $0.71 during trading hours on Friday, hitting $30.02. The stock had a trading volume of 14,762,200 shares, compared to its average volume of 12,530,637. The stock's fifty day simple moving average is $31.73 and its 200 day simple moving average is $35.85. The firm has a market capitalization of $20.29 billion, a price-to-earnings ratio of 100.04, a PEG ratio of 2.10 and a beta of 1.02. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19.

Insider Activity at Pinterest

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company's stock in a transaction on 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 $9,729,324.72. This represents a 9.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total value of $38,548.00. Following the transaction, the director now directly owns 33,686 shares in the company, valued at approximately $1,129,154.72. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,580 shares of company stock worth $1,063,499 over the last ninety days. 7.11% of the stock is currently owned by corporate insiders.

Pinterest 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.