HighTower Advisors LLC Trims Stake in Pinterest, Inc. (NYSE:PINS)

HighTower Advisors LLC lowered its stake in Pinterest, Inc. (NYSE:PINS - Free Report) by 35.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,803 shares of the company's stock after selling 36,267 shares during the period. HighTower Advisors LLC's holdings in Pinterest were worth $2,090,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brown Shipley& Co Ltd purchased a new position in Pinterest in the second quarter valued at about $25,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Pinterest in the second quarter worth $26,000. Rothschild Investment LLC acquired a new stake in shares of Pinterest in the second quarter worth $35,000. V Square Quantitative Management LLC acquired a new stake in shares of Pinterest in the third quarter worth $37,000. Finally, Crewe Advisors LLC boosted its position in Pinterest by 91.1% during the third quarter. Crewe Advisors LLC now owns 1,154 shares of the company's stock valued at $37,000 after purchasing an additional 550 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company's stock.

Insiders Place Their Bets

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the firm's stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the sale, the chief financial officer now owns 297,351 shares of the company's stock, valued at $9,729,324.72. This trade represents a 9.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total transaction of $365,586.84. Following the completion of the sale, the insider now directly 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. Insiders have sold 48,287 shares of company stock worth $1,547,820 in the last three months. 7.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PINS. TD Cowen began coverage on Pinterest in a research report on Tuesday, November 26th. They set a "buy" rating and a $38.00 price objective for the company. Raymond James lowered their price target on Pinterest from $40.00 to $34.00 and set an "outperform" rating on the stock in a research note on Friday, November 8th. UBS Group lowered their price target on Pinterest from $52.00 to $46.00 and set a "buy" rating on the stock in a research note on Friday, November 8th. Piper Sandler lowered Pinterest from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $41.00 to $36.00 in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $41.00 price objective on shares of Pinterest in a report on Monday, October 7th. Eight analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $41.46.

Pinterest Stock Performance

NYSE PINS traded down $0.19 on Friday, hitting $30.65. The stock had a trading volume of 9,688,111 shares, compared to its average volume of 9,658,982. Pinterest, Inc. has a 52-week low of $27.00 and a 52-week high of $45.19. The company has a market capitalization of $20.71 billion, a price-to-earnings ratio of 102.17, a price-to-earnings-growth ratio of 2.26 and a beta of 1.02. The firm has a 50-day moving average of $31.65 and a 200-day moving average of $34.67.

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.