Principal Financial Group Inc. Sells 94,225 Shares of Pinterest, Inc. (NYSE:PINS)

Principal Financial Group Inc. cut its holdings in Pinterest, Inc. (NYSE:PINS - Free Report) by 33.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 191,579 shares of the company's stock after selling 94,225 shares during the period. Principal Financial Group Inc.'s holdings in Pinterest were worth $6,201,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in PINS. Brown Shipley& Co Ltd acquired a new stake in Pinterest during the second quarter valued at approximately $25,000. Wellington Shields Capital Management LLC acquired a new stake in Pinterest during the second quarter valued at approximately $26,000. Hexagon Capital Partners LLC boosted its holdings in Pinterest by 157.7% during the second quarter. Hexagon Capital Partners LLC now owns 750 shares of the company's stock valued at $33,000 after purchasing an additional 459 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Pinterest by 113.4% during the second quarter. GAMMA Investing LLC now owns 762 shares of the company's stock valued at $34,000 after purchasing an additional 405 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in shares of Pinterest in the 2nd quarter worth approximately $35,000. 88.81% of the stock is currently owned by institutional investors.

Pinterest Trading Down 1.5 %

Shares of NYSE PINS opened at $29.24 on Thursday. The firm has a market cap of $19.76 billion, a PE ratio of 97.45, a PEG ratio of 2.13 and a beta of 1.02. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19. The company has a fifty day moving average price of $31.71 and a 200 day moving average price of $36.02.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Piper Sandler reissued an "overweight" rating and issued a $41.00 target price (down from $45.00) on shares of Pinterest in a report on Friday, November 8th. Royal Bank of Canada reissued an "outperform" rating and issued a $48.00 target price on shares of Pinterest in a report on Thursday, September 12th. Raymond James reduced their target price on Pinterest from $40.00 to $34.00 and set an "outperform" rating on the stock in a report on Friday, November 8th. Cantor Fitzgerald reissued an "overweight" rating and issued a $41.00 target price on shares of Pinterest in a report on Monday, October 7th. Finally, Citigroup reduced their target price on Pinterest from $51.00 to $44.00 and set a "buy" rating on the stock in a report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $42.00.

Insider Buying and Selling

In other news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the completion of the transaction, the director now directly owns 33,686 shares in the company, valued at $1,129,154.72. This represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $9,729,324.72. This represents a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.11% of the company's stock.

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.