Pinterest (NYSE:PINS) Shares Gap Down on Analyst Downgrade

Shares of Pinterest, Inc. (NYSE:PINS - Get Free Report) gapped down prior to trading on Friday after Rosenblatt Securities lowered their price target on the stock from $48.00 to $46.00. The stock had previously closed at $33.93, but opened at $29.14. Rosenblatt Securities currently has a buy rating on the stock. Pinterest shares last traded at $29.29, with a volume of 9,382,212 shares.

Several other research firms also recently commented on PINS. Citigroup reduced their price objective on Pinterest from $51.00 to $44.00 and set a "buy" rating on the stock in a report on Wednesday, July 31st. 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. JPMorgan Chase & Co. lowered their price objective on Pinterest from $38.00 to $35.00 and set a "neutral" rating for the company in a research report on Friday. Robert W. Baird reduced their target price on Pinterest from $41.00 to $36.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Stifel Nicolaus decreased their price target on Pinterest from $46.00 to $45.00 and set a "buy" rating for the company in a research note on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $42.22.

Insider Activity

In related news, Director Gokul Rajaram sold 1,150 shares of the firm's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the sale, the director now owns 33,686 shares in the company, valued at approximately $1,129,154.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total transaction of $38,548.00. Following the transaction, the director now owns 33,686 shares in the company, valued at approximately $1,129,154.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business's stock in a transaction that occurred 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 completion of 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.11% of the company's stock.

Institutional Trading of Pinterest

Several institutional investors have recently modified their holdings of PINS. Allspring Global Investments Holdings LLC boosted its holdings in Pinterest by 195.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,151 shares of the company's stock worth $75,000 after buying an additional 1,422 shares during the last quarter. Norden Group LLC acquired a new stake in shares of Pinterest in the first quarter worth approximately $214,000. Janney Montgomery Scott LLC increased its position in shares of Pinterest by 7.6% during the first quarter. Janney Montgomery Scott LLC now owns 59,678 shares of the company's stock worth $2,069,000 after purchasing an additional 4,237 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Pinterest by 26.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,566 shares of the company's stock valued at $124,000 after purchasing an additional 737 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in Pinterest by 19.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 20,424 shares of the company's stock valued at $708,000 after purchasing an additional 3,371 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company's stock.

Pinterest Stock Performance

The company has a market cap of $20.02 billion, a price-to-earnings ratio of 108.06, a PEG ratio of 2.60 and a beta of 1.02. The firm's 50 day simple moving average is $31.88 and its 200-day simple moving average is $36.36.

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.