Pinterest (NYSE:PINS) Cut to Neutral at Piper Sandler

Piper Sandler cut shares of Pinterest (NYSE:PINS - Free Report) from an overweight rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The firm currently has $36.00 target price on the stock, down from their prior target price of $41.00.

Other analysts have also recently issued reports about the stock. Raymond James decreased their target price on shares of Pinterest from $40.00 to $34.00 and set an "outperform" rating on the stock in a research report on Friday, November 8th. Rosenblatt Securities dropped their target price on Pinterest from $48.00 to $46.00 and set a "buy" rating for the company in a report on Friday, November 8th. KeyCorp decreased their price target on Pinterest from $45.00 to $39.00 and set an "overweight" rating on the stock in a report on Monday, November 11th. Wedbush upgraded Pinterest from a "hold" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $41.00 price objective on shares of Pinterest in a research report on Monday, October 7th. Eight analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $41.46.

Pinterest Trading Down 3.7 %

PINS traded down $1.23 during trading hours on Tuesday, hitting $31.83. The company's stock had a trading volume of 13,240,710 shares, compared to its average volume of 9,644,304. The stock has a market cap of $21.51 billion, a price-to-earnings ratio of 106.70, a P/E/G ratio of 2.28 and a beta of 1.02. The business's 50-day moving average price is $31.79 and its 200-day moving average price is $34.91. Pinterest has a 12 month low of $27.00 and a 12 month high of $45.19.

Insider Activity

In related news, insider Wanjiku Juanita Walcott sold 11,862 shares of the company's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total transaction of $365,586.84. Following the transaction, the insider now directly owns 246,921 shares of the company's stock, valued at $7,610,105.22. This represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm's stock in a transaction dated 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 directly owns 297,351 shares of the company's stock, valued at approximately $9,729,324.72. This represents a 9.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,287 shares of company stock worth $1,547,820. Corporate insiders own 7.11% of the company's stock.

Institutional Trading of Pinterest

Several large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its position in Pinterest by 5.2% during the third quarter. Sequoia Financial Advisors LLC now owns 6,329 shares of the company's stock valued at $205,000 after purchasing an additional 313 shares during the period. Raymond James Trust N.A. lifted its holdings in shares of Pinterest by 1.1% in the 2nd quarter. Raymond James Trust N.A. now owns 30,012 shares of the company's stock valued at $1,323,000 after buying an additional 319 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Pinterest by 3.7% in the third quarter. Hantz Financial Services Inc. now owns 9,380 shares of the company's stock worth $304,000 after buying an additional 339 shares during the last quarter. Leibman Financial Services Inc. grew its holdings in Pinterest by 1.2% during the third quarter. Leibman Financial Services Inc. now owns 31,758 shares of the company's stock worth $1,028,000 after acquiring an additional 368 shares during the period. Finally, Toronto Dominion Bank raised its position in Pinterest by 0.7% during the second quarter. Toronto Dominion Bank now owns 56,961 shares of the company's stock valued at $2,510,000 after acquiring an additional 372 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company's stock.

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.