Wedbush Forecasts Strong Price Appreciation for Pinterest (NYSE:PINS) Stock

Pinterest (NYSE:PINS - Free Report) had its price objective raised by Wedbush from $37.00 to $38.00 in a report published on Friday morning, MarketBeat Ratings reports. Wedbush currently has a neutral rating on the stock.

PINS has been the topic of several other reports. Citigroup reduced their price objective on shares of Pinterest from $51.00 to $44.00 and set a "buy" rating on the stock in a report on Wednesday, July 31st. Royal Bank of Canada restated an "outperform" rating and issued a $48.00 price objective on shares of Pinterest in a report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Pinterest in a report on Monday, September 23rd. They issued a "buy" rating and a $43.00 target price for the company. Piper Sandler restated an "overweight" rating and set a $41.00 price target (down from $45.00) on shares of Pinterest in a research note on Friday. Finally, Susquehanna dropped their price objective on Pinterest from $50.00 to $45.00 and set a "positive" rating for the company in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, Pinterest presently has an average rating of "Moderate Buy" and a consensus price target of $42.22.

Pinterest Trading Down 14.0 %

Pinterest stock traded down $4.75 during mid-day trading on Friday, hitting $29.18. The company's stock had a trading volume of 55,937,006 shares, compared to its average volume of 9,503,379. Pinterest has a 1 year low of $27.00 and a 1 year high of $45.19. The firm has a market capitalization of $20.02 billion, a PE ratio of 108.06, a price-to-earnings-growth ratio of 2.60 and a beta of 1.02. The stock's fifty day moving average is $31.88 and its two-hundred day moving average is $36.36.

Insider Transactions at Pinterest

In other 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 value of $38,548.00. Following the completion of the sale, the director now directly owns 33,686 shares of the company's stock, valued at approximately $1,129,154.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the company's stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the transaction, the chief financial officer now owns 297,351 shares in the company, valued at approximately $9,729,324.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gokul Rajaram sold 1,150 shares of the firm's 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 sale, the director now owns 33,686 shares of the company's stock, valued at approximately $1,129,154.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 7.11% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PINS. Vanguard Group Inc. boosted its position in Pinterest by 1.8% during the first quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company's stock worth $1,988,110,000 after purchasing an additional 994,848 shares in the last quarter. Baillie Gifford & Co. lifted 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 buying an additional 880,398 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Pinterest by 2.2% during the first quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company's stock valued at $283,592,000 after acquiring an additional 176,540 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Pinterest by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company's stock worth $262,695,000 after buying an additional 380,431 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its position in Pinterest by 8.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company's stock worth $192,423,000 after acquiring an additional 460,708 shares during the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.