Piper Sandler Reiterates Overweight Rating for Pinterest (NYSE:PINS)

Pinterest (NYSE:PINS)‘s stock had its “overweight” rating reiterated by Piper Sandler in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $41.00 price target on the stock, down from their prior price target of $45.00. Piper Sandler’s target price would suggest a potential upside of 40.51% from the company’s current price.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus decreased their price objective on shares of Pinterest from $46.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Evercore ISI decreased their price target on Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Oppenheimer started coverage on Pinterest in a report on Tuesday, September 24th. They set an “outperform” rating and a $45.00 price target on the stock. Raymond James reduced their price objective on Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lowered their target price on Pinterest from $44.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.22.

Pinterest Price Performance

NYSE PINS opened at $29.18 on Friday. The company has a fifty day moving average price of $31.82 and a 200-day moving average price of $36.33. The firm has a market cap of $20.02 billion, a price-to-earnings ratio of 97.27, a PEG ratio of 2.60 and a beta of 1.02. Pinterest has a 1 year low of $27.00 and a 1 year high of $45.19.

Insider Activity at Pinterest

In other Pinterest news, 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction 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 transaction, the director now owns 33,686 shares of the company’s stock, valued at $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 is available through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction dated 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 in the company, valued at $9,729,324.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 7.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pinterest

Several institutional investors have recently modified their holdings of PINS. Allspring Global Investments Holdings LLC boosted its stake in Pinterest by 195.1% in the first 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 in the last quarter. Norden Group LLC bought a new stake in shares of Pinterest in the 1st quarter worth approximately $214,000. Janney Montgomery Scott LLC lifted its holdings in shares of Pinterest by 7.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 59,678 shares of the company’s stock worth $2,069,000 after acquiring an additional 4,237 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of 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 in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in shares of Pinterest by 19.8% during 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 during the last quarter. 88.81% of the stock is currently owned by institutional investors.

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.