3,800,000 Shares in Pinterest, Inc. (NYSE:PINS) Bought by Southpoint Capital Advisors LP

Southpoint Capital Advisors LP acquired a new position in shares of Pinterest, Inc. (NYSE:PINS) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,800,000 shares of the company’s stock, valued at approximately $123,006,000. Pinterest comprises about 2.9% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 14th biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PINS. Massachusetts Financial Services Co. MA increased its position in Pinterest by 4.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 844,187 shares of the company’s stock worth $27,326,000 after buying an additional 32,539 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Pinterest by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,252,996 shares of the company’s stock valued at $137,669,000 after purchasing an additional 87,041 shares during the period. Kornitzer Capital Management Inc. KS grew its position in shares of Pinterest by 20.3% in the third quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after purchasing an additional 68,096 shares during the period. Sumitomo Mitsui Trust Group Inc. grew 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 valued at $192,423,000 after acquiring an additional 460,708 shares during the period. Finally, GDS Wealth Management purchased a new stake in Pinterest during the third quarter valued at about $2,517,000. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. UBS Group cut their price objective on Pinterest from $52.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and set a $48.00 price objective on shares of Pinterest in a research note on Thursday, September 12th. Oppenheimer lowered their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $41.00 price objective on shares of Pinterest in a report on Monday, October 7th. Seven investment 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. According to MarketBeat, Pinterest presently has an average rating of “Moderate Buy” and an average target price of $41.63.

Insider Buying and Selling at Pinterest

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’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 of the company’s stock, valued at approximately $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were 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. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,287 shares of company stock worth $1,547,820 over the last quarter. Corporate insiders own 7.11% of the company’s stock.

Pinterest Price Performance

Shares of Pinterest stock opened at $30.30 on Friday. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19. The firm has a market capitalization of $20.47 billion, a P/E ratio of 100.99, a P/E/G ratio of 2.17 and a beta of 1.02. The company’s 50 day moving average price is $31.80 and its two-hundred day moving average price is $35.44.

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.