Cannon Advisors Inc. Takes $244,000 Position in Pinterest, Inc. (NYSE:PINS)

Cannon Advisors Inc. bought a new position in Pinterest, Inc. (NYSE:PINS) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 8,427 shares of the company’s stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PINS. Norges Bank purchased a new position in shares of Pinterest in the fourth quarter worth about $358,205,000. Point72 Asset Management L.P. acquired a new position in Pinterest in the 3rd quarter worth approximately $153,829,000. Schroder Investment Management Group raised its position in Pinterest by 357.5% during the 4th quarter. Schroder Investment Management Group now owns 2,719,355 shares of the company’s stock worth $79,269,000 after buying an additional 2,125,010 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Pinterest during the 4th quarter valued at approximately $61,261,000. Finally, Nordea Investment Management AB boosted its holdings in shares of Pinterest by 122.1% in the 4th quarter. Nordea Investment Management AB now owns 3,807,269 shares of the company’s stock valued at $111,515,000 after acquiring an additional 2,093,248 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Wall Street Analyst Weigh In

PINS has been the subject of several recent research reports. Guggenheim raised shares of Pinterest from a “neutral” rating to a “buy” rating and raised their target price for the stock from $39.00 to $40.00 in a report on Monday, March 24th. Roth Capital set a $32.00 price objective on Pinterest in a research note on Monday, February 3rd. KeyCorp lowered their target price on Pinterest from $46.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 18th. Wells Fargo & Company reduced their price target on Pinterest from $47.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday. Finally, Monness Crespi & Hardt upgraded Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Friday, January 10th. Seven research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.17.

Insider Activity at Pinterest

In related news, insider Wanjiku Juanita Walcott sold 6,690 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $32.85, for a total value of $219,766.50. Following the completion of the transaction, the insider now directly owns 254,211 shares in the company, valued at approximately $8,350,831.35. This represents a 2.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $39.19, for a total value of $45,068.50. Following the completion of the sale, the director now owns 29,086 shares in the company, valued at $1,139,880.34. This represents a 3.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 351,753 shares of company stock valued at $11,640,201. 7.11% of the stock is owned by company insiders.

Pinterest Price Performance

Shares of Pinterest stock opened at $31.01 on Tuesday. The stock’s 50 day simple moving average is $34.67 and its 200-day simple moving average is $32.42. The stock has a market cap of $21.03 billion, a P/E ratio of 11.53, a P/E/G ratio of 1.95 and a beta of 1.02. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.30). Pinterest had a return on equity of 8.10% and a net margin of 51.07%. As a group, research analysts expect that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

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.