Pinterest (NYSE:PINS) Shares Gap Down After Analyst Downgrade

Pinterest, Inc. (NYSE:PINS)’s share price gapped down prior to trading on Friday after Robert W. Baird lowered their price target on the stock from $41.00 to $36.00. The stock had previously closed at $33.93, but opened at $29.14. Robert W. Baird currently has an outperform rating on the stock. Pinterest shares last traded at $29.29, with a volume of 9,382,212 shares changing hands.

Several other research analysts have also recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Pinterest from $46.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Benchmark restated a “hold” rating on shares of Pinterest in a report on Wednesday, July 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $41.00 target price on shares of Pinterest in a report on Monday, October 7th. Barclays decreased their price target on shares of Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Finally, Morgan Stanley increased their price target on shares of Pinterest from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.22.

Insider Activity

In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred 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 sale, the chief financial officer now owns 297,351 shares in the company, valued at $9,729,324.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction on Friday, September 27th. The shares were 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 owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, October 16th. The stock was 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. This trade represents 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.

Hedge Funds Weigh In On Pinterest

A number of hedge funds have recently added to or reduced their stakes in PINS. 1832 Asset Management L.P. acquired a new position in Pinterest in the second quarter worth $98,655,000. Ninety One UK Ltd boosted its holdings in shares of Pinterest by 44.6% during the second quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock valued at $239,991,000 after acquiring an additional 1,679,348 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Pinterest by 31.6% during the second quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock valued at $248,793,000 after acquiring an additional 1,356,459 shares during the period. AMI Asset Management Corp acquired a new position in shares of Pinterest during the second quarter valued at $57,569,000. Finally, American Century Companies Inc. boosted its holdings in shares of Pinterest by 57.6% during the second quarter. American Century Companies Inc. now owns 3,042,065 shares of the company’s stock valued at $134,064,000 after acquiring an additional 1,112,163 shares during the period. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Price Performance

The company has a market cap of $20.04 billion, a price-to-earnings ratio of 108.93, a P/E/G ratio of 2.49 and a beta of 1.02. The firm’s fifty day moving average price is $31.88 and its 200-day moving average price is $36.36.

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.