Exchange Traded Concepts LLC Purchases 46,250 Shares of Pinterest, Inc. (NYSE:PINS)

Exchange Traded Concepts LLC increased its position in Pinterest, Inc. (NYSE:PINS) by 376.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 58,545 shares of the company’s stock after purchasing an additional 46,250 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Pinterest were worth $1,698,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Avior Wealth Management LLC lifted its position in shares of Pinterest by 26.7% in the fourth quarter. Avior Wealth Management LLC now owns 2,796 shares of the company’s stock valued at $81,000 after buying an additional 589 shares during the last quarter. Janney Capital Management LLC acquired a new stake in Pinterest during the 4th quarter valued at $4,289,000. Atomi Financial Group Inc. bought a new position in Pinterest during the fourth quarter worth $218,000. Perpetual Ltd raised its position in shares of Pinterest by 25.7% in the fourth quarter. Perpetual Ltd now owns 44,026 shares of the company’s stock valued at $1,277,000 after purchasing an additional 8,996 shares during the period. Finally, Diversify Advisory Services LLC lifted its stake in shares of Pinterest by 211.3% during the 4th quarter. Diversify Advisory Services LLC now owns 66,106 shares of the company’s stock worth $2,027,000 after buying an additional 44,869 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

Wall Street Analyst Weigh In

PINS has been the topic of several research analyst reports. Raymond James lowered their price target on shares of Pinterest from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Robert W. Baird reduced their price target on Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. KeyCorp lowered their price objective on Pinterest from $39.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $32.00 target price (down previously from $40.00) on shares of Pinterest in a research report on Monday, January 13th. Nine investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Pinterest currently has an average rating of “Moderate Buy” and an average target price of $40.70.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the insider now owns 246,921 shares of the company’s stock, valued at approximately $7,610,105.22. This trade represents a 4.58 % 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, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $30.43, for a total transaction of $34,994.50. Following the completion of the sale, the director now directly owns 30,236 shares in the company, valued at approximately $920,081.48. This represents a 3.66 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,157 shares of company stock valued at $589,131. 7.11% of the stock is currently owned by insiders.

Pinterest Price Performance

PINS stock opened at $33.49 on Tuesday. The stock has a market cap of $22.64 billion, a price-to-earnings ratio of 111.65, a P/E/G ratio of 1.61 and a beta of 1.04. The company has a 50 day simple moving average of $30.64 and a 200 day simple moving average of $31.94. Pinterest, Inc. has a 1 year low of $27.00 and a 1 year high of $45.19.

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.