Pinterest’s (PINS) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Pinterest (NYSE:PINS) in a research note released on Tuesday,RTT News reports. The firm currently has a $38.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on the stock. Raymond James decreased their price target on shares of Pinterest from $40.00 to $34.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. JPMorgan Chase & Co. decreased their target price on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Morgan Stanley increased their price target on shares of Pinterest from $35.00 to $36.00 and gave the company an “equal weight” rating in a report on Monday, January 13th. TD Cowen assumed coverage on Pinterest in a research note on Tuesday, November 26th. They set a “buy” rating and a $38.00 price objective on the stock. Finally, Wells Fargo & Company lowered their price objective on Pinterest from $40.00 to $39.00 and set an “overweight” rating for the company in a research note on Monday, January 13th. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.70.

Pinterest Stock Down 0.8 %

Shares of PINS stock opened at $32.97 on Tuesday. The company’s fifty day simple moving average is $30.88 and its two-hundred day simple moving average is $31.83. Pinterest has a 52 week low of $27.00 and a 52 week high of $45.19. The stock has a market cap of $22.28 billion, a P/E ratio of 109.89, a PEG ratio of 1.61 and a beta of 1.04.

Insider Activity

In other news, insider Wanjiku Juanita Walcott sold 11,862 shares of the business’s stock in a transaction dated 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 in the company, valued at $7,610,105.22. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $29.73, for a total value of $34,189.50. Following the transaction, the director now owns 32,536 shares in the company, valued at $967,295.28. The trade was a 3.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,157 shares of company stock valued at $589,131 in the last ninety days. 7.11% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its holdings in Pinterest by 10.3% in the fourth quarter. Allworth Financial LP now owns 8,983 shares of the company’s stock valued at $284,000 after purchasing an additional 836 shares during the last quarter. Manchester Capital Management LLC boosted its position in shares of Pinterest by 17,692.3% in the 4th quarter. Manchester Capital Management LLC now owns 2,313 shares of the company’s stock worth $67,000 after buying an additional 2,300 shares in the last quarter. Rhumbline Advisers grew its stake in Pinterest by 4.6% in the 4th quarter. Rhumbline Advisers now owns 1,168,537 shares of the company’s stock valued at $33,888,000 after acquiring an additional 51,532 shares during the last quarter. AustralianSuper Pty Ltd purchased a new position in Pinterest during the 4th quarter valued at about $5,388,000. Finally, Banque Pictet & Cie SA acquired a new position in Pinterest during the fourth quarter worth about $334,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.