Abacus FCF Advisors LLC Buys 37,748 Shares of Pinterest, Inc. (NYSE:PINS)

Abacus FCF Advisors LLC grew its position in Pinterest, Inc. (NYSE:PINS) by 98.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,064 shares of the company’s stock after purchasing an additional 37,748 shares during the quarter. Abacus FCF Advisors LLC’s holdings in Pinterest were worth $2,206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PINS. Norges Bank bought a new position in shares of Pinterest during the fourth quarter valued at approximately $358,205,000. Schroder Investment Management Group boosted its holdings in shares of Pinterest by 357.5% in the 4th quarter. Schroder Investment Management Group now owns 2,719,355 shares of the company’s stock valued at $79,269,000 after buying an additional 2,125,010 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Pinterest during the fourth quarter worth $61,261,000. Nordea Investment Management AB boosted its position 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 worth $111,515,000 after purchasing an additional 2,093,248 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Pinterest by 582.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,266,948 shares of the company’s stock valued at $65,741,000 after buying an additional 1,934,653 shares in the last quarter. Institutional investors own 88.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PINS. Raymond James downgraded shares of Pinterest from an “overweight” rating to a “market perform” rating in a report on Monday. KeyCorp reduced their target price on Pinterest from $46.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday, March 18th. Stifel Nicolaus reissued a “buy” rating and issued a $50.00 price objective (up from $45.00) on shares of Pinterest in a report on Friday, February 7th. Monness Crespi & Hardt raised Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 target price for the company in a report on Friday, January 10th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $32.00 price target (down previously from $40.00) on shares of Pinterest in a report on Monday, January 13th. Eight analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Pinterest presently has an average rating of “Moderate Buy” and a consensus target price of $43.17.

Insiders Place Their Bets

In other news, Director Gokul Rajaram sold 1,150 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $30.43, for a total value of $34,994.50. Following the sale, the director now directly owns 30,236 shares in the company, valued at approximately $920,081.48. This trade represents a 3.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Benjamin Silbermann sold 102,083 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.27, for a total value of $3,192,135.41. Following the completion of the sale, the director now owns 6,274 shares in the company, valued at approximately $196,187.98. This represents a 94.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 453,836 shares of company stock worth $14,832,336 over the last 90 days. Corporate insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

Pinterest stock opened at $25.31 on Tuesday. The company has a market capitalization of $17.16 billion, a PE ratio of 9.41, a price-to-earnings-growth ratio of 1.95 and a beta of 0.99. Pinterest, Inc. has a fifty-two week low of $23.68 and a fifty-two week high of $45.19. The firm has a 50 day moving average price of $34.23 and a 200 day moving average price of $32.38.

Pinterest (NYSE:PINS) last posted its earnings results on Thursday, February 6th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate 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, equities research analysts forecast that Pinterest, Inc. will post 0.6 earnings per share for the current 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.