Bank of America Lowers Pinterest (NYSE:PINS) Price Target to $35.00

Pinterest (NYSE:PINS) had its price target reduced by research analysts at Bank of America from $46.00 to $35.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 33.61% from the company’s previous close.

PINS has been the subject of several other reports. Wells Fargo & Company reduced their price objective on Pinterest from $47.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Stifel Nicolaus reaffirmed a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of Pinterest in a research report on Friday, February 7th. Royal Bank of Canada lifted their price objective on shares of Pinterest from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, February 7th. JPMorgan Chase & Co. reduced their target price on shares of Pinterest from $42.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, KeyCorp lowered their price target on shares of Pinterest from $46.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 18th. Eight research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $42.45.

Pinterest Stock Performance

NYSE PINS opened at $26.20 on Wednesday. Pinterest has a 52-week low of $23.68 and a 52-week high of $45.19. The business has a 50 day simple moving average of $33.56 and a 200 day simple moving average of $32.20. The stock has a market cap of $17.77 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 1.95 and a beta of 0.99.

Pinterest (NYSE:PINS) last issued its quarterly earnings data 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%. On average, analysts predict that Pinterest will post 0.6 EPS for the current year.

Insider Transactions at Pinterest

In other news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $39.19, for a total transaction of $45,068.50. Following the completion of the sale, the director now owns 29,086 shares of the company’s stock, valued at approximately $1,139,880.34. This trade represents a 3.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 6,690 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $32.85, for a total transaction of $219,766.50. Following the completion of the transaction, the insider now owns 254,211 shares in the company, valued at $8,350,831.35. This trade represents a 2.56 % 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 quarter. Company insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

A number of hedge funds and other institutional investors have recently made changes to their positions in PINS. Price T Rowe Associates Inc. MD raised its holdings in Pinterest by 104.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company’s stock valued at $737,533,000 after acquiring an additional 12,986,310 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Pinterest by 49.7% in the fourth quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company’s stock valued at $395,441,000 after purchasing an additional 4,527,902 shares in the last quarter. FMR LLC raised its stake in Pinterest by 2.6% in the fourth quarter. FMR LLC now owns 12,599,356 shares of the company’s stock valued at $365,381,000 after purchasing an additional 316,633 shares in the last quarter. Norges Bank acquired a new stake in Pinterest during the fourth quarter worth about $358,205,000. Finally, Marshall Wace LLP increased its holdings in Pinterest by 134.1% in the 4th quarter. Marshall Wace LLP now owns 10,701,783 shares of the company’s stock valued at $310,352,000 after buying an additional 6,129,985 shares during the period. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.