Alliancebernstein L.P. Sells 519,845 Shares of Pinterest, Inc. (NYSE:PINS)

Alliancebernstein L.P. trimmed its position in Pinterest, Inc. (NYSE:PINS) by 47.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 580,427 shares of the company’s stock after selling 519,845 shares during the period. Alliancebernstein L.P. owned about 0.09% of Pinterest worth $16,832,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PINS. Norges Bank bought a new stake in shares of Pinterest during the 4th quarter worth $358,205,000. Schroder Investment Management Group boosted its stake in Pinterest by 357.5% in the fourth quarter. Schroder Investment Management Group now owns 2,719,355 shares of the company’s stock valued at $79,269,000 after acquiring an additional 2,125,010 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Pinterest during the 4th quarter valued at approximately $61,261,000. Nordea Investment Management AB increased its stake in shares of Pinterest by 122.1% during 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 during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Pinterest by 582.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,266,948 shares of the company’s stock worth $65,741,000 after purchasing an additional 1,934,653 shares during the period. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Pinterest Trading Down 3.2 %

Shares of Pinterest stock opened at $24.58 on Wednesday. The firm has a market capitalization of $16.67 billion, a PE ratio of 9.14, a price-to-earnings-growth ratio of 1.95 and a beta of 0.99. Pinterest, Inc. has a 12 month low of $23.68 and a 12 month high of $45.19. The business’s 50-day moving average price is $33.89 and its 200-day moving average price is $32.28.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.33 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, analysts predict that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Oppenheimer raised their target price on Pinterest from $40.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. The Goldman Sachs Group boosted their price objective on Pinterest from $42.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Piper Sandler reiterated a “neutral” rating and set a $41.00 target price (up previously from $36.00) on shares of Pinterest in a research report on Friday, February 7th. Rosenblatt Securities boosted their price target on shares of Pinterest from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $32.00 price objective (down from $40.00) on shares of Pinterest in a research note on Monday, January 13th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Pinterest has an average rating of “Moderate Buy” and an average target price of $43.07.

Insiders Place Their Bets

In related news, CAO Andrea Acosta sold 3,667 shares of Pinterest stock in a transaction on Monday, February 24th. The shares were sold at an average price of $37.46, for a total value of $137,365.82. Following the transaction, the chief accounting officer now directly owns 144,129 shares of the company’s stock, valued at $5,399,072.34. The trade was a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Wanjiku Juanita Walcott sold 6,690 shares of the stock in a transaction on Monday, March 10th. The shares were sold at an average price of $32.85, for a total transaction of $219,766.50. Following the sale, the insider now directly owns 254,211 shares of the company’s stock, valued at $8,350,831.35. The trade was a 2.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 453,836 shares of company stock valued at $14,832,336 over the last three months. Insiders own 7.11% of the company’s stock.

Pinterest Profile

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.