Nikko Asset Management Americas Inc. Sells 347,376 Shares of Pinterest, Inc. $PINS

Nikko Asset Management Americas Inc. lowered its position in shares of Pinterest, Inc. (NYSE:PINS) by 7.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,114,440 shares of the company’s stock after selling 347,376 shares during the period. Pinterest comprises about 1.5% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 19th biggest position. Nikko Asset Management Americas Inc. owned about 0.61% of Pinterest worth $147,503,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Pinterest by 25.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock valued at $988,662,000 after purchasing an additional 6,460,143 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Pinterest by 15.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company’s stock worth $638,969,000 after buying an additional 2,319,964 shares during the period. Franklin Resources Inc. grew its holdings in Pinterest by 4.4% during the 2nd quarter. Franklin Resources Inc. now owns 16,862,033 shares of the company’s stock worth $604,673,000 after acquiring an additional 718,105 shares during the last quarter. Amundi increased its position in Pinterest by 618.9% in the 1st quarter. Amundi now owns 14,254,741 shares of the company’s stock valued at $441,897,000 after acquiring an additional 12,271,958 shares during the period. Finally, State Street Corp increased its position in Pinterest by 3.8% in the 2nd quarter. State Street Corp now owns 13,855,047 shares of the company’s stock valued at $496,842,000 after acquiring an additional 504,281 shares during the period. Institutional investors and hedge funds own 88.81% of the company’s stock.

Insider Activity

In other Pinterest news, CFO Donnelly Julia Brau sold 22,821 shares of Pinterest stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $34.85, for a total value of $795,311.85. Following the completion of the sale, the chief financial officer directly owned 312,422 shares of the company’s stock, valued at approximately $10,887,906.70. The trade was a 6.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Benjamin Silbermann sold 102,083 shares of the company’s stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $34.86, for a total transaction of $3,558,613.38. The SEC filing for this sale provides additional information. Insiders sold 301,042 shares of company stock worth $10,087,667 in the last quarter. 7.06% of the stock is owned by corporate insiders.

Pinterest Trading Down 3.5%

PINS stock opened at $25.93 on Friday. The firm has a market cap of $17.52 billion, a PE ratio of 9.00, a price-to-earnings-growth ratio of 1.65 and a beta of 0.89. The stock has a 50-day moving average price of $29.20 and a 200-day moving average price of $33.34. Pinterest, Inc. has a 1-year low of $23.68 and a 1-year high of $40.90.

Pinterest (NYSE:PINS) last released its earnings results on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. The business had revenue of $665.93 million during the quarter. Pinterest had a return on equity of 8.20% and a net margin of 48.99%. On average, analysts forecast that Pinterest, Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PINS. Royal Bank Of Canada cut their price target on shares of Pinterest from $45.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, November 5th. Benchmark lowered their target price on Pinterest from $48.00 to $39.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Bank of America reduced their price target on Pinterest from $44.00 to $39.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Piper Sandler reissued a “neutral” rating and issued a $33.00 price target (down previously from $35.00) on shares of Pinterest in a research note on Wednesday, November 5th. Finally, Cantor Fitzgerald cut their price objective on Pinterest from $40.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pinterest has an average rating of “Moderate Buy” and a consensus target price of $38.97.

Pinterest Company 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.