Pinnacle Investment Management Ltd Buys Shares of 30,000 Pinterest, Inc. (NYSE:PINS)

Pinnacle Investment Management Ltd purchased a new position in shares of Pinterest, Inc. (NYSE:PINS) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 30,000 shares of the company’s stock, valued at approximately $870,000. Pinterest accounts for about 0.6% of Pinnacle Investment Management Ltd’s portfolio, making the stock its 14th largest position.

Several other large investors have also made changes to their positions in the company. Whipplewood Advisors LLC bought a new stake in Pinterest during the 4th quarter worth $28,000. Strategic Investment Solutions Inc. IL increased its stake in shares of Pinterest by 401.3% in the fourth quarter. Strategic Investment Solutions Inc. IL now owns 1,504 shares of the company’s stock valued at $44,000 after buying an additional 1,204 shares during the period. V Square Quantitative Management LLC boosted its position in Pinterest by 51.5% during the 4th quarter. V Square Quantitative Management LLC now owns 1,735 shares of the company’s stock worth $50,000 after buying an additional 590 shares during the period. Huntington National Bank grew its holdings in Pinterest by 484.1% during the 4th quarter. Huntington National Bank now owns 2,027 shares of the company’s stock worth $59,000 after acquiring an additional 1,680 shares during the last quarter. Finally, CoreCap Advisors LLC grew its holdings in Pinterest by 98.5% during the 4th quarter. CoreCap Advisors LLC now owns 2,096 shares of the company’s stock worth $61,000 after acquiring an additional 1,040 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Insider Buying and Selling at Pinterest

In other news, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $27.00, for a total value of $31,050.00. Following the sale, the director now directly owns 26,786 shares of the company’s stock, valued at $723,222. The trade was a 4.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Benjamin Silbermann sold 408,332 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $33.16, for a total value of $13,540,289.12. Following the transaction, the director now directly owns 6,274 shares of the company’s stock, valued at approximately $208,045.84. This trade represents a 98.49% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 861,018 shares of company stock valued at $28,323,613. Corporate insiders own 7.06% of the company’s stock.

Pinterest Trading Up 0.7%

Shares of NYSE PINS opened at $32.25 on Wednesday. The firm has a fifty day simple moving average of $28.72 and a two-hundred day simple moving average of $31.22. Pinterest, Inc. has a 12 month low of $23.68 and a 12 month high of $45.19. The firm has a market capitalization of $21.87 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 1.95 and a beta of 0.83.

Pinterest (NYSE:PINS) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.02). Pinterest had a net margin of 51.07% and a return on equity of 8.10%. The firm had revenue of $854.99 million for the quarter, compared to the consensus estimate of $848.49 million. During the same period in the previous year, the firm posted $0.17 earnings per share. The business’s revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts predict that Pinterest, Inc. will post 0.6 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PINS shares. Raymond James lowered shares of Pinterest from an “overweight” rating to a “market perform” rating in a report on Monday, April 7th. Cantor Fitzgerald lifted their target price on Pinterest from $36.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. UBS Group decreased their price target on Pinterest from $50.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, April 11th. The Goldman Sachs Group lowered their price objective on Pinterest from $47.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Piper Sandler decreased their target price on shares of Pinterest from $41.00 to $34.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Seven research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $40.26.

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.