Pinterest (NYSE:PINS) Given New $52.00 Price Target at Royal Bank of Canada

Pinterest (NYSE:PINS) had its price objective increased by analysts at Royal Bank of Canada from $48.00 to $52.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 28.33% from the company’s previous close.

Several other research firms also recently commented on PINS. JPMorgan Chase & Co. raised their price objective on shares of Pinterest from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday. Piper Sandler raised their price objective on shares of Pinterest from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday. BMO Capital Markets began coverage on shares of Pinterest in a research report on Tuesday, January 9th. They set an “outperform” rating and a $45.00 price objective on the stock. Rosenblatt Securities restated a “buy” rating and set a $48.00 price objective (up previously from $45.00) on shares of Pinterest in a research report on Wednesday. Finally, Wedbush increased their target price on shares of Pinterest from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday. Eight investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, Pinterest presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.82.

Pinterest Stock Up 0.1 %

Pinterest stock opened at $40.52 on Wednesday. Pinterest has a twelve month low of $20.60 and a twelve month high of $41.60. The firm has a 50 day moving average price of $34.70 and a 200-day moving average price of $34.44. The company has a market capitalization of $27.51 billion, a P/E ratio of 192.96, a P/E/G ratio of 5.55 and a beta of 0.99.

Pinterest (NYSE:PINS) last released its earnings results on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The firm had revenue of $981.26 million during the quarter, compared to the consensus estimate of $988.62 million. Equities analysts expect that Pinterest will post 0.36 EPS for the current fiscal year.

Insider Activity

In other news, insider Sabrina Ellis sold 24,410 shares of Pinterest stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total transaction of $866,310.90. Following the sale, the insider now owns 500,504 shares of the company’s stock, valued at approximately $17,762,886.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Donnelly Julia Brau sold 65,972 shares of Pinterest stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $34.42, for a total transaction of $2,270,756.24. Following the completion of the transaction, the chief financial officer now directly owns 392,829 shares of the company’s stock, valued at approximately $13,521,174.18. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sabrina Ellis sold 24,410 shares of Pinterest stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total transaction of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares of the company’s stock, valued at $17,762,886.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 164,471 shares of company stock valued at $5,773,431. Corporate insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PINS. Norges Bank purchased a new position in Pinterest during the 4th quarter valued at about $241,229,000. Wellington Management Group LLP lifted its position in Pinterest by 1,188.9% during the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after acquiring an additional 5,524,796 shares during the period. Fred Alger Management LLC raised its holdings in Pinterest by 279,496.9% in the third quarter. Fred Alger Management LLC now owns 4,672,065 shares of the company’s stock worth $126,286,000 after buying an additional 4,670,394 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Pinterest by 43.9% in the third quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company’s stock worth $300,639,000 after buying an additional 3,390,924 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Pinterest by 128.2% in the first quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock worth $193,473,000 after buying an additional 3,134,776 shares during the last quarter. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.