Pinterest (NYSE:PINS) Shares Gap Down on Analyst Downgrade

Pinterest, Inc. (NYSE:PINS)’s share price gapped down prior to trading on Thursday after KeyCorp lowered their price target on the stock from $48.00 to $40.00. The stock had previously closed at $32.85, but opened at $31.07. KeyCorp currently has an overweight rating on the stock. Pinterest shares last traded at $31.97, with a volume of 4,482,310 shares.

A number of other equities research analysts have also recently commented on PINS. Evercore ISI increased their target price on shares of Pinterest from $45.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Royal Bank of Canada increased their price target on Pinterest from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Susquehanna upped their price objective on shares of Pinterest from $35.00 to $45.00 and gave the company a “positive” rating in a report on Friday, February 9th. Argus raised shares of Pinterest from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Thursday, January 18th. Finally, Wedbush boosted their target price on shares of Pinterest from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, February 9th. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.68.

Insider Transactions at Pinterest

In other news, Director Gokul Rajaram sold 1,934 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $33.34, for a total value of $64,479.56. Following the transaction, the director now owns 31,646 shares in the company, valued at $1,055,077.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Gokul Rajaram sold 1,934 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $33.34, for a total value of $64,479.56. Following the completion of the sale, the director now directly owns 31,646 shares in the company, valued at $1,055,077.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey D. Jordan sold 20,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $35.08, for a total transaction of $701,600.00. Following the completion of the transaction, the director now directly owns 34,215 shares in the company, valued at $1,200,262.20. The disclosure for this sale can be found here. Insiders sold 184,471 shares of company stock valued at $6,525,231 over the last 90 days. Corporate insiders own 6.85% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Yousif Capital Management LLC increased its stake in shares of Pinterest by 8.0% in the 1st quarter. Yousif Capital Management LLC now owns 7,503 shares of the company’s stock worth $260,000 after acquiring an additional 557 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 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 valued at $193,473,000 after purchasing an additional 3,134,776 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Pinterest by 0.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 107,131 shares of the company’s stock worth $3,714,000 after purchasing an additional 551 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Pinterest by 7.1% during the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 134,290 shares of the company’s stock worth $4,656,000 after purchasing an additional 8,900 shares during the period. Finally, Valeo Financial Advisors LLC acquired a new position in Pinterest in the 1st quarter valued at about $202,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Trading Up 4.1 %

The firm has a market cap of $23.06 billion, a price-to-earnings ratio of -566.07, a P/E/G ratio of 4.50 and a beta of 0.99. The stock’s fifty day moving average price is $34.56 and its 200-day moving average price is $34.14.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $981.26 million during the quarter, compared to analysts’ expectations of $988.62 million. Pinterest had a positive return on equity of 3.83% and a negative net margin of 1.17%. Analysts predict that Pinterest, Inc. will post 0.36 earnings per share for the current year.

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.