Pinterest (NYSE:PINS) Shares Gap Up to $34.97

Pinterest, Inc. (NYSE:PINS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $34.97, but opened at $36.73. Pinterest shares last traded at $36.64, with a volume of 3,857,990 shares traded.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PINS shares. KeyCorp increased their price target on Pinterest from $37.00 to $48.00 and gave the stock an “overweight” rating in a report on Monday, February 5th. Wedbush increased their price target on Pinterest from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, February 9th. Piper Sandler restated an “overweight” rating and issued a $48.00 target price on shares of Pinterest in a research note on Tuesday. Evercore ISI raised their target price on Pinterest from $45.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Finally, Royal Bank of Canada raised their target price on Pinterest from $46.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, February 9th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $37.80.

Pinterest Stock Down 1.8 %

The business’s fifty day moving average is $36.27 and its 200 day moving average is $33.14.

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

Insider Buying and Selling at Pinterest

In other Pinterest news, Director Jeffrey D. Jordan sold 20,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $36.29, for a total transaction of $725,800.00. Following the sale, the director now owns 94,215 shares of the company’s stock, valued at approximately $3,419,062.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $34.10, for a total transaction of $65,949.40. Following the completion of the transaction, the director now directly owns 33,580 shares in the company, valued at approximately $1,145,078. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey D. Jordan sold 20,000 shares of the business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $36.29, for a total transaction of $725,800.00. Following the transaction, the director now owns 94,215 shares of the company’s stock, valued at $3,419,062.35. The disclosure for this sale can be found here. Insiders have sold 154,250 shares of company stock valued at $5,484,246 in the last 90 days. 6.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PINS. Napatree Capital LLC purchased a new position in Pinterest in the fourth quarter worth $568,000. Quadrature Capital Ltd purchased a new position in Pinterest in the fourth quarter worth $7,021,000. PNC Financial Services Group Inc. lifted its stake in Pinterest by 17.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,451 shares of the company’s stock worth $572,000 after purchasing an additional 2,285 shares during the last quarter. Vanguard Group Inc. lifted its stake in Pinterest by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 56,348,952 shares of the company’s stock worth $2,087,165,000 after purchasing an additional 1,439,595 shares during the last quarter. Finally, ICA Group Wealth Management LLC bought a new stake in Pinterest in the fourth quarter worth $68,000. 88.81% of the stock is currently 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.