Q2 2024 EPS Estimates for Pinterest, Inc. Lifted by Wedbush (NYSE:PINS)

Pinterest, Inc. (NYSE:PINS) – Wedbush raised their Q2 2024 earnings per share estimates for Pinterest in a research note issued on Wednesday, May 1st. Wedbush analyst S. Devitt now expects that the company will post earnings per share of $0.04 for the quarter, up from their prior estimate of $0.03. Wedbush has a “Neutral” rating and a $44.00 price target on the stock. The consensus estimate for Pinterest’s current full-year earnings is $0.43 per share. Wedbush also issued estimates for Pinterest’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.43 EPS, FY2024 earnings at $0.56 EPS and FY2025 earnings at $0.85 EPS.

Several other research firms have also weighed in on PINS. Evercore ISI increased their price objective on shares of Pinterest from $45.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. Piper Sandler raised their price target on Pinterest from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Susquehanna upped their price objective on Pinterest from $35.00 to $45.00 and gave the stock a “positive” rating in a research note on Friday, February 9th. BMO Capital Markets raised their target price on Pinterest from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Finally, Loop Capital upped their price target on shares of Pinterest from $43.00 to $49.00 and gave the stock a “buy” rating in a research report on Monday. Eight analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $41.26.

Pinterest Stock Performance

Shares of NYSE:PINS opened at $41.92 on Monday. The company’s fifty day moving average is $35.03 and its two-hundred day moving average is $34.79. Pinterest has a 1-year low of $20.88 and a 1-year high of $42.09. The stock has a market capitalization of $28.64 billion, a price-to-earnings ratio of 199.63, a price-to-earnings-growth ratio of 4.02 and a beta of 0.99.

Pinterest (NYSE:PINS) last issued its quarterly 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 return on equity of 5.93% and a net margin of 4.64%. The business had revenue of $981.26 million during the quarter, compared to the consensus estimate of $988.62 million.

Insider Activity

In other Pinterest news, insider Sabrina Ellis sold 24,410 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total value of $866,310.90. Following the transaction, the insider now owns 500,504 shares of the company’s stock, valued at $17,762,886.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 33,580 shares in the company, valued at $1,145,078. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sabrina Ellis sold 24,410 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $35.49, for a total transaction of $866,310.90. Following the completion of the transaction, the insider now directly owns 500,504 shares of the company’s stock, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,471 shares of company stock worth $5,773,431. Corporate insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Pinterest by 2.6% in the 4th 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. Ameriprise Financial Inc. raised its position in Pinterest by 43.9% during the third quarter. Ameriprise Financial Inc. now owns 11,122,436 shares of the company’s stock valued at $300,639,000 after acquiring an additional 3,390,924 shares in the last quarter. Franklin Resources Inc. lifted its stake in Pinterest by 34.0% in the fourth quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock valued at $371,764,000 after acquiring an additional 2,548,925 shares during the last quarter. Baillie Gifford & Co. grew its position in Pinterest by 12.6% in the fourth quarter. Baillie Gifford & Co. now owns 9,305,759 shares of the company’s stock worth $344,685,000 after acquiring an additional 1,043,173 shares in the last quarter. Finally, Capital World Investors increased its stake in shares of Pinterest by 0.7% during the 4th quarter. Capital World Investors now owns 8,887,130 shares of the company’s stock worth $329,179,000 after purchasing an additional 64,270 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

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.