Salem Investment Counselors Inc. Reduces Stock Position in Pinterest, Inc. (NYSE:PINS)

Salem Investment Counselors Inc. trimmed its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 1.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,971 shares of the company’s stock after selling 1,515 shares during the period. Salem Investment Counselors Inc.’s holdings in Pinterest were worth $2,696,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Ethos Financial Group LLC lifted its position in Pinterest by 3.1% in the fourth quarter. Ethos Financial Group LLC now owns 11,803 shares of the company’s stock valued at $342,000 after acquiring an additional 350 shares during the last quarter. Amalgamated Bank boosted its stake in Pinterest by 0.9% during the 4th quarter. Amalgamated Bank now owns 39,792 shares of the company’s stock worth $1,154,000 after purchasing an additional 372 shares during the period. Smartleaf Asset Management LLC increased its stake in Pinterest by 20.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,564 shares of the company’s stock valued at $75,000 after purchasing an additional 429 shares during the period. Redwood Investment Management LLC raised its holdings in shares of Pinterest by 3.2% in the fourth quarter. Redwood Investment Management LLC now owns 15,951 shares of the company’s stock valued at $463,000 after buying an additional 495 shares during the last quarter. Finally, Ingalls & Snyder LLC boosted its stake in shares of Pinterest by 3.8% during the fourth quarter. Ingalls & Snyder LLC now owns 13,652 shares of the company’s stock worth $396,000 after buying an additional 500 shares during the period. 88.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PINS. Wells Fargo & Company decreased their price objective on Pinterest from $47.00 to $42.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Wolfe Research upgraded shares of Pinterest from a “peer perform” rating to an “outperform” rating and set a $40.00 price target on the stock in a research note on Thursday, May 15th. TD Cowen cut their price target on shares of Pinterest from $46.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. Stifel Nicolaus dropped their target price on Pinterest from $50.00 to $36.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Finally, Guggenheim reduced their price target on Pinterest from $40.00 to $39.00 and set a “buy” rating for the company in a report on Friday, May 9th. Six equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.42.

Insider Activity at Pinterest

In other news, Director Benjamin Silbermann sold 102,083 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $34.81, for a total value of $3,553,509.23. Following the transaction, the director now directly owns 8,414 shares in the company, valued at $292,891.34. This trade represents a 92.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jeremy S. Levine sold 6,274 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $34.11, for a total transaction of $214,006.14. Following the sale, the director now directly owns 1,158,833 shares of the company’s stock, valued at approximately $39,527,793.63. This trade represents a 0.54% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,177,104 shares of company stock worth $38,592,423. 7.06% of the stock is owned by company insiders.

Pinterest Stock Performance

Shares of PINS opened at $34.02 on Friday. Pinterest, Inc. has a fifty-two week low of $23.68 and a fifty-two week high of $45.19. The company has a market capitalization of $23.07 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.95 and a beta of 0.91. The stock has a fifty day moving average of $29.12 and a two-hundred day moving average of $31.45.

Pinterest (NYSE:PINS) last released its earnings results on Thursday, May 8th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). The business had revenue of $854.99 million during the quarter, compared to analyst estimates of $848.49 million. Pinterest had a net margin of 51.07% and a return on equity of 8.10%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. As a group, equities research analysts forecast that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Pinterest 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.