State of New Jersey Common Pension Fund D Decreases Stake in Pinterest, Inc. $PINS

State of New Jersey Common Pension Fund D decreased its holdings in Pinterest, Inc. (NYSE:PINS) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 200,589 shares of the company’s stock after selling 2,275 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Pinterest were worth $7,193,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PINS. Amundi raised its holdings in shares of Pinterest by 618.9% during the first quarter. Amundi now owns 14,254,741 shares of the company’s stock valued at $441,897,000 after purchasing an additional 12,271,958 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Pinterest by 25.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock valued at $988,662,000 after purchasing an additional 6,460,143 shares during the last quarter. Swedbank AB grew its position in Pinterest by 344.0% in the 1st quarter. Swedbank AB now owns 5,839,485 shares of the company’s stock worth $181,024,000 after purchasing an additional 4,524,433 shares during the period. Pacer Advisors Inc. grew its position in Pinterest by 4,673.9% in the 1st quarter. Pacer Advisors Inc. now owns 2,531,741 shares of the company’s stock worth $78,484,000 after purchasing an additional 2,478,708 shares during the period. Finally, Congress Asset Management Co. bought a new stake in Pinterest in the 2nd quarter worth approximately $82,516,000. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Insider Activity

In other Pinterest news, CAO Andrea Acosta sold 3,759 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $34.96, for a total value of $131,414.64. Following the completion of the transaction, the chief accounting officer directly owned 157,402 shares in the company, valued at $5,502,773.92. This represents a 2.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Donnelly Julia Brau sold 22,821 shares of the company’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $34.85, for a total transaction of $795,311.85. Following the transaction, the chief financial officer owned 312,422 shares of the company’s stock, valued at approximately $10,887,906.70. This represents a 6.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 640,236 shares of company stock worth $22,878,326. 7.11% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PINS has been the subject of several research analyst reports. Guggenheim reaffirmed a “buy” rating on shares of Pinterest in a report on Tuesday, September 2nd. Benchmark lifted their price objective on Pinterest from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Bank of America boosted their price target on Pinterest from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Piper Sandler set a $40.00 price target on Pinterest in a research note on Friday, August 8th. Finally, Barclays boosted their target price on shares of Pinterest from $38.00 to $40.00 and gave the company an “equal weight” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.67.

Pinterest Trading Up 1.6%

Shares of NYSE:PINS opened at $33.97 on Monday. The stock has a 50 day moving average of $34.50 and a 200 day moving average of $33.46. The company has a market cap of $23.10 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.48 and a beta of 0.81. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $40.90.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share for the quarter. The business had revenue of $665.93 million during the quarter. Pinterest had a net margin of 49.31% and a return on equity of 8.44%. Equities research analysts predict that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal 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.