Pinterest (NYSE:PINS) Price Target Lowered to $34.00 at Raymond James

Pinterest (NYSE:PINS) had its target price cut by Raymond James from $40.00 to $34.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday. Citigroup dropped their price target on Pinterest from $51.00 to $44.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus reduced their price objective on Pinterest from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Wolfe Research started coverage on Pinterest in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Pinterest in a research report on Monday, September 23rd. They issued a “buy” rating and a $43.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.22.

Pinterest Trading Down 14.0 %

Shares of NYSE:PINS traded down $4.75 during trading on Friday, hitting $29.18. 55,970,287 shares of the company’s stock traded hands, compared to its average volume of 9,503,379. The company has a 50-day moving average price of $31.82 and a 200-day moving average price of $36.31. Pinterest has a 52 week low of $27.00 and a 52 week high of $45.19. The company has a market cap of $20.02 billion, a price-to-earnings ratio of 108.06, a price-to-earnings-growth ratio of 2.60 and a beta of 1.02.

Insiders Place Their Bets

In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total transaction of $38,548.00. Following the completion of the sale, the director now directly owns 33,686 shares in the company, valued at $1,129,154.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total transaction of $38,548.00. Following the completion of the sale, the director now directly owns 33,686 shares in the company, valued at approximately $1,129,154.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Hedge funds and other institutional investors have recently modified their holdings of the stock. Brown Shipley& Co Ltd purchased a new stake in shares of Pinterest during the 2nd quarter valued at $25,000. Wellington Shields Capital Management LLC purchased a new stake in Pinterest in the second quarter worth about $26,000. Hexagon Capital Partners LLC boosted its holdings in Pinterest by 157.7% in the second quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock worth $33,000 after acquiring an additional 459 shares in the last quarter. GAMMA Investing LLC increased its stake in Pinterest by 113.4% during the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock valued at $34,000 after purchasing an additional 405 shares in the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of Pinterest during the second quarter valued at approximately $35,000. 88.81% of the stock is currently owned by institutional investors.

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.