Bridgewater Associates LP Has $51.20 Million Position in Pinterest, Inc. (NYSE:PINS)

Bridgewater Associates LP increased its position in shares of Pinterest, Inc. (NYSE:PINS) by 158.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,581,652 shares of the company’s stock after buying an additional 969,775 shares during the quarter. Bridgewater Associates LP owned 0.23% of Pinterest worth $51,198,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its stake in Pinterest by 9.5% in the second quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after acquiring an additional 880,398 shares during the period. Ontario Teachers Pension Plan Board grew its stake in shares of Pinterest by 51.5% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock valued at $285,248,000 after purchasing an additional 2,996,750 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Pinterest by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock worth $262,695,000 after buying an additional 380,431 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Pinterest by 8.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock worth $192,423,000 after buying an additional 460,708 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Pinterest by 31.6% in the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock valued at $248,793,000 after buying an additional 1,356,459 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PINS has been the subject of several recent analyst reports. UBS Group dropped their price objective on Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, November 8th. KeyCorp dropped their price objective on shares of Pinterest from $45.00 to $39.00 and set an “overweight” rating for the company in a report on Monday, November 11th. Susquehanna reduced their target price on Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a report on Wednesday, July 31st. TD Cowen assumed coverage on Pinterest in a report on Tuesday. They set a “buy” rating and a $38.00 price target for the company. Finally, Rosenblatt Securities reduced their price objective on Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Pinterest has an average rating of “Moderate Buy” and a consensus price target of $41.86.

Pinterest Stock Up 1.6 %

NYSE PINS opened at $31.00 on Wednesday. The firm’s 50 day moving average is $31.80 and its 200-day moving average is $35.59. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19. The company has a market capitalization of $20.95 billion, a PE ratio of 103.34, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

Insider Activity

In other news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the transaction, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This trade represents a 9.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $29.73, for a total transaction of $34,189.50. Following the completion of the sale, the director now directly owns 32,536 shares in the company, valued at approximately $967,295.28. The trade was a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,580 shares of company stock worth $1,063,499 in the last quarter. Corporate insiders own 7.11% of the company’s stock.

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.