Jupiter Asset Management Ltd. Cuts Stake in Pinterest, Inc. (NYSE:PINS)

Jupiter Asset Management Ltd. cut its holdings in Pinterest, Inc. (NYSE:PINS) by 62.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 237,477 shares of the company’s stock after selling 395,801 shares during the quarter. Jupiter Asset Management Ltd.’s holdings in Pinterest were worth $10,466,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in Pinterest during the 4th quarter valued at $241,229,000. Wellington Management Group LLP raised its holdings in Pinterest by 1,188.9% in the fourth quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock worth $221,850,000 after purchasing an additional 5,524,796 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Pinterest by 128.2% during the first quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after buying an additional 3,134,776 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Pinterest by 34.0% in the 4th quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock valued at $371,764,000 after buying an additional 2,548,925 shares in the last quarter. Finally, Contour Asset Management LLC boosted its holdings in shares of Pinterest by 79.5% in the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after buying an additional 2,023,500 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Insider Activity

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $44.38, for a total value of $1,343,826.40. Following the completion of the sale, the chief financial officer now owns 362,822 shares of the company’s stock, valued at approximately $16,102,040.36. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Andrea Acosta sold 2,564 shares of Pinterest stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $45.00, for a total value of $115,380.00. Following the sale, the chief accounting officer now directly owns 186,906 shares of the company’s stock, valued at $8,410,770. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value of $1,343,826.40. Following the sale, the chief financial officer now owns 362,822 shares of the company’s stock, valued at $16,102,040.36. The disclosure for this sale can be found here. Insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

PINS stock opened at $29.31 on Friday. The firm’s fifty day moving average is $34.15 and its 200 day moving average is $37.00. Pinterest, Inc. has a one year low of $23.59 and a one year high of $45.19. The firm has a market cap of $20.11 billion, a PE ratio of 139.58, a P/E/G ratio of 3.26 and a beta of 1.00.

Pinterest (NYSE:PINS) last released its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The company had revenue of $853.68 million during the quarter, compared to analysts’ expectations of $848.75 million. During the same quarter in the prior year, the firm posted ($0.04) EPS. Pinterest’s quarterly revenue was up 20.6% compared to the same quarter last year. Research analysts predict that Pinterest, Inc. will post 0.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PINS shares. Piper Sandler decreased their target price on shares of Pinterest from $52.00 to $45.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. decreased their price objective on Pinterest from $44.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Robert W. Baird dropped their target price on Pinterest from $44.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Royal Bank of Canada reiterated an “outperform” rating and issued a $48.00 price target on shares of Pinterest in a research note on Thursday. Finally, Morgan Stanley boosted their price target on Pinterest from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.50.

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.