Pinterest (NYSE:PINS) Given New $38.00 Price Target at Wedbush

Pinterest (NYSE:PINS) had its price objective upped by investment analysts at Wedbush from $37.00 to $38.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price objective suggests a potential upside of 32.13% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Evercore ISI cut their target price on Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Wolfe Research assumed coverage on Pinterest in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Pinterest in a research report on Monday, September 23rd. They issued a “buy” rating and a $43.00 target price on the stock. UBS Group lowered their target price on shares of Pinterest from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus reduced their price target on shares of Pinterest from $46.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Pinterest currently has a consensus rating of “Moderate Buy” and an average target price of $43.26.

Pinterest Stock Down 15.2 %

Shares of Pinterest stock traded down $5.17 during mid-day trading on Friday, hitting $28.76. The stock had a trading volume of 17,907,656 shares, compared to its average volume of 9,328,219. The firm has a 50-day moving average of $31.88 and a two-hundred day moving average of $36.36. The firm has a market cap of $19.74 billion, a P/E ratio of 105.89, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02. Pinterest has a 12-month low of $27.00 and a 12-month high of $45.19.

Insiders Place Their Bets

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s 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 sale, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at approximately $1,129,154.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 7.11% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Pinterest by 195.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,151 shares of the company’s stock worth $75,000 after purchasing an additional 1,422 shares during the period. Norden Group LLC acquired a new position in Pinterest during the first quarter worth $214,000. Janney Montgomery Scott LLC raised its position in Pinterest by 7.6% in the first quarter. Janney Montgomery Scott LLC now owns 59,678 shares of the company’s stock worth $2,069,000 after acquiring an additional 4,237 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Pinterest by 26.1% in the first quarter. Geneos Wealth Management Inc. now owns 3,566 shares of the company’s stock valued at $124,000 after acquiring an additional 737 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of Pinterest by 19.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 20,424 shares of the company’s stock worth $708,000 after purchasing an additional 3,371 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.