Sumitomo Mitsui Trust Group Inc. Acquires 460,708 Shares of Pinterest, Inc. (NYSE:PINS)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Pinterest, Inc. (NYSE:PINS) by 8.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,944,489 shares of the company’s stock after buying an additional 460,708 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Pinterest were worth $192,423,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brown Shipley& Co Ltd bought a new stake in shares of Pinterest during the 2nd quarter worth about $25,000. Wellington Shields Capital Management LLC bought a new position in shares of Pinterest during the second quarter worth approximately $26,000. Hexagon Capital Partners LLC lifted its holdings in Pinterest by 157.7% during the 2nd quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock worth $33,000 after purchasing an additional 459 shares during the last quarter. GAMMA Investing LLC boosted its stake in Pinterest by 113.4% in 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 during the period. Finally, Rothschild Investment LLC acquired a new position in Pinterest in the 2nd quarter valued at $35,000. 88.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PINS has been the subject of a number of recent research reports. Citigroup reduced their target price on shares of Pinterest from $51.00 to $44.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $41.00 target price on shares of Pinterest in a report on Monday, October 7th. Evercore ISI cut their price target on Pinterest from $50.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Stifel Nicolaus dropped their price objective on Pinterest from $46.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Oppenheimer reduced their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Pinterest Stock Performance

Shares of NYSE PINS opened at $30.67 on Wednesday. The stock has a market cap of $21.05 billion, a P/E ratio of 102.24, a price-to-earnings-growth ratio of 2.36 and a beta of 1.02. The firm has a 50 day moving average price of $31.79 and a two-hundred day moving average price of $36.34. Pinterest, Inc. has a 52-week low of $27.00 and a 52-week high of $45.19.

Insider Activity at Pinterest

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

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.