Franklin Resources Inc. Has $289.66 Million Stock Holdings in Pinterest, Inc. (NYSE:PINS)

Franklin Resources Inc. reduced its position in shares of Pinterest, Inc. (NYSE:PINS) by 11.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,524,285 shares of the company’s stock after selling 1,153,093 shares during the quarter. Franklin Resources Inc. owned about 1.26% of Pinterest worth $289,655,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new position in shares of Pinterest during the third quarter valued at about $153,829,000. Southpoint Capital Advisors LP acquired a new position in Pinterest during the 3rd quarter valued at about $123,006,000. Ontario Teachers Pension Plan Board increased its holdings in Pinterest by 51.5% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock worth $285,248,000 after purchasing an additional 2,996,750 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of Pinterest in the second quarter worth approximately $98,655,000. Finally, Ninety One UK Ltd lifted its holdings in shares of Pinterest by 44.6% in the second quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock valued at $239,991,000 after purchasing an additional 1,679,348 shares in the last quarter. 88.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PINS. Oppenheimer decreased their price target on Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Roth Mkm lowered their target price on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and set a $48.00 price target on shares of Pinterest in a report on Tuesday, December 10th. TD Cowen began coverage on shares of Pinterest in a research report on Tuesday, November 26th. They issued a “buy” rating and a $38.00 price objective for the company. Finally, Rosenblatt Securities dropped their target price on shares of Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Pinterest currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.46.

Pinterest Price Performance

Shares of PINS stock opened at $30.65 on Friday. Pinterest, Inc. has a 1 year low of $27.00 and a 1 year high of $45.19. The company’s fifty day simple moving average is $31.65 and its two-hundred day simple moving average is $34.67. The stock has a market capitalization of $20.71 billion, a price-to-earnings ratio of 102.17, a PEG ratio of 2.26 and a beta of 1.02.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction that occurred 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 owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This represents a 9.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $30.82, for a total transaction of $365,586.84. Following the completion of the transaction, the insider now directly owns 246,921 shares of the company’s stock, valued at approximately $7,610,105.22. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,287 shares of company stock worth $1,547,820. 7.11% of the stock is owned by company insiders.

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.