Pinterest (NYSE:PINS) Rating Increased to Strong-Buy at Wedbush

Wedbush upgraded shares of Pinterest (NYSE:PINS) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

PINS has been the subject of several other research reports. UBS Group reduced their price target on shares of Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a research report on Friday. Wolfe Research assumed coverage on shares of Pinterest in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. Robert W. Baird dropped their price objective on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a research note on Friday. Oppenheimer dropped their price objective on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Roth Mkm dropped their price objective on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.00.

Pinterest Stock Performance

Shares of Pinterest stock opened at $30.38 on Monday. The firm has a 50-day simple moving average of $31.82 and a two-hundred day simple moving average of $36.36. The company has a market cap of $20.85 billion, a P/E ratio of 101.27, a price-to-earnings-growth ratio of 2.25 and a beta of 1.02. Pinterest has a fifty-two week low of $27.00 and a fifty-two week high of $45.19.

Insider Activity

In other news, Director Gokul Rajaram sold 1,150 shares of the firm’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 sale, the director now directly owns 33,686 shares in the company, valued at approximately $1,129,154.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Gokul Rajaram sold 1,150 shares of the 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 $1,129,154.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PINS. Vanguard Group Inc. boosted its holdings in shares of Pinterest by 1.8% in the first quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company’s stock valued at $1,988,110,000 after acquiring an additional 994,848 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of 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 purchasing an additional 880,398 shares during the period. Ontario Teachers Pension Plan Board lifted its stake in shares of Pinterest by 51.5% in the third 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. Clearbridge Investments LLC lifted its stake in shares of Pinterest by 2.2% in the first quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock valued at $283,592,000 after purchasing an additional 176,540 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Pinterest by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock valued at $262,695,000 after purchasing an additional 380,431 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.