Pinterest (NYSE:PINS) Shares Gap Up to $32.37

Pinterest, Inc. (NYSE:PINS)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $32.37, but opened at $33.80. Pinterest shares last traded at $33.40, with a volume of 2,810,350 shares trading hands.

Wall Street Analyst Weigh In

A number of research analysts have commented on PINS shares. Citigroup decreased their price target on Pinterest from $51.00 to $44.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Susquehanna reduced their price target on shares of Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a research report on Wednesday, July 31st. Morgan Stanley lifted their price objective on shares of Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Pinterest in a report on Monday, September 23rd. They set a “buy” rating and a $43.00 target price on the stock. Finally, KeyCorp decreased their price target on shares of Pinterest from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $43.25.

Pinterest Stock Performance

The company has a market capitalization of $22.17 billion, a PE ratio of 154.14, a P/E/G ratio of 3.53 and a beta of 1.00. The company’s 50-day simple moving average is $31.50 and its 200-day simple moving average is $36.62.

Pinterest (NYSE:PINS) last announced its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $848.75 million. During the same period last year, the business posted ($0.04) EPS. The company’s revenue was up 20.6% on a year-over-year basis. Analysts expect that Pinterest, Inc. will post 0.39 EPS for the current year.

Insider Activity at Pinterest

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 7.11% of the stock is owned by insiders.

Institutional Investors Weigh In On Pinterest

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Pinterest by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 57,343,800 shares of the company’s stock worth $1,988,110,000 after buying an additional 994,848 shares in the last quarter. Baillie Gifford & Co. lifted its holdings 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 in the last quarter. Capital World Investors grew its position in shares of Pinterest by 0.7% in the fourth quarter. Capital World Investors now owns 8,887,130 shares of the company’s stock valued at $329,179,000 after purchasing an additional 64,270 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of Pinterest by 2.2% during the 1st quarter. Clearbridge Investments LLC now owns 8,179,741 shares of the company’s stock worth $283,592,000 after purchasing an additional 176,540 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Pinterest by 1,188.9% during the 4th 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 during the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.