Pinterest, Inc. (NYSE:PINS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Pinterest, Inc. (NYSE:PINS) by 33.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 191,579 shares of the company’s stock after selling 94,225 shares during the period. Principal Financial Group Inc.’s holdings in Pinterest were worth $6,201,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Brown Shipley& Co Ltd purchased a new position in Pinterest in the second quarter valued at about $25,000. Wellington Shields Capital Management LLC purchased a new stake in Pinterest in the second quarter valued at approximately $26,000. Hexagon Capital Partners LLC boosted its holdings in Pinterest by 157.7% in the second quarter. Hexagon Capital Partners LLC now owns 750 shares of the company’s stock valued at $33,000 after acquiring an additional 459 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Pinterest by 113.4% during the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock worth $34,000 after purchasing an additional 405 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Pinterest in the second quarter worth $35,000. 88.81% of the stock is owned by institutional investors and hedge funds.

Pinterest Stock Performance

Shares of PINS opened at $29.24 on Thursday. Pinterest, Inc. has a 52 week low of $27.00 and a 52 week high of $45.19. The firm has a market capitalization of $19.76 billion, a P/E ratio of 99.00, a P/E/G ratio of 2.02 and a beta of 1.02. The company has a 50-day simple moving average of $31.71 and a 200-day simple moving average of $36.02.

Insider Buying and Selling

In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the sale, the director now owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm’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 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 9.24 % decrease in their position. The disclosure for this sale can be found here. 7.11% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PINS. Piper Sandler reissued an “overweight” rating and set a $41.00 target price (down from $45.00) on shares of Pinterest in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $41.00 price target on shares of Pinterest in a report on Monday, October 7th. Susquehanna cut their price objective on Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a report on Wednesday, July 31st. Roth Mkm dropped their target price on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Wells Fargo & Company lowered their target price on Pinterest from $49.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.00.

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.