Commonwealth Equity Services LLC Sells 8,006 Shares of Pinterest, Inc. (NYSE:PINS)

Commonwealth Equity Services LLC lowered its position in shares of Pinterest, Inc. (NYSE:PINS) by 12.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,305 shares of the company’s stock after selling 8,006 shares during the period. Commonwealth Equity Services LLC’s holdings in Pinterest were worth $1,691,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PINS. State Street Corp grew its stake in Pinterest by 1.2% in the third quarter. State Street Corp now owns 12,773,652 shares of the company’s stock worth $413,483,000 after purchasing an additional 156,748 shares during the period. Geode Capital Management LLC boosted its stake in Pinterest by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 9,466,585 shares of the company’s stock worth $305,710,000 after purchasing an additional 76,920 shares in the last quarter. Ninety One UK Ltd increased its stake in Pinterest by 5.4% during the 4th quarter. Ninety One UK Ltd now owns 5,471,613 shares of the company’s stock valued at $158,677,000 after purchasing an additional 278,362 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Pinterest in the third quarter worth approximately $153,829,000. Finally, ARK Investment Management LLC increased its position in shares of Pinterest by 0.4% during the fourth quarter. ARK Investment Management LLC now owns 4,386,546 shares of the company’s stock valued at $127,210,000 after acquiring an additional 17,997 shares in the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PINS. Piper Sandler reaffirmed a “neutral” rating and set a $41.00 price target (up previously from $36.00) on shares of Pinterest in a report on Friday, February 7th. Benchmark upgraded shares of Pinterest from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Friday, February 7th. KeyCorp cut their price objective on Pinterest from $46.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, March 18th. Raymond James increased their target price on Pinterest from $34.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their price target on Pinterest from $39.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat.com, Pinterest has a consensus rating of “Moderate Buy” and an average target price of $43.33.

Insiders Place Their Bets

In other Pinterest news, CAO Andrea Acosta sold 3,667 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $37.46, for a total transaction of $137,365.82. Following the completion of the sale, the chief accounting officer now directly owns 144,129 shares of the company’s stock, valued at approximately $5,399,072.34. This represents a 2.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $30.43, for a total transaction of $34,994.50. Following the completion of the transaction, the director now directly owns 30,236 shares in the company, valued at approximately $920,081.48. The trade was a 3.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 351,753 shares of company stock worth $11,640,201 in the last three months. Corporate insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

Shares of NYSE:PINS opened at $31.49 on Friday. The firm’s 50 day simple moving average is $34.66 and its 200-day simple moving average is $32.37. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19. The firm has a market cap of $21.35 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.95 and a beta of 1.02.

Pinterest (NYSE:PINS) last issued its earnings results on Thursday, February 6th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.30). Pinterest had a net margin of 51.07% and a return on equity of 8.10%. Equities research analysts predict that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

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.