1832 Asset Management L.P. Acquires Shares of 2,238,600 Pinterest, Inc. (NYSE:PINS)

1832 Asset Management L.P. purchased a new stake in Pinterest, Inc. (NYSE:PINS) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,238,600 shares of the company’s stock, valued at approximately $98,655,000. 1832 Asset Management L.P. owned approximately 0.33% of Pinterest at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PINS. Leibman Financial Services Inc. increased its stake in shares of Pinterest by 0.9% in the 2nd quarter. Leibman Financial Services Inc. now owns 31,390 shares of the company’s stock worth $1,383,000 after acquiring an additional 266 shares during the last quarter. Raymond James Trust N.A. raised its stake in Pinterest by 1.1% during the second quarter. Raymond James Trust N.A. now owns 30,012 shares of the company’s stock worth $1,323,000 after purchasing an additional 319 shares during the period. Cornercap Investment Counsel Inc. boosted its holdings in Pinterest by 1.6% in the 2nd quarter. Cornercap Investment Counsel Inc. now owns 23,197 shares of the company’s stock valued at $1,022,000 after purchasing an additional 373 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Pinterest by 40.7% in the fourth quarter. Quadrant Capital Group LLC now owns 1,306 shares of the company’s stock valued at $48,000 after acquiring an additional 378 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Pinterest by 113.4% in the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock valued at $34,000 after purchasing an additional 405 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Trading Down 0.5 %

Shares of Pinterest stock opened at $30.38 on Monday. The company has a fifty day simple moving average of $32.58 and a 200-day simple moving average of $36.74. The stock has a market cap of $20.75 billion, a price-to-earnings ratio of 144.67, a PEG ratio of 3.22 and a beta of 1.00. Pinterest, Inc. has a 12-month low of $23.59 and a 12-month high of $45.19.

Pinterest (NYSE:PINS) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $848.75 million. During the same quarter last year, the company posted ($0.04) earnings per share. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. On average, analysts forecast that Pinterest, Inc. will post 0.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on PINS shares. Wedbush cut their price objective on Pinterest from $46.00 to $37.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. KeyCorp reduced their price target on shares of Pinterest from $45.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Robert W. Baird decreased their price objective on shares of Pinterest from $44.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Morgan Stanley lifted their target price 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. Finally, Royal Bank of Canada restated an “outperform” rating and set a $48.00 price target on shares of Pinterest in a research note on Thursday, September 12th. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.78.

Insider Buying and Selling

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value of $1,343,826.40. Following the completion of the sale, the chief financial officer now owns 362,822 shares in the company, valued at $16,102,040.36. The sale was disclosed in a document filed with the SEC, which is available through this link. 7.11% of the stock is currently owned by company insiders.

Pinterest 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.