Pinterest (NYSE:PINS) Price Target Raised to $45.00

Pinterest (NYSE:PINS) had its price target increased by equities research analysts at KeyCorp from $43.00 to $45.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s target price suggests a potential upside of 33.29% from the stock’s previous close.

PINS has been the topic of several other reports. Evercore ISI reduced their price target on Pinterest from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Barclays reduced their target price on shares of Pinterest from $38.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Morgan Stanley raised their price target on shares of Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Wolfe Research initiated coverage on shares of Pinterest in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. lowered their target price on Pinterest from $44.00 to $38.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.32.

Pinterest Trading Up 2.6 %

NYSE:PINS traded up $0.84 on Wednesday, hitting $33.76. The company had a trading volume of 1,762,079 shares, compared to its average volume of 9,482,200. Pinterest has a 52 week low of $23.59 and a 52 week high of $45.19. The stock has a market capitalization of $23.06 billion, a price-to-earnings ratio of 160.76, a PEG ratio of 2.56 and a beta of 1.01. The firm has a 50 day moving average of $30.86 and a two-hundred day moving average of $36.57.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $853.68 million during the quarter, compared to analysts’ expectations of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. Pinterest’s revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS. As a group, equities analysts forecast that Pinterest will post 0.39 EPS for the current year.

Insider Activity

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction dated Friday, September 27th. The stock was 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 owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PINS. Wellington Management Group LLP boosted its position in Pinterest by 1,188.9% in the fourth 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. 1832 Asset Management L.P. purchased a new position in Pinterest in the second quarter valued at approximately $98,655,000. Contour Asset Management LLC lifted its position in shares of Pinterest by 79.5% during the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after buying an additional 2,023,500 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Pinterest by 45.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,735,384 shares of the company’s stock worth $198,846,000 after acquiring an additional 1,798,494 shares during the period. Finally, Ninety One UK Ltd increased its holdings in Pinterest by 44.6% in the 2nd quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock worth $239,991,000 after acquiring an additional 1,679,348 shares during the last quarter. 88.81% of the stock is currently 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.