Pinterest (NYSE:PINS) Given New $39.00 Price Target at Wells Fargo & Company

Pinterest (NYSE:PINS) had its price target cut by Wells Fargo & Company from $40.00 to $39.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also issued reports on PINS. Wedbush raised shares of Pinterest from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. UBS Group reduced their price objective on shares of Pinterest from $52.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Oppenheimer dropped their target price on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Robert W. Baird reduced their price target on Pinterest from $41.00 to $36.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Finally, Monness Crespi & Hardt upgraded Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Friday. Nine research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.86.

Pinterest Stock Performance

Shares of PINS opened at $30.42 on Monday. The company has a market cap of $20.56 billion, a price-to-earnings ratio of 101.40, a PEG ratio of 2.17 and a beta of 1.04. The stock has a fifty day moving average price of $30.58 and a two-hundred day moving average price of $32.70. Pinterest has a 52-week low of $27.00 and a 52-week high of $45.19.

Insider Activity

In other news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the transaction, the director now owns 33,686 shares in the company, valued at $1,129,154.72. This trade represents a 3.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of Pinterest stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $30.82, for a total value of $365,586.84. Following the transaction, the insider now owns 246,921 shares in the company, valued at $7,610,105.22. This trade represents a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,157 shares of company stock valued at $592,685 over the last ninety days. 7.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinterest

Several institutional investors and hedge funds have recently modified their holdings of the company. Ashton Thomas Private Wealth LLC bought a new stake in Pinterest during the second quarter valued at about $52,000. Dai ichi Life Insurance Company Ltd purchased a new stake in shares of Pinterest during the second quarter worth about $228,000. Thoroughbred Financial Services LLC bought a new stake in Pinterest during the 2nd quarter valued at approximately $422,000. Oppenheimer Asset Management Inc. lifted its holdings in Pinterest by 17.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 43,786 shares of the company’s stock worth $1,930,000 after purchasing an additional 6,564 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Pinterest by 9.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 549,409 shares of the company’s stock worth $24,212,000 after purchasing an additional 48,276 shares during the period. 88.81% of the stock is currently owned by institutional investors.

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.