Primecap Management Co. CA Sells 43,200 Shares of Pinterest, Inc. $PINS

by · The Markets Daily

Primecap Management Co. CA lessened its stake in Pinterest, Inc. (NYSE:PINS – Free Report) by 1.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,560,200 shares of the company’s stock after selling 43,200 shares during the quarter. Primecap Management Co. CA’s holdings in Pinterest were worth $82,362,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Pinterest by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 60,986,423 shares of the company’s stock valued at $1,961,933,000 after acquiring an additional 3,044,674 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Pinterest by 15.0% during the second quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company’s stock valued at $638,969,000 after purchasing an additional 2,319,964 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Pinterest by 4.4% in the second quarter. Franklin Resources Inc. now owns 16,862,033 shares of the company’s stock worth $604,673,000 after purchasing an additional 718,105 shares during the last quarter. State Street Corp lifted its position in shares of Pinterest by 3.8% in the second quarter. State Street Corp now owns 13,855,047 shares of the company’s stock worth $496,842,000 after buying an additional 504,281 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Pinterest in the second quarter worth about $477,853,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Pinterest

In other Pinterest news, insider Malik Ducard sold 2,293 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $22.06, for a total value of $50,583.58. Following the sale, the insider owned 695,187 shares in the company, valued at $15,335,825.22. This trade represents a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 22,821 shares of Pinterest stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $25.86, for a total value of $590,151.06. Following the sale, the chief financial officer owned 540,358 shares of the company’s stock, valued at approximately $13,973,657.88. This trade represents a 4.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 33,407 shares of company stock worth $855,925. Company insiders own 7.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PINS shares. Wedbush reduced their price objective on Pinterest from $30.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, February 13th. Guggenheim reduced their price target on shares of Pinterest from $38.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, February 13th. Oppenheimer decreased their price target on shares of Pinterest from $36.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, February 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Pinterest in a research note on Monday, December 29th. Finally, Piper Sandler restated a “neutral” rating and issued a $21.00 target price (down from $33.00) on shares of Pinterest in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eighteen have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $25.87.

View Our Latest Research Report on PINS

Pinterest Trading Up 1.4%

Shares of PINS opened at $17.81 on Friday. The company’s fifty day simple moving average is $22.92 and its 200-day simple moving average is $28.64. The company has a market cap of $11.85 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.24 and a beta of 0.92. Pinterest, Inc. has a twelve month low of $13.84 and a twelve month high of $39.93.

Pinterest (NYSE:PINS – Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.01). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Pinterest had a net margin of 9.87% and a return on equity of 7.95%. The business’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.56 earnings per share. Analysts predict that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Pinterest Company Profile

(Free Report)

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.

See Also

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