Pinterest (NYSE:PINS) Given New $34.00 Price Target at Benchmark

by · The Cerbat Gem

Pinterest (NYSE:PINS – Get Free Report) had its target price reduced by Benchmark from $39.00 to $34.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s price target would indicate a potential upside of 77.25% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Cantor Fitzgerald decreased their price target on Pinterest from $40.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. KeyCorp decreased their target price on shares of Pinterest from $40.00 to $35.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 3rd. Piper Sandler reiterated a “neutral” rating and set a $33.00 price target (down from $35.00) on shares of Pinterest in a research report on Wednesday, November 5th. Morgan Stanley upped their price objective on shares of Pinterest from $32.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Pinterest from $44.00 to $36.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Pinterest presently has an average rating of “Moderate Buy” and a consensus target price of $36.78.

Check Out Our Latest Research Report on Pinterest

Pinterest Stock Down 5.6%

Shares of NYSE PINS traded down $1.15 during midday trading on Wednesday, hitting $19.18. The stock had a trading volume of 4,410,909 shares, compared to its average volume of 14,594,518. Pinterest has a 1 year low of $19.05 and a 1 year high of $39.93. The stock has a 50 day simple moving average of $25.25 and a 200-day simple moving average of $30.30. The company has a market capitalization of $12.96 billion, a PE ratio of 6.66, a P/E/G ratio of 0.88 and a beta of 0.92.

Insider Buying and Selling at Pinterest

In other Pinterest news, insider Malik Ducard sold 6,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $25.86, for a total value of $155,160.00. Following the sale, the insider directly owned 699,773 shares in the company, valued at $18,096,129.78. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 22,821 shares of the stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $25.86, for a total value of $590,151.06. Following the completion of the transaction, the chief financial officer owned 540,358 shares in the company, valued at approximately $13,973,657.88. The trade was a 4.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,407 shares of company stock valued at $855,925 over the last three months. 7.11% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Pinterest

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Syon Capital LLC acquired a new stake in Pinterest during the 4th quarter worth $291,000. Havemeyer Place LP purchased a new position in shares of Pinterest during the fourth quarter worth about $1,228,000. Pinebridge Investments LLC acquired a new position in Pinterest in the 4th quarter valued at about $1,652,000. PBU The Pension Fund of Early Childhood & Youth Educators purchased a new stake in Pinterest during the 4th quarter valued at approximately $5,615,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Pinterest by 1.8% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 139,690 shares of the company’s stock worth $3,617,000 after acquiring an additional 2,500 shares during the period. 88.81% of the stock is owned by institutional investors and hedge funds.

About Pinterest

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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.

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