Capital Group Investment Management PTE. LTD. Sells 68,836 Shares of Pinterest, Inc. (NYSE:PINS)

Capital Group Investment Management PTE. LTD. reduced its stake in Pinterest, Inc. (NYSE:PINS) by 81.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,889 shares of the company’s stock after selling 68,836 shares during the quarter. Capital Group Investment Management PTE. LTD.’s holdings in Pinterest were worth $551,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Pinterest in the fourth quarter worth $241,229,000. Wellington Management Group LLP grew its holdings in shares of 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 acquiring an additional 5,524,796 shares during the period. Bank of New York Mellon Corp increased its holdings in Pinterest by 128.2% during the first quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after buying an additional 3,134,776 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Pinterest by 34.0% in the fourth quarter. Franklin Resources Inc. now owns 10,036,837 shares of the company’s stock worth $371,764,000 after buying an additional 2,548,925 shares during the period. Finally, Contour Asset Management LLC boosted its holdings in Pinterest by 79.5% in the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock worth $169,242,000 after buying an additional 2,023,500 shares during the period. Institutional investors own 88.81% of the company’s stock.

Analyst Ratings Changes

PINS has been the subject of a number of analyst reports. Morgan Stanley increased their price target on shares of Pinterest from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday. Piper Sandler reiterated an “overweight” rating and issued a $52.00 price target on shares of Pinterest in a research note on Friday, June 14th. BMO Capital Markets increased their price target on shares of Pinterest from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. Sanford C. Bernstein boosted their target price on shares of Pinterest from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Wednesday, May 1st. Finally, Wedbush reiterated a “neutral” rating and issued a $46.00 target price on shares of Pinterest in a research report on Wednesday. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $42.60.

Pinterest Trading Down 0.8 %

Pinterest stock traded down $0.32 during midday trading on Friday, reaching $37.56. The stock had a trading volume of 10,960,464 shares, compared to its average volume of 9,194,680. The company has a market capitalization of $25.66 billion, a P/E ratio of 180.29, a PEG ratio of 3.79 and a beta of 0.97. Pinterest, Inc. has a 12 month low of $23.59 and a 12 month high of $45.19. The company has a fifty day moving average price of $42.40 and a two-hundred day moving average price of $38.53.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The business had revenue of $739.98 million for the quarter, compared to analysts’ expectations of $699.96 million. On average, equities research analysts predict that Pinterest, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $44.38, for a total transaction of $1,343,826.40. Following the completion of the transaction, the chief financial officer now owns 362,822 shares of the company’s stock, valued at $16,102,040.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $44.38, for a total transaction of $1,343,826.40. Following the sale, the chief financial officer now directly owns 362,822 shares in the company, valued at approximately $16,102,040.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,627 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total transaction of $481,590.34. Following the transaction, the insider now owns 307,256 shares of the company’s stock, valued at approximately $12,726,543.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,250 shares of company stock valued at $2,191,304. 7.11% of the stock is currently owned by company insiders.

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.