Pinterest (NYSE:PINS) Issues Quarterly Earnings Results

Pinterest (NYSE:PINS) released its quarterly earnings results on Tuesday. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01, Briefing.com reports. The business had revenue of $853.68 million during the quarter, compared to analysts’ expectations of $848.75 million. Pinterest had a return on equity of 5.93% and a net margin of 4.64%. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) EPS. Pinterest updated its Q3 2024 guidance to EPS.

Pinterest Stock Down 12.0 %

Shares of PINS traded down $4.48 during mid-day trading on Wednesday, reaching $32.87. The company had a trading volume of 13,774,967 shares, compared to its average volume of 9,325,163. Pinterest has a 52-week low of $23.59 and a 52-week high of $45.19. The stock has a market capitalization of $22.46 billion, a P/E ratio of 161.29, a PEG ratio of 3.65 and a beta of 0.97. The stock has a 50 day moving average of $42.11 and a two-hundred day moving average of $38.53.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PINS shares. Citigroup dropped their target price on Pinterest from $51.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday. BMO Capital Markets boosted their price target on Pinterest from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Susquehanna reduced their price target on Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a research report on Wednesday. KeyCorp reduced their price target on Pinterest from $45.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $48.00 price target (up from $45.00) on shares of Pinterest in a research report on Wednesday, May 1st. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Pinterest currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Insider Transactions at Pinterest

In other news, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the sale, the director now owns 29,712 shares in the company, valued at $1,255,332. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value 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 approximately $16,102,040.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $42.25, for a total value of $81,711.50. Following the completion of the transaction, the director now directly owns 29,712 shares of the company’s stock, valued at approximately $1,255,332. The disclosure for this sale can be found here. Insiders have sold 50,250 shares of company stock worth $2,191,304 over the last quarter. 7.11% of the stock is currently owned by insiders.

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.