Pinterest (NYSE:PINS) Price Target Cut to $48.00 by Analysts at Evercore ISI

Pinterest (NYSE:PINS) had its price objective decreased by Evercore ISI from $50.00 to $48.00 in a research report report published on Wednesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

PINS has been the subject of several other research reports. Barclays dropped their price target on shares of Pinterest from $38.00 to $36.00 and set an equal weight rating for the company in a research note on Wednesday. Stifel Nicolaus decreased their price objective on shares of Pinterest from $46.00 to $45.00 and set a buy rating for the company in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Pinterest from $44.00 to $38.00 and set a neutral rating for the company in a research report on Wednesday. Piper Sandler reduced their price target on shares of Pinterest from $52.00 to $45.00 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 on shares of Pinterest in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $42.71.

Pinterest Price Performance

Shares of NYSE PINS opened at $29.10 on Wednesday. The company has a 50 day simple moving average of $41.47 and a 200-day simple moving average of $38.39. The company has a market capitalization of $19.88 billion, a P/E ratio of 138.58, a P/E/G ratio of 3.13 and a beta of 0.97. Pinterest has a 1 year low of $23.59 and a 1 year high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Pinterest had a net margin of 5.75% and a return on equity of 6.94%. The business had revenue of $853.68 million during the quarter, compared to the consensus estimate of $848.75 million. During the same quarter last year, the firm earned ($0.04) EPS. The business’s revenue was up 20.6% compared to the same quarter last year. As a group, research analysts expect that Pinterest will post 0.44 EPS for the current year.

Insiders Place Their Bets

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the company’s stock in a transaction dated 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 directly owns 307,256 shares in the company, valued at $12,726,543.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the company’s stock in a transaction dated 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 directly owns 307,256 shares in the company, valued at $12,726,543.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $43.90, for a total transaction of $168,795.50. Following the transaction, the chief accounting officer now owns 189,470 shares in the company, valued at $8,317,733. The disclosure for this sale can be found here. Over the last three months, insiders have sold 50,250 shares of company stock worth $2,191,304. 7.11% of the stock is owned by company insiders.

Institutional Trading of Pinterest

Several institutional investors and hedge funds have recently modified their holdings of the business. Hohimer Wealth Management LLC purchased a new stake in shares of Pinterest in the second quarter valued at about $1,049,000. Midland Wealth Advisors LLC purchased a new stake in shares of Pinterest in the second quarter valued at about $353,000. Generate Investment Management Ltd purchased a new stake in shares of Pinterest in the second quarter valued at about $11,001,000. Rhumbline Advisers lifted its holdings in shares of Pinterest by 8.2% in the second quarter. Rhumbline Advisers now owns 929,561 shares of the company’s stock valued at $40,966,000 after purchasing an additional 70,201 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of Pinterest by 6.4% in the second quarter. CIBC Asset Management Inc now owns 20,152 shares of the company’s stock valued at $888,000 after purchasing an additional 1,212 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

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.