Oppenheimer Initiates Coverage on Pinterest (NYSE:PINS)

Oppenheimer assumed coverage on shares of Pinterest (NYSE:PINS) in a report released on Tuesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $45.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on the stock. KeyCorp cut their price objective on shares of Pinterest from $45.00 to $43.00 and set an overweight rating on the stock in a research report on Wednesday, July 31st. Cantor Fitzgerald reiterated an overweight rating and issued a $41.00 price objective on shares of Pinterest in a research note on Monday, September 23rd. Deutsche Bank Aktiengesellschaft began coverage on shares of Pinterest in a research note on Monday, September 23rd. They issued a buy rating and a $43.00 price objective for the company. UBS Group decreased their price target on shares of Pinterest from $57.00 to $52.00 and set a buy rating for the company in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group raised their price target on shares of Pinterest from $44.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 9th. Eight analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $43.25.

Pinterest Stock Down 0.7 %

NYSE PINS opened at $32.49 on Tuesday. The company has a market capitalization of $22.20 billion, a price-to-earnings ratio of 154.71, a PEG ratio of 3.40 and a beta of 1.00. The stock has a fifty day simple moving average of $31.85 and a 200 day simple moving average of $36.63. Pinterest has a twelve month low of $23.59 and a twelve month high of $45.19.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $853.68 million for the quarter, compared to analysts’ expectations of $848.75 million. Pinterest had a net margin of 5.75% and a return on equity of 6.94%. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. Research analysts expect that Pinterest will post 0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Centaurus Financial Inc. purchased a new stake in Pinterest in the second quarter worth $103,000. Sanctuary Advisors LLC purchased a new position in shares of Pinterest in the second quarter worth $3,853,000. Teachers Retirement System of The State of Kentucky lifted its stake in Pinterest by 10.4% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 271,622 shares of the company’s stock valued at $11,971,000 after acquiring an additional 25,500 shares during the period. Cetera Investment Advisers boosted its holdings in Pinterest by 8.8% in the second quarter. Cetera Investment Advisers now owns 69,122 shares of the company’s stock worth $3,046,000 after purchasing an additional 5,587 shares during the last quarter. Finally, Truist Financial Corp boosted its position in Pinterest by 4.1% in the second quarter. Truist Financial Corp now owns 84,638 shares of the company’s stock worth $3,730,000 after purchasing an additional 3,327 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

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.