Fred Alger Management LLC Sells 289,310 Shares of Pinterest, Inc. (NYSE:PINS)

Fred Alger Management LLC lessened its position in shares of Pinterest, Inc. (NYSE:PINS) by 5.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,272,979 shares of the company’s stock after selling 289,310 shares during the period. Pinterest makes up about 0.8% of Fred Alger Management LLC’s portfolio, making the stock its 23rd largest holding. Fred Alger Management LLC owned approximately 0.77% of Pinterest worth $170,686,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Tidal Investments LLC grew its position in Pinterest by 38.2% in the first quarter. Tidal Investments LLC now owns 62,374 shares of the company’s stock valued at $2,163,000 after acquiring an additional 17,241 shares during the last quarter. Comerica Bank boosted its stake in shares of Pinterest by 5.4% in the 1st quarter. Comerica Bank now owns 49,865 shares of the company’s stock valued at $1,729,000 after purchasing an additional 2,561 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in shares of Pinterest in the 1st quarter valued at approximately $722,000. Virtu Financial LLC grew its stake in shares of Pinterest by 93.7% during the first quarter. Virtu Financial LLC now owns 11,099 shares of the company’s stock worth $385,000 after buying an additional 5,368 shares during the last quarter. Finally, Swedbank AB bought a new stake in Pinterest during the 1st quarter worth $1,714,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 price target on shares of Pinterest in a research report on Thursday, September 12th. Benchmark reaffirmed a “hold” rating on shares of Pinterest in a research report on Friday, November 8th. Oppenheimer cut their price target on Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. KeyCorp reduced their target price on shares of Pinterest from $45.00 to $39.00 and set an “overweight” rating for the company in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. reduced their target price on Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.63.

Insiders Place Their Bets

In related news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $29.73, for a total value of $34,189.50. Following the completion of the transaction, the director now owns 32,536 shares in the company, valued at $967,295.28. The trade was a 3.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the sale, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,580 shares of company stock valued at $1,063,499 over the last 90 days. 7.11% of the stock is owned by company insiders.

Pinterest Price Performance

PINS opened at $30.32 on Friday. The company’s 50 day simple moving average is $31.80 and its two-hundred day simple moving average is $35.52. The firm has a market capitalization of $20.49 billion, a price-to-earnings ratio of 101.07, a price-to-earnings-growth ratio of 2.17 and a beta of 1.02. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19.

Pinterest 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.