Cinctive Capital Management LP Invests $6.34 Million in Pinterest, Inc. (NYSE:PINS)

Cinctive Capital Management LP purchased a new stake in Pinterest, Inc. (NYSE:PINS) during the third quarter, Holdings Channel reports. The institutional investor purchased 195,967 shares of the company’s stock, valued at approximately $6,343,000.

A number of other large investors also recently added to or reduced their stakes in PINS. Massachusetts Financial Services Co. MA increased its stake in shares of Pinterest by 4.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 844,187 shares of the company’s stock worth $27,326,000 after purchasing an additional 32,539 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Pinterest by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,252,996 shares of the company’s stock worth $137,669,000 after buying an additional 87,041 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its holdings in shares of Pinterest by 20.3% during the third quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after acquiring an additional 68,096 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Pinterest by 8.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock valued at $192,423,000 after acquiring an additional 460,708 shares in the last quarter. Finally, GDS Wealth Management acquired a new stake in shares of Pinterest in the third quarter worth approximately $2,517,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Pinterest Price Performance

NYSE:PINS opened at $30.32 on Monday. Pinterest, Inc. has a 52 week low of $27.00 and a 52 week high of $45.19. The stock’s fifty day moving average is $31.80 and its two-hundred day moving average is $35.35. The stock 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.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the transaction, the chief financial officer now owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was a 9.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Andrea Acosta sold 3,845 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total transaction of $118,733.60. Following the completion of the transaction, the chief accounting officer now directly owns 158,468 shares of the company’s stock, valued at $4,893,491.84. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,287 shares of company stock worth $1,547,820. 7.11% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. TD Cowen initiated coverage on Pinterest in a research note on Tuesday, November 26th. They issued a “buy” rating and a $38.00 price objective for the company. Robert W. Baird decreased their price target on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Piper Sandler reaffirmed an “overweight” rating and set a $41.00 price objective (down previously from $45.00) on shares of Pinterest in a research note on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $48.00 target price on shares of Pinterest in a research note on Thursday, September 12th. Finally, UBS Group dropped their price target on Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $41.65.

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.