Norges Bank Invests $241.23 Million in Pinterest, Inc. (NYSE:PINS)

Norges Bank acquired a new position in Pinterest, Inc. (NYSE:PINS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,512,655 shares of the company’s stock, valued at approximately $241,229,000. Norges Bank owned about 0.97% of Pinterest as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in PINS. GAMMA Investing LLC purchased a new stake in shares of Pinterest in the 4th quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new stake in shares of Pinterest in the 4th quarter valued at approximately $30,000. Washington Trust Advisors Inc. increased its position in shares of Pinterest by 46.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock valued at $38,000 after purchasing an additional 326 shares during the last quarter. Clear Street Markets LLC purchased a new position in shares of Pinterest in the 3rd quarter valued at $41,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Pinterest in the 4th quarter valued at $43,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Pinterest Trading Down 2.7 %

NYSE:PINS opened at $41.51 on Wednesday. The company has a market capitalization of $28.36 billion, a P/E ratio of 197.68, a price-to-earnings-growth ratio of 4.25 and a beta of 0.99. Pinterest, Inc. has a twelve month low of $22.63 and a twelve month high of $43.12. The firm has a 50-day moving average price of $36.22 and a two-hundred day moving average price of $35.80.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. The firm had revenue of $739.98 million for the quarter, compared to analysts’ expectations of $699.96 million. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. On average, equities research analysts predict that Pinterest, Inc. will post 0.43 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on PINS shares. Roth Mkm increased their target price on shares of Pinterest from $38.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Citigroup increased their target price on shares of Pinterest from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Benchmark reaffirmed a “hold” rating on shares of Pinterest in a research report on Wednesday, May 1st. Wedbush increased their target price on shares of Pinterest from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Sanford C. Bernstein increased their target price on shares of Pinterest from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Wednesday, May 1st. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.26.

Insider Buying and Selling

In other Pinterest news, CFO Donnelly Julia Brau sold 65,972 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $34.42, for a total transaction of $2,270,756.24. Following the sale, the chief financial officer now directly owns 392,829 shares of the company’s stock, valued at $13,521,174.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Donnelly Julia Brau sold 65,972 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $34.42, for a total value of $2,270,756.24. Following the completion of the transaction, the chief financial officer now owns 392,829 shares in the company, valued at approximately $13,521,174.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sabrina Ellis sold 24,410 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total transaction of $866,310.90. Following the completion of the transaction, the insider now owns 500,504 shares of the company’s stock, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 166,405 shares of company stock worth $5,855,142. Insiders own 7.11% 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.