Pinterest (NYSE:PINS) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Pinterest (NYSE:PINS) posted its quarterly earnings results on Tuesday. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01, Briefing.com reports. The business had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. Pinterest had a net margin of 5.75% and a return on equity of 7.04%. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.04) EPS. Pinterest updated its Q3 2024 guidance to EPS.

Pinterest Price Performance

NYSE PINS traded down $0.06 during mid-day trading on Thursday, reaching $31.89. 3,689,121 shares of the stock were exchanged, compared to its average volume of 9,457,509. Pinterest has a one year low of $23.59 and a one year high of $45.19. The stock has a 50 day simple moving average of $41.92 and a 200-day simple moving average of $38.49. The stock has a market cap of $21.79 billion, a P/E ratio of 152.10, a P/E/G ratio of 3.64 and a beta of 0.97.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PINS. Susquehanna reduced their price target on shares of Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a research report on Wednesday. BMO Capital Markets increased their price target on shares of Pinterest from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Raymond James reduced their price target on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wells Fargo & Company cut their target price on shares of Pinterest from $49.00 to $41.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Wolfe Research assumed coverage on shares of Pinterest in a research report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Nine 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, the company has an average rating of “Moderate Buy” and an average target price of $42.07.

Insider Buying and Selling

In related news, insider Wanjiku Juanita Walcott sold 11,627 shares of Pinterest stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total transaction of $481,590.34. Following the completion of the transaction, the insider now owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of Pinterest stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $41.42, for a total value of $481,590.34. Following the completion of the sale, the insider now directly owns 307,256 shares of the company’s stock, valued at $12,726,543.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gokul Rajaram sold 1,934 shares of Pinterest stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $42.25, for a total transaction of $81,711.50. Following the completion of the sale, the director now directly owns 29,712 shares of the company’s stock, valued at $1,255,332. The disclosure for this sale can be found here. Insiders sold 50,250 shares of company stock valued at $2,191,304 over the last quarter. 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.