Concentric Capital Strategies LP Sells 24,603 Shares of Pinterest, Inc. (NYSE:PINS)

Concentric Capital Strategies LP cut its position in Pinterest, Inc. (NYSE:PINS) by 10.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 217,750 shares of the company’s stock after selling 24,603 shares during the period. Concentric Capital Strategies LP’s holdings in Pinterest were worth $7,049,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PINS. Comerica Bank raised its holdings in shares of Pinterest by 5.4% during the first quarter. Comerica Bank now owns 49,865 shares of the company’s stock worth $1,729,000 after acquiring an additional 2,561 shares during the period. Swedbank AB acquired a new position in shares of Pinterest during the 1st quarter worth approximately $1,714,000. Cetera Investment Advisers raised its position in shares of Pinterest by 103.4% in the first quarter. Cetera Investment Advisers now owns 63,535 shares of the company’s stock valued at $2,203,000 after purchasing an additional 32,305 shares during the period. Cetera Advisors LLC acquired a new stake in Pinterest during the first quarter worth approximately $1,175,000. Finally, GAMMA Investing LLC lifted its holdings in Pinterest by 113.4% during the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock worth $34,000 after purchasing an additional 405 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Wall Street Analysts Forecast Growth

PINS has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Roth Mkm reduced their price target on Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Rosenblatt Securities dropped their price objective on Pinterest from $48.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and set a $48.00 target price on shares of Pinterest in a report 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 note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.65.

Pinterest Stock Performance

Shares of PINS stock opened at $30.32 on Monday. The stock has a market capitalization of $20.49 billion, a P/E ratio of 101.07, a P/E/G ratio of 2.17 and a beta of 1.02. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19. The firm’s 50 day moving average is $31.80 and its 200 day moving average is $35.35.

Insiders Place Their Bets

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 297,351 shares of the company’s stock, valued at $9,729,324.72. This represents a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was 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 of the company’s stock, valued at $967,295.28. The trade was a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,287 shares of company stock valued at $1,547,820. Insiders own 7.11% of the company’s stock.

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.