Pinterest (NYSE:PINS) Cut to “Neutral” at Piper Sandler

Piper Sandler lowered shares of Pinterest (NYSE:PINS) from an overweight rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. Piper Sandler currently has $36.00 price objective on the stock, down from their previous price objective of $41.00.

PINS has been the topic of several other research reports. KeyCorp dropped their target price on shares of Pinterest from $45.00 to $39.00 and set an “overweight” rating on the stock in a research report on Monday, November 11th. JPMorgan Chase & Co. lowered their price target 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. Wedbush upgraded shares of Pinterest from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Benchmark restated a “hold” rating on shares of Pinterest in a research report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Pinterest in a research report on Monday, September 23rd. They set a “buy” rating and a $43.00 price target on the stock. Eight research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $41.46.

Pinterest Stock Down 3.7 %

Shares of NYSE PINS opened at $31.83 on Tuesday. The company’s 50-day simple moving average is $31.77 and its 200-day simple moving average is $34.84. Pinterest has a 52-week low of $27.00 and a 52-week high of $45.19. The firm has a market cap of $21.51 billion, a price-to-earnings ratio of 106.10, a price-to-earnings-growth ratio of 2.28 and a beta of 1.02.

Insider Activity

In related news, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the sale, the director now directly owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 3.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total transaction of $365,586.84. Following the sale, the insider now directly owns 246,921 shares in the company, valued at approximately $7,610,105.22. The trade was a 4.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,287 shares of company stock valued at $1,547,820. Company insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its holdings in Pinterest by 5.2% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 6,329 shares of the company’s stock worth $205,000 after acquiring an additional 313 shares in the last quarter. Raymond James Trust N.A. grew its holdings in Pinterest by 1.1% during the 2nd quarter. Raymond James Trust N.A. now owns 30,012 shares of the company’s stock worth $1,323,000 after acquiring an additional 319 shares in the last quarter. Hantz Financial Services Inc. grew its holdings in Pinterest by 3.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 9,380 shares of the company’s stock worth $304,000 after acquiring an additional 339 shares in the last quarter. Leibman Financial Services Inc. grew its holdings in Pinterest by 1.2% during the 3rd quarter. Leibman Financial Services Inc. now owns 31,758 shares of the company’s stock worth $1,028,000 after acquiring an additional 368 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in Pinterest by 0.7% during the 2nd quarter. Toronto Dominion Bank now owns 56,961 shares of the company’s stock worth $2,510,000 after acquiring an additional 372 shares in the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest Company 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.