Wedbush Lowers Pinterest (NYSE:PINS) Price Target to $34.00

Pinterest (NYSE:PINS) had its price objective lowered by analysts at Wedbush from $44.00 to $34.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective indicates a potential upside of 29.15% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus raised their target price on shares of Pinterest from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, August 8th. KeyCorp raised their price objective on Pinterest from $40.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. BMO Capital Markets dropped their target price on Pinterest from $41.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday. Benchmark cut their target price on Pinterest from $48.00 to $39.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Wall Street Zen lowered Pinterest from a “buy” rating to a “hold” rating in a research report on Saturday, October 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Pinterest presently has an average rating of “Moderate Buy” and an average target price of $39.23.

Pinterest Trading Up 2.2%

Shares of PINS stock opened at $26.33 on Wednesday. The company’s fifty day moving average price is $33.78 and its 200-day moving average price is $33.77. The stock has a market cap of $17.90 billion, a PE ratio of 9.14, a price-to-earnings-growth ratio of 1.32 and a beta of 0.96. Pinterest has a 12 month low of $23.68 and a 12 month high of $40.90.

Pinterest (NYSE:PINS) last issued its quarterly earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share (EPS) for the quarter. Pinterest had a net margin of 48.99% and a return on equity of 8.20%. The company had revenue of $665.93 million during the quarter. On average, sell-side analysts forecast that Pinterest will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Benjamin Silbermann sold 102,083 shares of Pinterest stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $34.86, for a total value of $3,558,613.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $35.00, for a total value of $40,250.00. Following the completion of the transaction, the director directly owned 30,600 shares of the company’s stock, valued at approximately $1,071,000. This trade represents a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 640,236 shares of company stock valued at $22,878,326. 7.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Revolve Wealth Partners LLC bought a new stake in Pinterest in the 4th quarter worth approximately $252,000. GAMMA Investing LLC boosted its stake in shares of Pinterest by 107.3% in the 1st quarter. GAMMA Investing LLC now owns 2,216 shares of the company’s stock worth $69,000 after buying an additional 1,147 shares during the last quarter. Capital Investment Advisory Services LLC purchased a new position in shares of Pinterest in the 1st quarter worth $200,000. Concurrent Investment Advisors LLC bought a new stake in shares of Pinterest in the first quarter worth $261,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Pinterest by 8.5% in the first quarter. Envestnet Asset Management Inc. now owns 670,132 shares of the company’s stock worth $20,774,000 after acquiring an additional 52,563 shares during the period. Institutional investors 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.