NewEdge Wealth LLC Sells 55,886 Shares of Pinterest, Inc. $PINS

NewEdge Wealth LLC cut its stake in Pinterest, Inc. (NYSE:PINS) by 19.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 230,792 shares of the company’s stock after selling 55,886 shares during the quarter. NewEdge Wealth LLC’s holdings in Pinterest were worth $7,425,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Norges Bank bought a new position in shares of Pinterest in the second quarter worth $477,853,000. Balyasny Asset Management L.P. grew its stake in Pinterest by 1,138.8% during the second quarter. Balyasny Asset Management L.P. now owns 4,601,571 shares of the company’s stock worth $165,012,000 after buying an additional 4,230,125 shares in the last quarter. Vanguard Group Inc. increased its holdings in Pinterest by 5.3% in the 3rd quarter. Vanguard Group Inc. now owns 60,986,423 shares of the company’s stock valued at $1,961,933,000 after buying an additional 3,044,674 shares during the period. Ameriprise Financial Inc. raised its position in shares of Pinterest by 15.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 17,818,418 shares of the company’s stock valued at $638,969,000 after buying an additional 2,319,964 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Pinterest in the 2nd quarter valued at approximately $71,221,000. 88.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Pinterest

In related news, insider Malik Ducard sold 2,293 shares of Pinterest stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $22.06, for a total transaction of $50,583.58. Following the completion of the transaction, the insider owned 695,187 shares of the company’s stock, valued at $15,335,825.22. This trade represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Donnelly Julia Brau sold 22,821 shares of the business’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $25.86, for a total transaction of $590,151.06. Following the completion of the transaction, the chief financial officer owned 540,358 shares in the company, valued at approximately $13,973,657.88. The trade was a 4.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 33,407 shares of company stock valued at $855,925. 7.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Roth Mkm decreased their price objective on shares of Pinterest from $34.00 to $29.00 and set a “neutral” rating on the stock in a research note on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Pinterest in a research note on Monday, December 29th. Robert W. Baird restated a “neutral” rating and set a $20.00 price objective (down from $35.00) on shares of Pinterest in a research report on Friday, February 13th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $20.00 target price (down previously from $36.00) on shares of Pinterest in a research note on Friday, February 13th. Finally, UBS Group set a $26.00 price target on shares of Pinterest in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eighteen have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.87.

Pinterest Price Performance

Shares of PINS opened at $16.78 on Friday. The business has a 50-day moving average of $23.78 and a 200-day moving average of $29.37. The company has a market capitalization of $11.33 billion, a price-to-earnings ratio of 27.50, a price-to-earnings-growth ratio of 0.86 and a beta of 0.92. Pinterest, Inc. has a 1 year low of $13.84 and a 1 year high of $39.93.

Pinterest (NYSE:PINS) last released its earnings results on Thursday, February 12th. The company reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.01). Pinterest had a net margin of 9.87% and a return on equity of 7.95%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the company posted $0.56 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Pinterest, Inc. will post 0.6 EPS for the current year.

About Pinterest

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.