Fred Alger Management LLC Has $41.90 Million Position in Pinterest, Inc. $PINS

Fred Alger Management LLC reduced its stake in shares of Pinterest, Inc. (NYSE:PINS) by 51.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,302,470 shares of the company’s stock after selling 1,394,611 shares during the period. Fred Alger Management LLC owned 0.19% of Pinterest worth $41,900,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in Pinterest in the second quarter valued at about $477,853,000. Balyasny Asset Management L.P. raised its stake in shares of Pinterest by 1,138.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 4,601,571 shares of the company’s stock worth $165,012,000 after purchasing an additional 4,230,125 shares in the last quarter. Man Group plc raised its stake in shares of Pinterest by 185.7% during the 3rd quarter. Man Group plc now owns 4,983,427 shares of the company’s stock worth $160,317,000 after purchasing an additional 3,239,222 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Pinterest by 18.5% during the 3rd quarter. Victory Capital Management Inc. now owns 20,550,242 shares of the company’s stock valued at $685,899,000 after buying an additional 3,213,241 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Pinterest by 5.3% during 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 last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Donnelly Julia Brau sold 22,821 shares of the business’s stock in a transaction dated Wednesday, December 24th. The stock was 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 of the company’s stock, valued at approximately $13,973,657.88. The trade was a 4.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Malik Ducard sold 6,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $25.86, for a total value of $155,160.00. Following the sale, the insider owned 699,773 shares of the company’s stock, valued at approximately $18,096,129.78. The trade was a 0.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,457 shares of company stock valued at $876,925 in the last three months. 7.11% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PINS has been the topic of a number of research reports. Evercore set a $25.00 price objective on Pinterest and gave the stock an “in-line” rating in a report on Friday, February 13th. BMO Capital Markets set a $28.00 target price on shares of Pinterest and gave the company an “outperform” rating in a research note on Friday, February 13th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $20.00 target price (down from $36.00) on shares of Pinterest in a research report on Friday, February 13th. Zacks Research upgraded shares of Pinterest from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Finally, Benchmark cut their price target on shares of Pinterest from $39.00 to $34.00 and set a “buy” rating on the stock in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nineteen have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.87.

Pinterest Price Performance

Shares of PINS opened at $18.20 on Monday. The company has a market capitalization of $12.11 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 1.21 and a beta of 0.93. Pinterest, Inc. has a one year low of $13.84 and a one year high of $39.93. The company’s fifty day moving average price is $21.34 and its 200 day moving average price is $27.25.

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

Pinterest Company Profile

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.