Pinterest’s (PINS) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Pinterest (NYSE:PINS) in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has a $48.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Barclays decreased their target price on shares of Pinterest from $38.00 to $36.00 and set an equal weight rating for the company in a report on Wednesday, July 31st. Wedbush decreased their price objective on shares of Pinterest from $46.00 to $37.00 and set a neutral rating for the company in a research note on Wednesday, July 31st. Wells Fargo & Company cut their target price on shares of Pinterest from $49.00 to $41.00 and set an overweight rating on the stock in a research note on Wednesday, July 31st. Wolfe Research began coverage on Pinterest in a research report on Tuesday, July 16th. They issued a peer perform rating for the company. Finally, Piper Sandler dropped their price target on Pinterest from $52.00 to $45.00 and set an overweight rating on the stock in a research report on Wednesday, July 31st. Eight analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pinterest has a consensus rating of Moderate Buy and a consensus target price of $42.50.

Pinterest Stock Performance

NYSE PINS opened at $29.31 on Thursday. Pinterest has a 1 year low of $23.59 and a 1 year high of $45.19. The business’s fifty day moving average is $34.15 and its two-hundred day moving average is $37.00. The stock has a market capitalization of $20.11 billion, a P/E ratio of 139.58, a P/E/G ratio of 3.26 and a beta of 1.00.

Pinterest (NYSE:PINS) last announced its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The company had revenue of $853.68 million for the quarter, compared to analyst estimates of $848.75 million. During the same period in the previous year, the firm earned ($0.04) earnings per share. Pinterest’s revenue for the quarter was up 20.6% compared to the same quarter last year. On average, research analysts forecast that Pinterest will post 0.39 earnings per share for the current year.

Insider Transactions at Pinterest

In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $44.38, for a total value of $1,343,826.40. Following the sale, the chief financial officer now owns 362,822 shares of the company’s stock, valued at approximately $16,102,040.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $44.38, for a total value of $1,343,826.40. Following the completion of the sale, the chief financial officer now directly owns 362,822 shares of the company’s stock, valued at approximately $16,102,040.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Andrea Acosta sold 2,564 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $45.00, for a total transaction of $115,380.00. Following the transaction, the chief accounting officer now owns 186,906 shares in the company, valued at approximately $8,410,770. The disclosure for this sale can be found here. 7.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Pinterest

A number of hedge funds have recently modified their holdings of PINS. Corient Private Wealth LLC increased its position in shares of Pinterest by 56.7% during the fourth quarter. Corient Private Wealth LLC now owns 96,380 shares of the company’s stock valued at $3,570,000 after purchasing an additional 34,876 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Pinterest by 13.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 447,148 shares of the company’s stock worth $15,598,000 after purchasing an additional 51,455 shares during the period. Contrarius Investment Management Ltd boosted its holdings in Pinterest by 300.0% during the fourth quarter. Contrarius Investment Management Ltd now owns 1,722,412 shares of the company’s stock valued at $63,798,000 after purchasing an additional 1,291,854 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in shares of Pinterest by 10.5% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 231,822 shares of the company’s stock valued at $8,586,000 after purchasing an additional 22,101 shares during the period. Finally, Deltec Asset Management LLC acquired a new position in shares of Pinterest in the 1st quarter worth approximately $6,449,000. Institutional investors own 88.81% of the company’s stock.

About Pinterest

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.