Weiss Asset Management LP Buys Shares of 40,033 Pinterest, Inc. (NYSE:PINS)

Weiss Asset Management LP bought a new position in Pinterest, Inc. (NYSE:PINS) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 40,033 shares of the company’s stock, valued at approximately $1,296,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Maverick Capital Ltd. increased its stake in Pinterest by 47.6% in the 3rd quarter. Maverick Capital Ltd. now owns 57,180 shares of the company’s stock valued at $1,851,000 after buying an additional 18,430 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Pinterest by 8.4% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,540,152 shares of the company’s stock worth $49,855,000 after acquiring an additional 119,367 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Pinterest by 4.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 844,187 shares of the company’s stock worth $27,326,000 after acquiring an additional 32,539 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Pinterest by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,252,996 shares of the company’s stock worth $137,669,000 after acquiring an additional 87,041 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS boosted its position in Pinterest by 20.3% during the third quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after purchasing an additional 68,096 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Raymond James cut their price target on Pinterest from $40.00 to $34.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Rosenblatt Securities cut their price objective on shares of Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. KeyCorp decreased their target price on shares of Pinterest from $45.00 to $39.00 and set an “overweight” rating for the company in a research report on Monday, November 11th. Royal Bank of Canada restated an “outperform” rating and set a $48.00 price target on shares of Pinterest in a report on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Pinterest in a research note on Monday, September 23rd. They issued a “buy” rating and a $43.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $41.65.

Pinterest Stock Up 2.2 %

Shares of PINS opened at $32.28 on Monday. The stock’s 50-day moving average price is $31.77 and its 200 day moving average price is $34.97. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19. The firm has a market capitalization of $21.82 billion, a price-to-earnings ratio of 107.60, a P/E/G ratio of 2.28 and a beta of 1.02.

Insider Transactions at Pinterest

In related news, CAO Andrea Acosta sold 3,845 shares of the business’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $30.88, for a total value of $118,733.60. Following the sale, the chief accounting officer now owns 158,468 shares of the company’s stock, valued at $4,893,491.84. The trade was a 2.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the completion of the sale, the director now owns 33,686 shares in the company, valued at $1,129,154.72. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,287 shares of company stock valued at $1,547,820. 7.11% of the stock is owned by corporate insiders.

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.