Ontario Teachers Pension Plan Board Purchases 2,996,750 Shares of Pinterest, Inc. (NYSE:PINS)

Ontario Teachers Pension Plan Board lifted its holdings in Pinterest, Inc. (NYSE:PINS) by 51.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,812,117 shares of the company’s stock after purchasing an additional 2,996,750 shares during the quarter. Pinterest accounts for approximately 2.4% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 17th largest position. Ontario Teachers Pension Plan Board’s holdings in Pinterest were worth $285,248,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PINS. Kornitzer Capital Management Inc. KS lifted its stake in shares of Pinterest by 20.3% in the 3rd 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. Sumitomo Mitsui Trust Group Inc. boosted its stake in Pinterest by 8.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock worth $192,423,000 after buying an additional 460,708 shares during the period. GDS Wealth Management bought a new position in Pinterest during the third quarter valued at $2,517,000. TimesSquare Capital Management LLC raised its stake in shares of Pinterest by 16.2% in the third quarter. TimesSquare Capital Management LLC now owns 1,963,645 shares of the company’s stock valued at $63,563,000 after acquiring an additional 273,855 shares during the period. Finally, Artemis Investment Management LLP bought a new stake in shares of Pinterest in the 2nd quarter worth about $5,045,000. Institutional investors own 88.81% of the company’s stock.

Pinterest Stock Up 2.4 %

PINS opened at $29.70 on Wednesday. The firm has a market capitalization of $20.07 billion, a P/E ratio of 99.00, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02. Pinterest, Inc. has a 12-month low of $27.00 and a 12-month high of $45.19. The stock’s 50 day moving average price is $31.70 and its two-hundred day moving average price is $36.10.

Analysts Set New Price Targets

Several brokerages recently commented on PINS. Roth Mkm cut their price target on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Susquehanna reduced their target price on shares of Pinterest from $50.00 to $45.00 and set a “positive” rating on the stock in a research report on Wednesday, July 31st. Wedbush raised Pinterest from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Morgan Stanley boosted their price objective on shares of Pinterest from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $48.00 target price on shares of Pinterest in a research note on Thursday, September 12th. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Activity

In related news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction dated 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 transaction, the director now owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 3.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $32.72, for a total value of $990,761.60. Following the sale, the chief financial officer now directly owns 297,351 shares in the company, valued at $9,729,324.72. The trade was a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.11% of the stock is owned by company insiders.

Pinterest 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.