Wells Fargo & Company Cuts Pinterest (NYSE:PINS) Price Target to $39.00

Pinterest (NYSE:PINS) had its price objective cut by equities researchers at Wells Fargo & Company from $40.00 to $39.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 30.92% from the company’s previous close.

PINS has been the subject of a number of other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $48.00 target price on shares of Pinterest in a research note on Tuesday, December 10th. Jefferies Financial Group reiterated a “hold” rating and set a $32.00 price objective (down previously from $40.00) on shares of Pinterest in a research note on Monday. Oppenheimer cut their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Raymond James lowered their price target on Pinterest from $40.00 to $34.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Finally, Wedbush raised shares of Pinterest from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 11th. Nine analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Pinterest has a consensus rating of “Moderate Buy” and a consensus price target of $40.86.

Pinterest Price Performance

NYSE:PINS opened at $29.79 on Monday. Pinterest has a 1-year low of $27.00 and a 1-year high of $45.19. The company has a market capitalization of $20.13 billion, a PE ratio of 99.30, a P/E/G ratio of 2.17 and a beta of 1.04. The firm’s 50-day moving average price is $30.52 and its 200-day moving average price is $32.60.

Insider Activity

In related news, insider Wanjiku Juanita Walcott sold 11,862 shares of Pinterest stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $30.82, for a total transaction of $365,586.84. Following the transaction, the insider now owns 246,921 shares in the company, valued at approximately $7,610,105.22. The trade was a 4.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Andrea Acosta sold 3,845 shares of the 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 completion of 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 disclosure for this sale can be found here. Insiders have sold a total of 18,007 shares of company stock valued at $554,137 in the last ninety days. Corporate insiders own 7.11% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PINS. Brown Shipley& Co Ltd bought a new stake in shares of Pinterest during the second quarter valued at approximately $25,000. GAMMA Investing LLC grew its stake in Pinterest by 63.5% during the fourth quarter. GAMMA Investing LLC now owns 1,069 shares of the company’s stock valued at $31,000 after acquiring an additional 415 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Pinterest during the third quarter valued at $37,000. Crewe Advisors LLC increased its holdings in Pinterest by 91.1% in the 3rd quarter. Crewe Advisors LLC now owns 1,154 shares of the company’s stock valued at $37,000 after acquiring an additional 550 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Pinterest in the 2nd quarter worth $52,000. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.