Pinterest (NYSE:PINS) Price Target Raised to $49.00

Pinterest (NYSE:PINS) had its price target hoisted by stock analysts at Wells Fargo & Company from $48.00 to $49.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 10.36% from the stock’s previous close.

PINS has been the topic of several other reports. Benchmark restated a “hold” rating on shares of Pinterest in a research note on Wednesday, May 1st. Piper Sandler reissued an “overweight” rating and issued a $52.00 price objective on shares of Pinterest in a report on Friday, June 14th. Royal Bank of Canada lifted their target price on Pinterest from $48.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Wedbush lifted their target price on Pinterest from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Finally, KeyCorp dropped their price target on Pinterest from $48.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, April 24th. Eight analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.37.

Pinterest Stock Performance

NYSE:PINS opened at $44.40 on Tuesday. The company has a market capitalization of $30.33 billion, a PE ratio of 211.43, a P/E/G ratio of 4.41 and a beta of 0.97. The company has a 50 day simple moving average of $40.77 and a two-hundred day simple moving average of $37.79. Pinterest has a fifty-two week low of $23.59 and a fifty-two week high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.05. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. The company had revenue of $739.98 million during the quarter, compared to the consensus estimate of $699.96 million. Research analysts predict that Pinterest will post 0.44 EPS for the current year.

Insiders Place Their Bets

In other Pinterest news, insider Wanjiku Juanita Walcott sold 11,627 shares of the stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total value of $481,590.34. Following the completion of the transaction, the insider now owns 307,256 shares in the company, valued at $12,726,543.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider Wanjiku Juanita Walcott sold 11,627 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $41.42, for a total transaction of $481,590.34. Following the completion of the transaction, the insider now directly owns 307,256 shares in the company, valued at $12,726,543.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Andrea Acosta sold 2,564 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $45.00, for a total value of $115,380.00. Following the transaction, the chief accounting officer now owns 186,906 shares of the company’s stock, valued at $8,410,770. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,904 shares of company stock worth $1,613,557. 7.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Pinterest

Several institutional investors have recently modified their holdings of PINS. GAMMA Investing LLC purchased a new position in Pinterest in the fourth quarter worth about $27,000. Rakuten Securities Inc. bought a new stake in Pinterest in the 4th quarter worth approximately $30,000. Washington Trust Advisors Inc. increased its stake in Pinterest by 46.0% in the 4th quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock worth $38,000 after acquiring an additional 326 shares during the last quarter. Quent Capital LLC increased its stake in Pinterest by 71.2% in the 1st quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock worth $38,000 after acquiring an additional 460 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Pinterest in the 4th quarter worth approximately $43,000. 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.