Principal Financial Group Inc. Sells 94,225 Shares of Pinterest, Inc. (NYSE:PINS)

Principal Financial Group Inc. trimmed its position in shares of Pinterest, Inc. (NYSE:PINS) by 33.0% during the third quarter, HoldingsChannel reports. The firm owned 191,579 shares of the company’s stock after selling 94,225 shares during the quarter. Principal Financial Group Inc.’s holdings in Pinterest were worth $6,201,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Radnor Capital Management LLC increased its stake in Pinterest by 1.7% in the 3rd quarter. Radnor Capital Management LLC now owns 33,680 shares of the company’s stock valued at $1,090,000 after buying an additional 560 shares during the last quarter. United Advisor Group LLC boosted its stake in Pinterest by 240.5% in the 3rd quarter. United Advisor Group LLC now owns 16,329 shares of the company’s stock valued at $529,000 after purchasing an additional 11,534 shares during the period. Greenwood Capital Associates LLC grew its stake in shares of Pinterest by 9.5% in the third quarter. Greenwood Capital Associates LLC now owns 153,940 shares of the company’s stock valued at $4,983,000 after acquiring an additional 13,323 shares in the last quarter. Impax Asset Management Group plc grew its position in Pinterest by 26.1% during the third quarter. Impax Asset Management Group plc now owns 50,437 shares of the company’s stock worth $1,633,000 after buying an additional 10,437 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. grew its stake in Pinterest by 9.2% during the third quarter. Quintet Private Bank Europe S.A. now owns 37,868 shares of the company’s stock worth $1,226,000 after buying an additional 3,205 shares in the last quarter. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Pinterest Stock Performance

PINS opened at $29.24 on Thursday. The firm has a 50-day moving average of $31.71 and a 200 day moving average of $36.02. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19. The firm has a market cap of $19.76 billion, a P/E ratio of 99.00, a PEG ratio of 2.02 and a beta of 1.02.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft began coverage on Pinterest in a report on Monday, September 23rd. They issued a “buy” rating and a $43.00 target price on the stock. Oppenheimer decreased their price target on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Susquehanna lowered their price objective on Pinterest from $50.00 to $45.00 and set a “positive” rating for the company in a research report on Wednesday, July 31st. UBS Group dropped their target price on shares of Pinterest from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Finally, Evercore ISI dropped their price target on Pinterest from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Pinterest has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Buying and Selling at Pinterest

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