Algert Global LLC Grows Holdings in Pinterest, Inc. (NYSE:PINS)

Algert Global LLC raised its position in Pinterest, Inc. (NYSE:PINS) by 53.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,099 shares of the company’s stock after buying an additional 5,604 shares during the period. Algert Global LLC’s holdings in Pinterest were worth $521,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of PINS. Massachusetts Financial Services Co. MA raised its position in 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 period. Charles Schwab Investment Management Inc. lifted its stake in Pinterest by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,252,996 shares of the company’s stock valued at $137,669,000 after purchasing an additional 87,041 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its holdings 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 period. Sumitomo Mitsui Trust Group Inc. increased its position in Pinterest by 8.4% in 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 last quarter. Finally, GDS Wealth Management bought a new stake in shares of Pinterest in the third quarter valued at $2,517,000. Institutional investors own 88.81% of the company’s stock.

Pinterest Price Performance

NYSE PINS opened at $30.32 on Friday. The stock’s 50-day simple moving average is $31.80 and its two-hundred day simple moving average is $35.39. Pinterest, Inc. has a twelve month low of $27.00 and a twelve month high of $45.19. The company has a market capitalization of $20.49 billion, a price-to-earnings ratio of 101.07, a PEG ratio of 2.17 and a beta of 1.02.

Insider Activity

In other news, CFO Donnelly Julia Brau sold 30,280 shares of the company’s stock in a transaction 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 completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Andrea Acosta sold 3,845 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total transaction of $118,733.60. Following the transaction, the chief accounting officer now directly owns 158,468 shares in the company, valued at approximately $4,893,491.84. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,287 shares of company stock worth $1,547,820. 7.11% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $48.00 price objective on shares of Pinterest in a report on Thursday, September 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $41.00 target price on shares of Pinterest in a research note on Monday, October 7th. JPMorgan Chase & Co. dropped their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Piper Sandler reiterated an “overweight” rating and issued a $41.00 price objective (down from $45.00) on shares of Pinterest in a research note on Friday, November 8th. Finally, Oppenheimer dropped their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Pinterest currently has an average rating of “Moderate Buy” and a consensus target price of $41.65.

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.