Empirical Asset Management LLC Takes Position in Pinterest, Inc. (NYSE:PINS)

Empirical Asset Management LLC purchased a new stake in Pinterest, Inc. (NYSE:PINS) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 23,902 shares of the company’s stock, valued at approximately $693,000.

A number of other large investors have also added to or reduced their stakes in PINS. State Street Corp raised its position in shares of Pinterest by 1.2% in the 3rd quarter. State Street Corp now owns 12,773,652 shares of the company’s stock valued at $413,483,000 after buying an additional 156,748 shares in the last quarter. Geode Capital Management LLC raised its position in Pinterest by 0.8% during the third quarter. Geode Capital Management LLC now owns 9,466,585 shares of the company’s stock valued at $305,710,000 after purchasing an additional 76,920 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its stake in Pinterest by 51.5% during the third quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock worth $285,248,000 after purchasing an additional 2,996,750 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Pinterest by 8.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock valued at $192,423,000 after purchasing an additional 460,708 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Pinterest in the 3rd quarter valued at $153,829,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Robert W. Baird dropped their price objective on Pinterest from $41.00 to $36.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Piper Sandler cut shares of Pinterest from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $41.00 to $36.00 in a report on Tuesday, December 10th. Oppenheimer decreased their price target on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Monness Crespi & Hardt raised shares of Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Friday, January 10th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Nine equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.70.

Insider Activity at Pinterest

In other news, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total value of $365,586.84. Following the completion of the sale, the insider now directly owns 246,921 shares in the company, valued at $7,610,105.22. This trade represents a 4.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $30.98, for a total value of $35,627.00. Following the transaction, the director now directly owns 31,386 shares in the company, valued at approximately $972,338.28. This trade represents a 3.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,157 shares of company stock worth $589,131 in the last quarter. Company insiders own 7.11% of the company’s stock.

Pinterest Stock Performance

Pinterest stock opened at $30.50 on Friday. The stock has a market capitalization of $20.61 billion, a price-to-earnings ratio of 101.65, a PEG ratio of 1.52 and a beta of 1.04. Pinterest, Inc. has a 52-week low of $27.00 and a 52-week high of $45.19. The stock’s 50 day moving average price is $30.41 and its two-hundred day moving average price is $32.41.

Pinterest Company 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.