Magnetar Financial LLC Has $2.66 Million Stake in Pinterest, Inc. (NYSE:PINS)

Magnetar Financial LLC cut its holdings in shares of Pinterest, Inc. (NYSE:PINS) by 37.5% during the fourth quarter, Holdings Channel reports. The fund owned 91,801 shares of the company’s stock after selling 55,084 shares during the quarter. Magnetar Financial LLC’s holdings in Pinterest were worth $2,662,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Royal London Asset Management Ltd. raised its holdings in Pinterest by 5.4% in the 4th quarter. Royal London Asset Management Ltd. now owns 293,402 shares of the company’s stock valued at $8,509,000 after acquiring an additional 14,942 shares during the period. Vinva Investment Management Ltd grew its position in shares of Pinterest by 888.6% in the fourth quarter. Vinva Investment Management Ltd now owns 346,629 shares of the company’s stock valued at $10,186,000 after purchasing an additional 311,566 shares during the last quarter. Xponance Inc. increased its stake in shares of Pinterest by 8.3% during the fourth quarter. Xponance Inc. now owns 115,498 shares of the company’s stock worth $3,349,000 after purchasing an additional 8,854 shares during the period. Advisors Asset Management Inc. lifted its holdings in Pinterest by 3.0% during the 4th quarter. Advisors Asset Management Inc. now owns 434,027 shares of the company’s stock worth $12,587,000 after purchasing an additional 12,702 shares during the last quarter. Finally, Clearwater Capital Advisors LLC lifted its holdings in Pinterest by 25.1% during the 4th quarter. Clearwater Capital Advisors LLC now owns 16,148 shares of the company’s stock worth $468,000 after purchasing an additional 3,235 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

Insider Activity

In related news, CAO Andrea Acosta sold 3,667 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $37.46, for a total value of $137,365.82. Following the sale, the chief accounting officer now directly owns 144,129 shares in the company, valued at $5,399,072.34. This represents a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Benjamin Silbermann sold 102,083 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $31.16, for a total transaction of $3,180,906.28. Following the transaction, the director now owns 6,274 shares of the company’s stock, valued at approximately $195,497.84. The trade was a 94.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 207,812 shares of company stock valued at $6,798,857. Insiders own 7.11% of the company’s stock.

Pinterest Stock Down 0.6 %

Shares of PINS stock opened at $31.40 on Friday. Pinterest, Inc. has a twelve month low of $27.00 and a twelve month high of $45.19. The stock’s fifty day simple moving average is $34.35 and its 200 day simple moving average is $32.27. The firm has a market capitalization of $21.29 billion, a P/E ratio of 11.67, a P/E/G ratio of 1.95 and a beta of 1.02.

Pinterest (NYSE:PINS) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.30). Pinterest had a net margin of 51.07% and a return on equity of 8.10%. As a group, equities research analysts expect that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on PINS. Piper Sandler reiterated a “neutral” rating and set a $41.00 price objective (up previously from $36.00) on shares of Pinterest in a research report on Friday, February 7th. Morgan Stanley raised their price target on shares of Pinterest from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Monday, January 13th. Oppenheimer boosted their price objective on shares of Pinterest from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Monness Crespi & Hardt raised shares of Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Friday, January 10th. Finally, Roth Capital set a $32.00 price target on Pinterest in a research note on Monday, February 3rd. Eight equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Pinterest has a consensus rating of “Moderate Buy” and an average target price of $43.30.

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.