Pinterest (NYSE:PINS) Earns Buy Rating from Analysts at TD Cowen

TD Cowen started coverage on shares of Pinterest (NYSE:PINS) in a research note issued to investors on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $38.00 price objective on the stock.

A number of other brokerages also recently issued reports on PINS. Rosenblatt Securities reduced their price target on Pinterest from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Barclays lowered their price target on Pinterest from $38.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Citigroup cut their price objective on shares of Pinterest from $51.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Raymond James lowered their target price on shares of Pinterest from $40.00 to $34.00 and set an “outperform” rating for the company in a research note on Friday, November 8th. Finally, Wells Fargo & Company cut their price target on shares of Pinterest from $49.00 to $41.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Pinterest has an average rating of “Moderate Buy” and an average price target of $41.63.

Pinterest Trading Down 0.1 %

Shares of NYSE:PINS opened at $30.30 on Tuesday. The company has a market capitalization of $20.47 billion, a PE ratio of 100.99, a P/E/G ratio of 2.17 and a beta of 1.02. Pinterest has a 12-month low of $27.00 and a 12-month high of $45.19. The business’s fifty day simple moving average is $31.80 and its 200-day simple moving average is $35.44.

Insider Activity

In other news, insider Wanjiku Juanita Walcott sold 11,862 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were 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 owns 246,921 shares of the company’s stock, valued at $7,610,105.22. This represents a 4.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This trade represents a 9.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,287 shares of company stock worth $1,547,820 over the last three months. Insiders own 7.11% of the company’s stock.

Hedge Funds Weigh In On Pinterest

A number of hedge funds have recently made changes to their positions in PINS. Dynasty Wealth Management LLC acquired a new position in Pinterest in the 1st quarter valued at about $243,000. Tidal Investments LLC grew its holdings in shares of Pinterest by 38.2% in the first quarter. Tidal Investments LLC now owns 62,374 shares of the company’s stock valued at $2,163,000 after purchasing an additional 17,241 shares in the last quarter. Comerica Bank increased its stake in Pinterest by 5.4% during the 1st quarter. Comerica Bank now owns 49,865 shares of the company’s stock worth $1,729,000 after buying an additional 2,561 shares during the period. iA Global Asset Management Inc. acquired a new stake in Pinterest during the 1st quarter worth approximately $722,000. Finally, Plato Investment Management Ltd lifted its holdings in Pinterest by 398.3% during the 1st quarter. Plato Investment Management Ltd now owns 8,655 shares of the company’s stock worth $300,000 after buying an additional 6,918 shares in the last quarter. Hedge funds and other institutional investors own 88.81% of the company’s stock.

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.