Pinterest (NASDAQ:PINS) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Pinterest (NASDAQ:PINS) from a hold rating to a buy rating in a report published on Tuesday, Zacks.com reports. The firm currently has $38.00 price target on the stock.

According to Zacks, “Pinterest Inc. provides a visual discovery engine. Its platform allows users to discover ideas for daily activities, remodeling a house or training for a marathon, ongoing passions and planning a wedding or a dream vacation. The company also provides Product Pins which make items shoppable with up-to-date pricing; Recipe Pins to cook a meal by bringing the relevant information; and Shop the Look, which enables pinners to shop for the individual products. Pinterest Inc. is based in San Francisco, California. “

Several other analysts also recently issued reports on PINS. DA Davidson upped their price target on Pinterest to $23.00 and gave the stock an average rating in a research note on Monday, May 20th. Susquehanna Bancshares assumed coverage on Pinterest in a research note on Monday, May 6th. They set a neutral rating and a $35.00 price target for the company. Wedbush upped their price target on Pinterest from $33.00 to $38.00 and gave the stock an outperform rating in a research note on Friday, August 2nd. Argus assumed coverage on Pinterest in a research note on Friday, May 10th. They set a hold rating for the company. Finally, UBS Group upped their price target on Pinterest from $31.00 to $32.00 and gave the stock a neutral rating in a research note on Friday, August 2nd. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $32.11.

PINS opened at $33.43 on Tuesday. The business’s 50-day moving average is $27.97. Pinterest has a 52-week low of $23.05 and a 52-week high of $35.29.

Pinterest (NASDAQ:PINS) last released its quarterly earnings results on Thursday, August 1st. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. The company had revenue of $261.20 million for the quarter, compared to the consensus estimate of $237.23 million. The company’s revenue was up 62.0% on a year-over-year basis.

Large investors have recently made changes to their positions in the stock. LPL Financial LLC acquired a new position in Pinterest in the 2nd quarter valued at approximately $1,123,000. Crewe Advisors LLC acquired a new position in Pinterest in the 2nd quarter valued at approximately $54,000. Charles Schwab Investment Management Inc. acquired a new position in Pinterest in the 2nd quarter valued at approximately $15,390,000. Oppenheimer & Co. Inc. acquired a new position in Pinterest in the 2nd quarter valued at approximately $261,000. Finally, Jennison Associates LLC acquired a new position in Pinterest in the 2nd quarter valued at approximately $19,637,000.

About Pinterest

There is no company description available for Pinterest Inc

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Analyst Recommendations for Pinterest (NASDAQ:PINS)

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