Piper Sandler Increases Pinterest (NYSE:PINS) Price Target to $50.00

Pinterest (NYSE:PINS) had its price target raised by Piper Sandler from $48.00 to $50.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also recently issued research reports about the company. Rosenblatt Securities reissued a buy rating and issued a $48.00 price target (up previously from $45.00) on shares of Pinterest in a research note on Wednesday. Argus raised shares of Pinterest from a hold rating to a buy rating and set a $45.00 target price on the stock in a research note on Thursday, January 18th. KeyCorp reduced their price target on shares of Pinterest from $48.00 to $40.00 and set an overweight rating for the company in a research note on Wednesday, April 24th. JPMorgan Chase & Co. raised their price objective on shares of Pinterest from $34.00 to $38.00 and gave the company a neutral rating in a research note on Friday, February 9th. Finally, Stifel Nicolaus upped their target price on Pinterest from $42.00 to $46.00 and gave the stock a buy rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $40.82.

Pinterest Stock Down 0.2 %

PINS stock opened at $40.41 on Wednesday. The stock has a market cap of $27.44 billion, a PE ratio of 192.44, a price-to-earnings-growth ratio of 4.64 and a beta of 0.99. The firm’s 50-day simple moving average is $34.79 and its 200 day simple moving average is $34.53. Pinterest has a fifty-two week low of $20.60 and a fifty-two week high of $41.60.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. The company had revenue of $981.26 million for the quarter, compared to analyst estimates of $988.62 million. Pinterest had a net margin of 4.64% and a return on equity of 5.93%. Equities analysts forecast that Pinterest will post 0.43 EPS for the current fiscal year.

Insider Transactions at Pinterest

In related news, insider Sabrina Ellis sold 24,410 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total transaction of $866,310.90. Following the transaction, the insider now directly owns 500,504 shares of the company’s stock, valued at $17,762,886.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Jeffrey D. Jordan sold 20,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $36.65, for a total transaction of $733,000.00. Following the completion of the sale, the director now directly owns 54,215 shares of the company’s stock, valued at approximately $1,986,979.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sabrina Ellis sold 24,410 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $35.49, for a total value of $866,310.90. Following the completion of the sale, the insider now directly owns 500,504 shares of the company’s stock, valued at approximately $17,762,886.96. The disclosure for this sale can be found here. Insiders sold 164,471 shares of company stock valued at $5,773,431 over the last three months. 7.11% of the stock is owned by corporate insiders.

Institutional Trading of Pinterest

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC bought a new position in shares of Pinterest during the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new position in Pinterest during the fourth quarter worth $30,000. Washington Trust Advisors Inc. increased its position in Pinterest by 46.0% during the fourth quarter. Washington Trust Advisors Inc. now owns 1,035 shares of the company’s stock worth $38,000 after buying an additional 326 shares during the last quarter. Quent Capital LLC raised its holdings in Pinterest by 71.2% during the first quarter. Quent Capital LLC now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 460 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Pinterest in the fourth quarter worth about $43,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

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.