Incline Global Management LLC Makes New $10.73 Million Investment in Pinterest, Inc. (NYSE:PINS)

Incline Global Management LLC bought a new stake in shares of Pinterest, Inc. (NYSE:PINS) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 331,578 shares of the company’s stock, valued at approximately $10,733,000. Pinterest comprises approximately 4.8% of Incline Global Management LLC’s portfolio, making the stock its largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in PINS. Comerica Bank boosted its stake in Pinterest by 5.4% in the 1st quarter. Comerica Bank now owns 49,865 shares of the company’s stock worth $1,729,000 after purchasing an additional 2,561 shares during the period. Cetera Investment Advisers boosted its stake in Pinterest by 103.4% in the 1st quarter. Cetera Investment Advisers now owns 63,535 shares of the company’s stock worth $2,203,000 after purchasing an additional 32,305 shares during the period. Cetera Advisors LLC acquired a new position in Pinterest in the 1st quarter worth $1,175,000. GAMMA Investing LLC boosted its stake in Pinterest by 113.4% in the 2nd quarter. GAMMA Investing LLC now owns 762 shares of the company’s stock worth $34,000 after purchasing an additional 405 shares during the period. Finally, DNB Asset Management AS boosted its stake in Pinterest by 9.8% in the 2nd quarter. DNB Asset Management AS now owns 99,598 shares of the company’s stock worth $4,389,000 after purchasing an additional 8,926 shares during the period. Institutional investors own 88.81% of the company’s stock.

Insider Activity

In other news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total transaction of $38,548.00. Following the completion of the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This represents a 3.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Andrea Acosta sold 3,845 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $30.88, for a total transaction of $118,733.60. Following the transaction, the chief accounting officer now directly owns 158,468 shares of the company’s stock, valued at $4,893,491.84. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,287 shares of company stock worth $1,547,820. Company insiders own 7.11% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PINS. Piper Sandler reaffirmed an “overweight” rating and issued a $41.00 target price (down from $45.00) on shares of Pinterest in a research note on Friday, November 8th. JPMorgan Chase & Co. reduced their price objective on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Roth Mkm cut their target price on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $41.00 target price on shares of Pinterest in a research note on Monday, October 7th. Finally, Robert W. Baird lowered their price target on shares of Pinterest from $41.00 to $36.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $41.65.

Pinterest Stock Performance

Shares of NYSE PINS traded up $0.11 during trading on Tuesday, hitting $30.54. 678,126 shares of the company traded hands, compared to its average volume of 9,577,007. The business’s fifty day moving average is $31.80 and its 200 day moving average is $35.26. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19. The firm has a market capitalization of $20.64 billion, a price-to-earnings ratio of 101.40, a P/E/G ratio of 2.17 and a beta of 1.02.

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.