Wrapmanager Inc. Raises Stock Position in Pinterest, Inc. (NYSE:PINS)

Wrapmanager Inc. boosted its position in shares of Pinterest, Inc. (NYSE:PINS) by 12.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,949 shares of the company’s stock after acquiring an additional 1,084 shares during the period. Wrapmanager Inc.’s holdings in Pinterest were worth $322,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Pinterest by 20.3% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after purchasing an additional 68,096 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Pinterest by 8.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company’s stock worth $192,423,000 after acquiring an additional 460,708 shares in the last quarter. GDS Wealth Management purchased a new stake in shares of Pinterest during the third quarter worth about $2,517,000. TimesSquare Capital Management LLC increased its holdings in shares of Pinterest by 16.2% during the third quarter. TimesSquare Capital Management LLC now owns 1,963,645 shares of the company’s stock valued at $63,563,000 after acquiring an additional 273,855 shares in the last quarter. Finally, Artemis Investment Management LLP purchased a new position in shares of Pinterest in the 2nd quarter valued at approximately $5,045,000. 88.81% of the stock is currently owned by institutional investors and hedge funds.

Pinterest Price Performance

Shares of Pinterest stock opened at $29.70 on Wednesday. The business has a 50 day simple moving average of $31.70 and a two-hundred day simple moving average of $36.10. The stock has a market capitalization of $20.07 billion, a P/E ratio of 99.00, a PEG ratio of 2.02 and a beta of 1.02. Pinterest, Inc. has a 12 month low of $27.00 and a 12 month high of $45.19.

Analysts Set New Price Targets

A number of research analysts have issued reports on PINS shares. Roth Mkm cut their price target on shares of Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a research note 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 research report on Wednesday, July 31st. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 price objective on shares of Pinterest in a research note on Thursday, September 12th. Benchmark reiterated a “hold” rating on shares of Pinterest in a report on Friday, November 8th. Finally, Wedbush upgraded shares of Pinterest from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Insiders Place Their Bets

In other Pinterest news, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $33.52, for a total value of $38,548.00. Following the completion of the sale, the director now directly owns 33,686 shares in the company, valued at $1,129,154.72. This represents a 3.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. The trade was a 9.24 % decrease in their position. The disclosure for this sale can be found here. 7.11% of the stock is currently owned by corporate insiders.

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.