Vanguard Group Inc. Purchases 1,669,577 Shares of Pinterest, Inc. (NYSE:PINS)

Posted by Defense World Staff on Mar 13th, 2023

Vanguard Group Inc. lifted its position in Pinterest, Inc. (NYSE:PINS – Get Rating) by 3.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,933,876 shares of the company’s stock after buying an additional 1,669,577 shares during the period. Vanguard Group Inc. owned about 7.80% of Pinterest worth $1,233,359,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PINS. Elliott Investment Management L.P. increased its stake in shares of Pinterest by 200.0% in the third quarter. Elliott Investment Management L.P. now owns 15,000,000 shares of the company’s stock worth $349,500,000 after purchasing an additional 10,000,000 shares in the last quarter. Marshall Wace LLP lifted its holdings in Pinterest by 627.8% during the 3rd quarter. Marshall Wace LLP now owns 10,282,402 shares of the company’s stock valued at $239,583,000 after buying an additional 8,869,542 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Pinterest by 262.8% during the 1st quarter. Renaissance Technologies LLC now owns 11,515,600 shares of the company’s stock valued at $283,399,000 after buying an additional 8,341,222 shares in the last quarter. Natixis lifted its holdings in Pinterest by 92.5% during the 2nd quarter. Natixis now owns 9,818,000 shares of the company’s stock valued at $179,645,000 after buying an additional 4,718,191 shares in the last quarter. Finally, SRS Investment Management LLC lifted its holdings in Pinterest by 80.1% during the 2nd quarter. SRS Investment Management LLC now owns 7,285,205 shares of the company’s stock valued at $132,299,000 after buying an additional 3,239,511 shares in the last quarter. Institutional investors own 71.95% of the company’s stock.

Pinterest Stock Down 2.7 %

PINS stock opened at $24.17 on Monday. The firm has a 50 day moving average of $25.66 and a 200 day moving average of $24.46. The stock has a market capitalization of $16.53 billion, a PE ratio of -161.12 and a beta of 0.99. Pinterest, Inc. has a 52 week low of $16.14 and a 52 week high of $29.17.

Pinterest (NYSE:PINS – Get Rating) last announced its quarterly earnings data on Monday, February 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Pinterest had a negative net margin of 3.43% and a negative return on equity of 2.25%. The business had revenue of $877.21 million during the quarter, compared to analysts’ expectations of $886.78 million. During the same period in the previous year, the business posted $0.29 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts expect that Pinterest, Inc. will post -0.03 earnings per share for the current year.

Insider Buying and Selling at Pinterest

In other Pinterest news, SVP Naveen Gavini sold 4,765 shares of Pinterest stock in a transaction that occurred on Wednesday, December 28th. The shares were sold at an average price of $23.04, for a total transaction of $109,785.60. Following the completion of the sale, the senior vice president now directly owns 436,716 shares in the company, valued at approximately $10,061,936.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Naveen Gavini sold 4,765 shares of the business’s stock in a transaction on Wednesday, December 28th. The shares were sold at an average price of $23.04, for a total value of $109,785.60. Following the completion of the transaction, the senior vice president now directly owns 436,716 shares in the company, valued at approximately $10,061,936.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Todd R. Morgenfeld sold 55,241 shares of the business’s stock in a transaction on Wednesday, December 28th. The shares were sold at an average price of $23.04, for a total transaction of $1,272,752.64. Following the completion of the transaction, the chief financial officer now owns 641,025 shares of the company’s stock, valued at $14,769,216. The disclosure for this sale can be found here. In the last ninety days, insiders sold 648,267 shares of company stock worth $16,646,217. Company insiders own 7.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PINS shares. Roth Capital reiterated a “neutral” rating on shares of Pinterest in a report on Tuesday, February 7th. Credit Suisse Group lifted their price objective on shares of Pinterest from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Tuesday, February 7th. Rosenblatt Securities raised their target price on shares of Pinterest from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, February 7th. MKM Partners downgraded shares of Pinterest from a “buy” rating to a “neutral” rating and set a $27.00 target price on the stock. in a research report on Friday, January 20th. Finally, Morgan Stanley raised their target price on shares of Pinterest from $19.00 to $22.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 7th. Twelve investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Pinterest has an average rating of “Hold” and an average price target of $28.00.

Pinterest Profile

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Pinterest, Inc engages in the operation of a pinboard-style photo-sharing website. It allows users to create and manage theme-based image collections such as events, interests, and hobbies. The company was founded by Benjamin Silbermann, Paul C. Sciarra, and Evan Sharp in October 2008 and is headquartered in San Francisco, CA.