Pinterest (NYSE:PINS) Sees Large Volume Increase

Posted by Defense World Staff on May 25th, 2023

Shares of Pinterest, Inc. (NYSE:PINS – Get Rating) saw strong trading volume on Tuesday . 5,923,210 shares traded hands during trading, a decline of 51% from the previous session’s volume of 12,106,773 shares.The stock last traded at $23.13 and had previously closed at $23.26.

Analyst Ratings Changes

A number of research firms have issued reports on PINS. Roth Capital reissued a “neutral” rating on shares of Pinterest in a research report on Tuesday, February 7th. Sanford C. Bernstein dropped their price objective on shares of Pinterest from $28.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, April 28th. 888 reiterated a “maintains” rating on shares of Pinterest in a research note on Friday, April 28th. Morgan Stanley dropped their price target on shares of Pinterest from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, April 28th. Finally, Rosenblatt Securities lifted their price objective on shares of Pinterest from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Friday, April 28th. Twelve analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $28.40.

Pinterest Price Performance

The firm’s 50 day simple moving average is $25.46 and its two-hundred day simple moving average is $25.17.

Insider Activity at Pinterest

In other news, CFO Todd R. Morgenfeld sold 60,537 shares of the stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $28.32, for a total transaction of $1,714,407.84. Following the completion of the sale, the chief financial officer now owns 512,820 shares of the company’s stock, valued at $14,523,062.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Todd R. Morgenfeld sold 60,537 shares of the company’s stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $28.32, for a total transaction of $1,714,407.84. Following the completion of the transaction, the chief financial officer now directly owns 512,820 shares of the company’s stock, valued at $14,523,062.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey D. Jordan sold 7,500 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $27.87, for a total value of $209,025.00. Following the completion of the sale, the director now directly owns 191,715 shares in the company, valued at $5,343,097.05. The disclosure for this sale can be found here. Insiders sold 150,648 shares of company stock worth $4,083,099 in the last ninety days. 6.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its position in shares of Pinterest by 2.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,278 shares of the company’s stock valued at $362,000 after buying an additional 363 shares during the period. Dfpg Investments LLC lifted its stake in shares of Pinterest by 1.5% in the 1st quarter. Dfpg Investments LLC now owns 24,185 shares of the company’s stock valued at $660,000 after purchasing an additional 369 shares during the period. Simon Quick Advisors LLC boosted its position in shares of Pinterest by 4.3% during the fourth quarter. Simon Quick Advisors LLC now owns 9,934 shares of the company’s stock valued at $241,000 after purchasing an additional 408 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Pinterest by 0.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 78,968 shares of the company’s stock worth $1,917,000 after purchasing an additional 430 shares during the period. Finally, Financial Advocates Investment Management raised its holdings in Pinterest by 2.0% in the third quarter. Financial Advocates Investment Management now owns 21,538 shares of the company’s stock worth $502,000 after purchasing an additional 432 shares in the last quarter. 71.95% of the stock is currently owned by institutional investors.

About Pinterest

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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.