LPL Financial LLC Acquires 111,562 Shares of Pinterest, Inc. (NYSE:PINS)

Posted by Defense World Staff on Nov 1st, 2023

LPL Financial LLC increased its holdings in shares of Pinterest, Inc. (NYSE:PINS – Free Report) by 64.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 285,791 shares of the company’s stock after purchasing an additional 111,562 shares during the period. LPL Financial LLC’s holdings in Pinterest were worth $7,814,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PINS. Acadian Asset Management LLC boosted its stake in shares of Pinterest by 21.9% during the first quarter. Acadian Asset Management LLC now owns 13,589 shares of the company’s stock valued at $334,000 after purchasing an additional 2,437 shares in the last quarter. MetLife Investment Management LLC bought a new position in shares of Pinterest during the first quarter valued at approximately $906,000. Raymond James Trust N.A. boosted its stake in shares of Pinterest by 29.0% during the first quarter. Raymond James Trust N.A. now owns 11,342 shares of the company’s stock valued at $279,000 after purchasing an additional 2,550 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Pinterest by 11.6% during the first quarter. Dimensional Fund Advisors LP now owns 492,299 shares of the company’s stock valued at $12,118,000 after purchasing an additional 51,318 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Pinterest by 261.5% during the first quarter. Sei Investments Co. now owns 273,925 shares of the company’s stock valued at $6,691,000 after purchasing an additional 198,153 shares in the last quarter. 72.63% of the stock is currently owned by institutional investors.

Insider Transactions at Pinterest

In other news, Director Gokul Rajaram sold 1,934 shares of the business’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $27.46, for a total transaction of $53,107.64. Following the completion of the sale, the director now owns 50,986 shares of the company’s stock, valued at $1,400,075.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Christine Deputy sold 45,151 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $26.68, for a total transaction of $1,204,628.68. Following the completion of the sale, the insider now owns 263,783 shares of the company’s stock, valued at approximately $7,037,730.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Gokul Rajaram sold 1,934 shares of the company’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $27.46, for a total transaction of $53,107.64. Following the sale, the director now directly owns 50,986 shares of the company’s stock, valued at approximately $1,400,075.56. The disclosure for this sale can be found here. Insiders sold 436,792 shares of company stock valued at $11,866,175 over the last 90 days. Corporate insiders own 6.85% of the company’s stock.

Analyst Ratings Changes

PINS has been the subject of a number of analyst reports. Robert W. Baird increased their target price on shares of Pinterest from $30.00 to $34.00 in a research report on Wednesday, August 2nd. JPMorgan Chase & Co. increased their target price on shares of Pinterest from $32.00 to $34.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley increased their target price on shares of Pinterest from $24.00 to $25.00 and gave the company an “equal weight” rating in a research report on Tuesday. Barclays increased their target price on shares of Pinterest from $26.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 2nd. Finally, DA Davidson raised shares of Pinterest from a “neutral” rating to a “buy” rating and increased their target price for the company from $25.00 to $35.00 in a research report on Wednesday, September 20th. Eleven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, Pinterest has an average rating of “Moderate Buy” and a consensus target price of $33.00.

Get Our Latest Report on Pinterest

Pinterest Stock Performance

PINS opened at $29.88 on Wednesday. Pinterest, Inc. has a fifty-two week low of $20.60 and a fifty-two week high of $30.86. The company has a fifty day moving average of $26.92 and a two-hundred day moving average of $26.12. The stock has a market capitalization of $20.02 billion, a price-to-earnings ratio of -69.49, a PEG ratio of 30.71 and a beta of 1.01.

Pinterest (NYSE:PINS – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. Pinterest had a negative net margin of 10.14% and a negative return on equity of 4.59%. The company had revenue of $708.03 million during the quarter, compared to analysts’ expectations of $698.28 million. On average, equities research analysts forecast that Pinterest, Inc. will post 0.03 earnings per share for the current year.

Pinterest Profile

(Free Report)

Pinterest, Inc operates as a visual discovery engine in the United States and internationally. The company's engine allows people to find ideas, such as recipes, home and style inspiration, and others; provides video, product, and idea pins; and offers organizing and planning tools. It shows organic recommendations and advertising engine based on pinners tastes and preferences; and enables pinners with shoppable product pins, which include price, color, and size that redirect to retailer websites.