Atom Investors LP Makes New Investment in Pinterest, Inc. (NYSE:PINS)

Atom Investors LP purchased a new stake in Pinterest, Inc. (NYSE:PINS) during the third quarter, Holdings Channel.com reports. The firm purchased 32,784 shares of the company’s stock, valued at approximately $1,061,000.

Several other large investors have also recently made changes to their positions in the stock. Baillie Gifford & Co. grew its stake in Pinterest by 9.5% in the second quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company’s stock valued at $445,818,000 after purchasing an additional 880,398 shares during the last quarter. Ontario Teachers Pension Plan Board raised its stake in shares of Pinterest by 51.5% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company’s stock worth $285,248,000 after acquiring an additional 2,996,750 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Pinterest by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company’s stock valued at $262,695,000 after acquiring an additional 380,431 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake 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 valued at $192,423,000 after acquiring an additional 460,708 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in Pinterest by 31.6% in the second quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company’s stock worth $248,793,000 after purchasing an additional 1,356,459 shares during the last quarter. 88.81% of the stock is owned by institutional investors.

Pinterest Stock Up 2.9 %

PINS stock opened at $31.32 on Wednesday. Pinterest, Inc. has a 52-week low of $27.00 and a 52-week high of $45.19. The company’s 50-day simple moving average is $31.80 and its 200-day simple moving average is $35.18. The firm has a market cap of $21.16 billion, a P/E ratio of 104.39, a PEG ratio of 2.18 and a beta of 1.02.

Insiders Place Their Bets

In other news, CAO Andrea Acosta sold 3,845 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Donnelly Julia Brau sold 30,280 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at approximately $9,729,324.72. This represents a 9.24 % 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. 7.11% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PINS has been the subject of a number of recent analyst reports. Raymond James lowered their price objective on Pinterest from $40.00 to $34.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Piper Sandler reissued an “overweight” rating and issued a $41.00 price target (down previously from $45.00) on shares of Pinterest in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Pinterest in a report on Monday, September 23rd. They set a “buy” rating and a $43.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $48.00 target price on shares of Pinterest in a research note on Thursday, September 12th. Finally, JPMorgan Chase & Co. cut their price target on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Pinterest presently has a consensus rating of “Moderate Buy” and an average price target of $41.65.

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.