Quarry LP Sells 1,263 Shares of Pinterest, Inc. (NYSE:PINS)

Quarry LP reduced its stake in Pinterest, Inc. (NYSE:PINS) by 60.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 842 shares of the company’s stock after selling 1,263 shares during the period. Quarry LP’s holdings in Pinterest were worth $27,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in Pinterest in the third quarter valued at approximately $153,829,000. Southpoint Capital Advisors LP bought a new position in shares of Pinterest in the 3rd quarter valued at $123,006,000. Ontario Teachers Pension Plan Board boosted its holdings 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 valued at $285,248,000 after acquiring an additional 2,996,750 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in Pinterest during the 2nd quarter worth $98,655,000. Finally, Ninety One UK Ltd increased its holdings in Pinterest by 44.6% in the 2nd quarter. Ninety One UK Ltd now owns 5,445,674 shares of the company’s stock worth $239,991,000 after purchasing an additional 1,679,348 shares in the last quarter. 88.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Raymond James reduced their price target on Pinterest from $40.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Oppenheimer decreased their price target on shares of Pinterest from $45.00 to $40.00 and set an “outperform” rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $41.00 price target on shares of Pinterest in a research note on Monday, October 7th. TD Cowen assumed coverage on Pinterest in a report on Tuesday, November 26th. They issued a “buy” rating and a $38.00 price objective for the company. Finally, Piper Sandler lowered Pinterest from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $41.00 to $36.00 in a research report on Tuesday. Eight analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $41.46.

Pinterest Price Performance

Shares of NYSE PINS opened at $30.81 on Friday. The stock has a market capitalization of $20.82 billion, a PE ratio of 102.70, a P/E/G ratio of 2.28 and a beta of 1.02. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19. The business’s fifty day moving average price is $31.70 and its 200-day moving average price is $34.80.

Insider Buying and Selling at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of the 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 sale, the chief financial officer now owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This represents a 9.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $29.73, for a total value of $34,189.50. Following the sale, the director now owns 32,536 shares in the company, valued at approximately $967,295.28. This represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,287 shares of company stock valued at $1,547,820 over the last three months. 7.11% of the stock is currently owned by insiders.

Pinterest Company Profile

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.