Piper Sandler Has Lowered Expectations for Pinterest (NYSE:PINS) Stock Price

Pinterest (NYSE:PINS) had its target price reduced by analysts at Piper Sandler from $41.00 to $34.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 29.32% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Raymond James cut Pinterest from an “overweight” rating to a “market perform” rating in a research report on Monday. Rosenblatt Securities lifted their price objective on shares of Pinterest from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Guggenheim restated a “buy” rating on shares of Pinterest in a research note on Tuesday, April 1st. Bank of America reduced their price target on Pinterest from $46.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Stifel Nicolaus restated a “buy” rating and set a $50.00 target price (up from $45.00) on shares of Pinterest in a research note on Friday, February 7th. Eight research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.45.

Pinterest Stock Down 6.6 %

NYSE:PINS traded down $1.85 during midday trading on Thursday, hitting $26.29. The stock had a trading volume of 4,643,323 shares, compared to its average volume of 10,375,714. The stock has a 50-day moving average of $33.70 and a 200 day moving average of $32.24. The company has a market capitalization of $17.83 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 1.95 and a beta of 0.99. Pinterest has a one year low of $23.68 and a one year high of $45.19.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.63 by ($0.30). Pinterest had a net margin of 51.07% and a return on equity of 8.10%. On average, sell-side analysts anticipate that Pinterest will post 0.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $39.19, for a total transaction of $45,068.50. Following the transaction, the director now owns 29,086 shares of the company’s stock, valued at approximately $1,139,880.34. This represents a 3.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wanjiku Juanita Walcott sold 6,690 shares of Pinterest stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $32.85, for a total value of $219,766.50. Following the completion of the transaction, the insider now directly owns 254,211 shares of the company’s stock, valued at approximately $8,350,831.35. This represents a 2.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 453,836 shares of company stock valued at $14,832,336. Insiders own 7.11% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Several large investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Pinterest by 104.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 25,432,141 shares of the company’s stock valued at $737,533,000 after buying an additional 12,986,310 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Pinterest by 49.7% during the 4th quarter. Ameriprise Financial Inc. now owns 13,635,800 shares of the company’s stock worth $395,441,000 after purchasing an additional 4,527,902 shares during the last quarter. FMR LLC grew its stake in shares of Pinterest by 2.6% during the fourth quarter. FMR LLC now owns 12,599,356 shares of the company’s stock worth $365,381,000 after purchasing an additional 316,633 shares in the last quarter. Norges Bank purchased a new position in Pinterest in the fourth quarter valued at $358,205,000. Finally, Marshall Wace LLP raised its stake in Pinterest by 134.1% in the fourth quarter. Marshall Wace LLP now owns 10,701,783 shares of the company’s stock valued at $310,352,000 after buying an additional 6,129,985 shares in the last quarter. 88.81% of the stock is owned by hedge funds and other institutional investors.

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.