Oppenheimer Begins Coverage on Pinterest (NYSE:PINS)

Oppenheimer assumed coverage on shares of Pinterest (NYSE:PINS) in a research report report published on Tuesday morning, Marketbeat reports. The firm issued an outperform rating and a $45.00 target price on the stock.

Other analysts also recently issued reports about the company. Evercore ISI cut their target price on Pinterest from $50.00 to $48.00 and set an outperform rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company dropped their price objective on Pinterest from $49.00 to $41.00 and set an overweight rating for the company in a research report on Wednesday, July 31st. Royal Bank of Canada restated an outperform rating and set a $48.00 price objective on shares of Pinterest in a research report on Thursday, September 12th. Robert W. Baird dropped their price objective on Pinterest from $44.00 to $41.00 and set an outperform rating for the company in a research report on Wednesday, July 31st. Finally, Morgan Stanley upped their price objective on Pinterest from $35.00 to $38.00 and gave the stock an equal weight rating in a research report on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $43.25.

Pinterest Stock Performance

NYSE:PINS opened at $32.70 on Tuesday. The stock has a fifty day moving average price of $31.85 and a 200-day moving average price of $36.63. The company has a market cap of $22.34 billion, a price-to-earnings ratio of 155.71, a PEG ratio of 3.40 and a beta of 1.00. Pinterest has a fifty-two week low of $23.59 and a fifty-two week high of $45.19.

Pinterest (NYSE:PINS) last released its earnings results on Tuesday, July 30th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $853.68 million during the quarter, compared to the consensus estimate of $848.75 million. Pinterest had a return on equity of 6.94% and a net margin of 5.75%. The company’s revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.04) EPS. Research analysts predict that Pinterest will post 0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Pinterest

Several institutional investors and hedge funds have recently made changes to their positions in PINS. Wellington Management Group LLP boosted its position in shares of Pinterest by 1,188.9% during the 4th quarter. Wellington Management Group LLP now owns 5,989,476 shares of the company’s stock valued at $221,850,000 after purchasing an additional 5,524,796 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Pinterest by 128.2% during the 1st quarter. Bank of New York Mellon Corp now owns 5,580,430 shares of the company’s stock valued at $193,473,000 after purchasing an additional 3,134,776 shares in the last quarter. 1832 Asset Management L.P. bought a new stake in shares of Pinterest during the 2nd quarter valued at about $98,655,000. Contour Asset Management LLC boosted its position in shares of Pinterest by 79.5% during the 4th quarter. Contour Asset Management LLC now owns 4,569,168 shares of the company’s stock valued at $169,242,000 after purchasing an additional 2,023,500 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Pinterest by 45.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,735,384 shares of the company’s stock worth $198,846,000 after acquiring an additional 1,798,494 shares in the last quarter. Institutional investors own 88.81% of the company’s stock.

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.