State of New Jersey Common Pension Fund D Cuts Stock Holdings in Pinterest, Inc. $PINS

State of New Jersey Common Pension Fund D cut its stake in shares of Pinterest, Inc. (NYSE:PINS) by 1.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,589 shares of the company’s stock after selling 2,275 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Pinterest were worth $7,193,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Pinterest by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 58,008,711 shares of the company’s stock valued at $1,798,270,000 after acquiring an additional 1,263,863 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Pinterest by 25.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock valued at $988,662,000 after purchasing an additional 6,460,143 shares during the period. Ameriprise Financial Inc. boosted its position in Pinterest by 13.7% during the 1st quarter. Ameriprise Financial Inc. now owns 15,498,454 shares of the company’s stock valued at $480,452,000 after buying an additional 1,862,654 shares during the period. Amundi boosted its position in Pinterest by 618.9% during the 1st quarter. Amundi now owns 14,254,741 shares of the company’s stock valued at $441,897,000 after buying an additional 12,271,958 shares during the period. Finally, Swedbank AB boosted its position in Pinterest by 27.3% during the 2nd quarter. Swedbank AB now owns 7,430,885 shares of the company’s stock valued at $266,472,000 after buying an additional 1,591,400 shares during the period. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Pinterest Price Performance

Shares of NYSE PINS opened at $33.97 on Monday. Pinterest, Inc. has a 1 year low of $23.68 and a 1 year high of $40.90. The stock has a market cap of $23.10 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 1.48 and a beta of 0.81. The firm has a 50-day moving average of $34.50 and a 200 day moving average of $33.46.

Pinterest (NYSE:PINS) last released its earnings results on Tuesday, September 19th. The company reported $0.11 earnings per share (EPS) for the quarter. Pinterest had a net margin of 49.31% and a return on equity of 8.44%. The firm had revenue of $665.93 million during the quarter. Research analysts expect that Pinterest, Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PINS has been the subject of a number of analyst reports. TD Cowen increased their target price on shares of Pinterest from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Tuesday, July 15th. Barclays increased their price objective on Pinterest from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Friday, August 8th. Benchmark increased their price objective on Pinterest from $45.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. Stifel Nicolaus raised their price target on Pinterest from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Finally, KeyCorp raised their price target on Pinterest from $40.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.67.

Insider Buying and Selling

In other news, CAO Andrea Acosta sold 3,759 shares of Pinterest stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $34.96, for a total value of $131,414.64. Following the completion of the transaction, the chief accounting officer owned 157,402 shares of the company’s stock, valued at $5,502,773.92. The trade was a 2.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $35.00, for a total value of $40,250.00. Following the completion of the transaction, the director directly owned 30,600 shares of the company’s stock, valued at approximately $1,071,000. This represents a 3.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 640,236 shares of company stock worth $22,878,326 over the last three months. 7.11% of the stock is owned by corporate 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.