Resona Asset Management Co. Ltd. Buys 12,626 Shares of Pinterest, Inc. $PINS

Resona Asset Management Co. Ltd. boosted its stake in Pinterest, Inc. (NYSE:PINS) by 7.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 190,062 shares of the company’s stock after buying an additional 12,626 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Pinterest were worth $6,818,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Revolve Wealth Partners LLC bought a new stake in shares of Pinterest in the 4th quarter worth about $252,000. Concurrent Investment Advisors LLC acquired a new position in Pinterest in the first quarter valued at about $261,000. Envestnet Asset Management Inc. grew its stake in Pinterest by 8.5% during the first quarter. Envestnet Asset Management Inc. now owns 670,132 shares of the company’s stock worth $20,774,000 after buying an additional 52,563 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Pinterest by 28.1% during the first quarter. Cerity Partners LLC now owns 138,098 shares of the company’s stock worth $4,281,000 after buying an additional 30,317 shares in the last quarter. Finally, Ballentine Partners LLC increased its holdings in shares of Pinterest by 15.3% during the first quarter. Ballentine Partners LLC now owns 12,583 shares of the company’s stock worth $390,000 after buying an additional 1,667 shares in the last quarter. 88.81% of the stock is owned by institutional investors.

Insider Buying and Selling at Pinterest

In other Pinterest news, CAO Andrea Acosta sold 3,759 shares of Pinterest stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $34.96, for a total transaction of $131,414.64. Following the completion of the sale, the chief accounting officer owned 157,402 shares of the company’s stock, valued at approximately $5,502,773.92. The trade was a 2.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Donnelly Julia Brau sold 22,821 shares of the company’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $34.85, for a total transaction of $795,311.85. Following the sale, the chief financial officer owned 312,422 shares of the company’s stock, valued at $10,887,906.70. The trade was a 6.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 640,236 shares of company stock worth $22,878,326 in the last 90 days. Corporate insiders own 7.11% of the company’s stock.

Pinterest Stock Up 2.9%

Shares of PINS opened at $27.06 on Monday. The stock’s fifty day simple moving average is $33.58 and its 200-day simple moving average is $33.91. The firm has a market capitalization of $18.40 billion, a PE ratio of 9.39, a price-to-earnings-growth ratio of 1.51 and a beta of 0.96. Pinterest, Inc. has a 12-month low of $23.68 and a 12-month high of $40.90.

Pinterest (NYSE:PINS) last announced its quarterly earnings data on Tuesday, September 19th. The company reported $0.11 EPS for the quarter. Pinterest had a return on equity of 8.20% and a net margin of 48.99%.The firm had revenue of $665.93 million during the quarter. Analysts anticipate that Pinterest, Inc. will post 0.6 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. TD Cowen boosted their target price on Pinterest from $40.00 to $43.00 and gave the stock a “buy” rating in a report on Tuesday, July 15th. Weiss Ratings started coverage on Pinterest in a research note on Saturday, November 1st. They issued a “hold (c+)” rating on the stock. The Goldman Sachs Group decreased their target price on Pinterest from $43.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday. Barclays cut their price target on Pinterest from $40.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Piper Sandler reissued a “neutral” rating and set a $33.00 price objective (down previously from $35.00) on shares of Pinterest in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.55.

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.