Geode Capital Management LLC Cuts Stock Position in Pinterest, Inc. $PINS

Geode Capital Management LLC trimmed its position in shares of Pinterest, Inc. (NYSE:PINS) by 0.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 10,074,448 shares of the company’s stock after selling 84,938 shares during the quarter. Geode Capital Management LLC’s holdings in Pinterest were worth $360,109,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Amundi grew its position in Pinterest by 618.9% during the first quarter. Amundi now owns 14,254,741 shares of the company’s stock valued at $441,897,000 after acquiring an additional 12,271,958 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Pinterest by 25.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,892,284 shares of the company’s stock worth $988,662,000 after acquiring an additional 6,460,143 shares during the last quarter. Swedbank AB boosted its stake in shares of Pinterest by 344.0% in the 1st quarter. Swedbank AB now owns 5,839,485 shares of the company’s stock valued at $181,024,000 after purchasing an additional 4,524,433 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Pinterest by 4,673.9% in the 1st quarter. Pacer Advisors Inc. now owns 2,531,741 shares of the company’s stock valued at $78,484,000 after purchasing an additional 2,478,708 shares in the last quarter. Finally, Congress Asset Management Co. bought a new position in shares of Pinterest during the 2nd quarter valued at $82,516,000. Institutional investors own 88.81% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on PINS shares. Bank of America lowered their price target on shares of Pinterest from $44.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Rosenblatt Securities reiterated a “neutral” rating and issued a $30.00 price objective (down previously from $49.00) on shares of Pinterest in a report on Wednesday, November 5th. Benchmark lowered their target price on Pinterest from $48.00 to $39.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings initiated coverage on Pinterest in a research report on Saturday, November 1st. They set a “hold (c+)” rating on the stock. Finally, Wedbush decreased their price target on Pinterest from $44.00 to $34.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $39.55.

Pinterest Trading Down 0.6%

Pinterest stock opened at $26.62 on Friday. The firm has a market cap of $17.98 billion, a P/E ratio of 9.24, a P/E/G ratio of 1.57 and a beta of 0.96. Pinterest, Inc. has a 1-year low of $23.68 and a 1-year high of $40.90. The firm has a 50-day moving average of $32.57 and a 200-day moving average of $33.89.

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

Insider Activity

In related news, insider Wanjiku Juanita Walcott sold 74,047 shares of Pinterest stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $26.89, for a total value of $1,991,123.83. Following the sale, the insider owned 301,214 shares in the company, valued at $8,099,644.46. The trade was a 19.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $35.00, for a total transaction of $40,250.00. Following the transaction, the director directly owned 30,600 shares in the company, valued at approximately $1,071,000. The trade was a 3.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 714,283 shares of company stock valued at $24,869,450. 7.06% of the stock is owned by insiders.

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.