CreativeOne Wealth LLC has increased its holdings in Pinterest, Inc. (NYSE:PINS) by 26.6% during the second quarter of 2023, according to the latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 10,947 shares of Pinterest stock, an addition of 2,300 shares during this period, bringing the total value of its holdings to approximately $393,000.
Other institutional investors have also adjusted their stakes in Pinterest. For instance, Penserra Capital Management LLC raised its investment by 10.1%, acquiring an additional 300 shares to hold 3,259 shares valued at $115,000. Similarly, TD Private Client Wealth LLC increased its position by 16.5%, now owning 2,623 shares worth $94,000 after buying 371 additional shares.
Insider Transactions and Market Activity
In related news, insider Wanjiku Juanita Walcott sold 74,047 shares of Pinterest stock on November 11, at an average price of $26.89, resulting in a total transaction value of approximately $1,991,123.83. Following this sale, Walcott retained 301,214 shares, valued at around $8,099,644.46, reflecting a 19.73% decrease in her ownership.
Moreover, Chief Financial Officer Donnelly Julia Brau sold 22,821 shares on September 24, receiving $795,311.85 from the transaction. Following this, she owns 312,422 shares valued at approximately $10,887,906.70, marking a 6.81% reduction in her stake. In total, corporate insiders have sold 505,208 shares worth about $17,450,914 over the past quarter, with insiders holding 7.06% of the company’s stock.
Analyst Ratings and Market Performance
Brokerage firms have recently revised their ratings for Pinterest shares. On November 5, Wedbush lowered its price target from $44.00 to $34.00, maintaining an “outperform” rating. Morgan Stanley also decreased its target from $41.00 to $32.00 while issuing an “overweight” rating.
Other analysts have expressed caution; Rosenblatt Securities reiterated a “neutral” rating, adjusting its price target from $49.00 to $30.00. Additionally, The Goldman Sachs Group reduced its target from $43.00 to $36.00, recommending a “buy” rating. Meanwhile, Monness Crespi & Hardt downgraded Pinterest from a “buy” to a “neutral” rating.
As of now, one research analyst rates the stock as a Strong Buy, while twenty-two have given it a Buy rating and eight have assigned a Hold rating. According to data from MarketBeat.com, Pinterest holds an average rating of “Moderate Buy” and has a consensus target price of $39.10.
Pinterest shares opened at $26.10 on Friday, reflecting a 2.1% increase in trading. The company boasts a market capitalization of $17.63 billion, with a price-to-earnings ratio of 9.06 and a beta of 0.96. Over the last twelve months, Pinterest’s stock has ranged from a low of $23.68 to a high of $40.90.
On September 19, Pinterest reported quarterly earnings, revealing earnings per share of $0.11 and revenue of $665.93 million. The company has achieved a net margin of 48.99% and a return on equity of 8.20%. Analysts predict that Pinterest will report earnings per share of $0.60 for the current fiscal year.
Pinterest operates as a visual search and discovery platform, enabling users to find and save ideas across various categories, including recipes and home inspiration. The company was founded as Cold Brew Labs Inc. and rebranded to Pinterest, Inc. in April 2012.
