Massachusetts Financial Services Co. MA boosted its stake in shares of Pinterest, Inc. (NYSE:PINS - Free Report) by 4.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 844,187 shares of the company's stock after purchasing an additional 32,539 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.12% of Pinterest worth $27,326,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Baillie Gifford & Co. raised its position in shares of Pinterest by 9.5% in the 2nd quarter. Baillie Gifford & Co. now owns 10,116,139 shares of the company's stock worth $445,818,000 after buying an additional 880,398 shares during the period. Ontario Teachers Pension Plan Board raised its holdings in shares of Pinterest by 51.5% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 8,812,117 shares of the company's stock worth $285,248,000 after purchasing an additional 2,996,750 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Pinterest by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,960,861 shares of the company's stock worth $262,695,000 after purchasing an additional 380,431 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Pinterest by 8.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,944,489 shares of the company's stock valued at $192,423,000 after purchasing an additional 460,708 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Pinterest by 31.6% during the 2nd quarter. Acadian Asset Management LLC now owns 5,645,845 shares of the company's stock worth $248,793,000 after purchasing an additional 1,356,459 shares during the period. Institutional investors and hedge funds own 88.81% of the company's stock.
A number of brokerages have weighed in on PINS. Royal Bank of Canada reaffirmed an "outperform" rating and set a $48.00 price target on shares of Pinterest in a research report on Thursday, September 12th. Raymond James cut their target price on shares of Pinterest from $40.00 to $34.00 and set an "outperform" rating on the stock in a research note on Friday, November 8th. UBS Group decreased their price target on shares of Pinterest from $52.00 to $46.00 and set a "buy" rating for the company in a research report on Friday, November 8th. Cantor Fitzgerald reissued an "overweight" rating and issued a $41.00 price objective on shares of Pinterest in a research report on Monday, October 7th. Finally, Robert W. Baird decreased their target price on Pinterest from $41.00 to $36.00 and set an "outperform" rating for the company in a research report on Friday, November 8th. Seven analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $42.00.
Read Our Latest Research Report on Pinterest
Shares of Pinterest stock opened at $30.51 on Tuesday. The business has a 50-day moving average price of $31.73 and a 200 day moving average price of $35.76. Pinterest, Inc. has a fifty-two week low of $27.00 and a fifty-two week high of $45.19. The firm has a market cap of $20.62 billion, a P/E ratio of 101.70, a P/E/G ratio of 2.15 and a beta of 1.02.
In other Pinterest news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $32.72, for a total value of $990,761.60. Following the completion of the transaction, the chief financial officer now directly owns 297,351 shares in the company, valued at $9,729,324.72. The trade was a 9.24 % decrease in their ownership of the stock. The sale 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 stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $29.73, for a total value of $34,189.50. Following the sale, the director now owns 32,536 shares in the company, valued at $967,295.28. The trade was a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,580 shares of company stock worth $1,063,499. 7.11% of the stock is currently owned by corporate insiders.
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.
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