Pinterest (NYSE:PINS) Price Target Raised to $29.00

Pinterest (NYSE:PINS) had its price target boosted by Evercore from $27.00 to $29.00 in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has an in-line rating on the stock.

A number of other equities research analysts also recently commented on the company. Wells Fargo & Company lifted their target price on Pinterest from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. DA Davidson initiated coverage on Pinterest in a research note on Wednesday, July 8th. They issued a “buy” rating and a $26.00 target price on the stock. TD Cowen reaffirmed a “buy” rating on shares of Pinterest in a report on Monday, June 22nd. Rothschild & Co Redburn set a $23.00 price target on shares of Pinterest and gave the company a “neutral” rating in a research report on Monday, April 27th. Finally, Barclays upped their price objective on shares of Pinterest from $27.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Seventeen research analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $27.90.

Pinterest Trading Up 1.7%

Pinterest stock opened at $23.73 on Wednesday. The stock has a 50-day moving average of $22.12 and a two-hundred day moving average of $20.48. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.23 and a current ratio of 3.81. Pinterest has a one year low of $13.84 and a one year high of $38.57. The stock has a market cap of $13.29 billion, a PE ratio of 69.80, a price-to-earnings-growth ratio of 1.25 and a beta of 0.90.

Pinterest (NYSE:PINS) last issued its earnings results on Tuesday, August 4th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.07. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.15 billion. Pinterest had a return on equity of 7.49% and a net margin of 5.46%.The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $0.33 EPS. On average, research analysts anticipate that Pinterest will post 0.63 EPS for the current fiscal year.

Insider Transactions at Pinterest

In other news, insider Wanjiku Juanita Walcott sold 27,337 shares of the business’s stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $20.46, for a total transaction of $559,315.02. Following the transaction, the insider directly owned 724,673 shares in the company, valued at $14,826,809.58. The trade was a 3.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Donnelly Julia Brau sold 59,096 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $23.48, for a total value of $1,387,574.08. Following the completion of the sale, the chief financial officer owned 817,409 shares of the company’s stock, valued at $19,192,763.32. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 429,816 shares of company stock worth $9,280,201 in the last ninety days. Insiders own 8.09% of the company’s stock.

Institutional Investors Weigh In On Pinterest

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Elevated Capital Advisors LLC purchased a new position in shares of Pinterest during the 4th quarter worth $26,000. Caitong International Asset Management Co. Ltd raised its position in Pinterest by 2,017.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,101 shares of the company’s stock valued at $29,000 after purchasing an additional 1,049 shares during the period. Addison Advisors LLC raised its position in Pinterest by 727.3% in the fourth quarter. Addison Advisors LLC now owns 1,365 shares of the company’s stock valued at $35,000 after purchasing an additional 1,200 shares during the period. Garner Asset Management Corp acquired a new position in Pinterest during the fourth quarter worth $36,000. Finally, Summit Securities Group LLC acquired a new position in Pinterest during the first quarter worth $43,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Pinterest News Roundup

Here are the key news stories impacting Pinterest this week:

• Positive Sentiment: Q2 results beat expectations: Pinterest reported adjusted earnings of $0.43 per share versus the $0.36 consensus estimate, while revenue reached $1.18 billion compared with expectations of $1.15 billion. Revenue grew 18.2% year over year. Pinterest’s Q2 Earnings Top Estimates on AI-Led Ad Growth
• Positive Sentiment: AI is supporting monetization: AI-powered advertising, stronger monetization and record user growth helped drive the quarterly outperformance and contributed to a more constructive outlook. Spotify and Pinterest Delivered the Growth. Investors Wanted More
• Positive Sentiment: Analyst sentiment was broadly supportive: UBS initiated or reiterated a Buy rating, Cantor Fitzgerald assigned an Overweight rating, and Evercore raised its price target to $29. RBC also increased its target to $25. Guggenheim, Morgan Stanley, Robert W. Baird and Rosenblatt analysts expressed expectations for further appreciation. Evercore Boosts Pinterest Price Target
• Neutral Sentiment: Valuation remains a debate: Some analysts view the post-earnings weakness as a buying opportunity, citing Pinterest’s high-intent users, high-teens revenue growth and disciplined expense management. Pinterest: Despite North American User Choppiness, Worth The Cheap Multiples
• Negative Sentiment: Key risks limited the reaction: Investors were disappointed by at least one user-related metric, particularly choppiness in North American users. Monetization initiatives are also creating margin pressure, while Wedbush maintained a Neutral or Hold rating. PINS Q2 Deep Dive

About Pinterest

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.