Independent Advisor Alliance Decreases Holdings in Pinterest, Inc. (NYSE:PINS)

Independent Advisor Alliance lowered its stake in shares of Pinterest, Inc. (NYSE:PINS) by 12.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,642 shares of the company’s stock after selling 1,254 shares during the period. Independent Advisor Alliance’s holdings in Pinterest were worth $280,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA increased its stake in Pinterest by 4.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 844,187 shares of the company’s stock worth $27,326,000 after buying an additional 32,539 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Pinterest by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,252,996 shares of the company’s stock worth $137,669,000 after purchasing an additional 87,041 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its stake in Pinterest by 20.3% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 404,296 shares of the company’s stock valued at $13,087,000 after purchasing an additional 68,096 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in 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, GDS Wealth Management acquired a new stake in Pinterest during the 3rd quarter worth $2,517,000. Institutional investors and hedge funds own 88.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $41.00 target price on shares of Pinterest in a research report on Monday, October 7th. Rosenblatt Securities cut their price objective on shares of Pinterest from $48.00 to $46.00 and set a “buy” rating for the company in a report on Friday, November 8th. Oppenheimer lowered their target price on Pinterest from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Wedbush raised Pinterest from a “hold” rating to a “strong-buy” rating in a report on Monday, November 11th. Finally, Piper Sandler reissued an “overweight” rating and set a $41.00 price objective (down previously from $45.00) on shares of Pinterest in a research note on Friday, November 8th. Seven investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $41.63.

Insider Activity at Pinterest

In related news, CFO Donnelly Julia Brau sold 30,280 shares of Pinterest stock in a transaction 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 approximately $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gokul Rajaram sold 1,150 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 32,536 shares of the company’s stock, 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. Over the last quarter, insiders sold 32,580 shares of company stock worth $1,063,499. Corporate insiders own 7.11% of the company’s stock.

Pinterest Price Performance

NYSE PINS opened at $30.32 on Friday. The company has a market cap of $20.49 billion, a P/E ratio of 101.07, a P/E/G ratio of 2.19 and a beta of 1.02. The stock has a 50-day moving average of $31.80 and a two-hundred day moving average of $35.52. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19.

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.