Jennison Associates LLC Trims Position in Pinterest, Inc. (NYSE:PINS)

Jennison Associates LLC trimmed its position in shares of Pinterest, Inc. (NYSE:PINS) by 1.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,588,694 shares of the company’s stock after selling 27,150 shares during the period. Jennison Associates LLC owned 0.24% of Pinterest worth $46,072,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its stake in Pinterest by 12.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,153 shares of the company’s stock worth $1,902,000 after acquiring an additional 4,712 shares during the last quarter. Algert Global LLC purchased a new position in shares of Pinterest in the second quarter valued at $463,000. NewEdge Advisors LLC increased its position in Pinterest by 300.8% in the second quarter. NewEdge Advisors LLC now owns 22,811 shares of the company’s stock worth $1,005,000 after purchasing an additional 17,120 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Pinterest by 8.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,109 shares of the company’s stock valued at $666,000 after purchasing an additional 1,181 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new position in Pinterest during the second quarter valued at $207,000. Hedge funds and other institutional investors own 88.81% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PINS. Royal Bank of Canada restated an “outperform” rating and issued a $48.00 target price on shares of Pinterest in a report on Tuesday, December 10th. Raymond James reduced their price objective on 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 lowered their price objective on Pinterest from $52.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Morgan Stanley lifted their target price on Pinterest from $35.00 to $36.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. Finally, Monness Crespi & Hardt upgraded Pinterest from a “neutral” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Friday, January 10th. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Pinterest presently has an average rating of “Moderate Buy” and a consensus price target of $40.70.

Pinterest Price Performance

Shares of NYSE PINS opened at $33.40 on Wednesday. Pinterest, Inc. has a 1-year low of $27.00 and a 1-year high of $45.19. The business has a fifty day moving average price of $31.11 and a 200 day moving average price of $31.54. The stock has a market capitalization of $22.57 billion, a P/E ratio of 111.35, a price-to-earnings-growth ratio of 1.68 and a beta of 1.06.

Insider Buying and Selling at Pinterest

In related news, Director Gokul Rajaram sold 1,150 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $29.73, for a total transaction 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. This represents a 3.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $30.82, for a total value of $365,586.84. Following the completion of the sale, the insider now directly owns 246,921 shares of the company’s stock, valued at approximately $7,610,105.22. This represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,157 shares of company stock valued at $589,131. 7.11% of the stock is currently owned by insiders.

Pinterest Profile

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.