Cornercap Investment Counsel Inc. Sells 4,552 Shares of Pinterest, Inc. (NYSE:PINS)

Cornercap Investment Counsel Inc. cut its holdings in Pinterest, Inc. (NYSE:PINS) by 19.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,645 shares of the company’s stock after selling 4,552 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Pinterest were worth $604,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. CIBC Asset Management Inc boosted its stake in Pinterest by 5.5% in the 3rd quarter. CIBC Asset Management Inc now owns 21,257 shares of the company’s stock worth $688,000 after purchasing an additional 1,105 shares during the period. Impax Asset Management Group plc lifted its stake in Pinterest by 26.1% during the third quarter. Impax Asset Management Group plc now owns 50,437 shares of the company’s stock worth $1,633,000 after purchasing an additional 10,437 shares during the last quarter. Metis Global Partners LLC grew its position in Pinterest by 6.8% during the third quarter. Metis Global Partners LLC now owns 10,594 shares of the company’s stock valued at $343,000 after acquiring an additional 675 shares during the last quarter. Plato Investment Management Ltd raised its position in Pinterest by 79.8% in the 3rd quarter. Plato Investment Management Ltd now owns 26,833 shares of the company’s stock worth $868,000 after purchasing an additional 11,912 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Pinterest by 6.8% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 46,783 shares of the company’s stock valued at $1,514,000 after acquiring an additional 2,997 shares during the last quarter. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Pinterest Stock Performance

Shares of Pinterest stock opened at $28.24 on Friday. The company has a market cap of $19.38 billion, a PE ratio of 94.14, a P/E/G ratio of 2.29 and a beta of 1.02. The business has a 50-day simple moving average of $31.73 and a 200-day simple moving average of $36.23. Pinterest, Inc. has a one year low of $27.00 and a one year high of $45.19.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PINS. Piper Sandler restated an “overweight” rating and issued a $41.00 price objective (down previously from $45.00) on shares of Pinterest in a research report on Friday, November 8th. JPMorgan Chase & Co. lowered their price objective on Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. KeyCorp cut their price target on shares of Pinterest from $45.00 to $39.00 and set an “overweight” rating on the stock in a report on Monday, November 11th. Evercore ISI lowered their target price on shares of Pinterest from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $48.00 price objective on shares of Pinterest in a research report on Thursday, September 12th. Seven equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Pinterest presently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Transactions at Pinterest

In related news, Director Gokul Rajaram sold 1,150 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $33.52, for a total value of $38,548.00. Following the transaction, the director now directly owns 33,686 shares of the company’s stock, valued at $1,129,154.72. This trade represents a 3.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Donnelly Julia Brau sold 30,280 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $32.72, for a total transaction of $990,761.60. Following the completion of the sale, the chief financial officer now directly owns 297,351 shares of the company’s stock, valued at approximately $9,729,324.72. This trade represents a 9.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.11% of the company’s stock.

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.