Harvey Capital Management Inc. Takes $4.78 Million Position in Pinterest, Inc. (NYSE:PINS)

Harvey Capital Management Inc. acquired a new position in Pinterest, Inc. (NYSE:PINS) in the fourth quarter, Holdings Channel reports. The firm acquired 164,660 shares of the company’s stock, valued at approximately $4,775,000. Pinterest accounts for 1.1% of Harvey Capital Management Inc.’s portfolio, making the stock its 28th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its position in shares of Pinterest by 91.5% in the third quarter. CWM LLC now owns 66,685 shares of the company’s stock worth $2,159,000 after buying an additional 31,863 shares during the period. Livforsakringsbolaget Skandia Omsesidigt lifted its stake in Pinterest by 500.0% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 4,200 shares of the company’s stock worth $136,000 after acquiring an additional 3,500 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in Pinterest by 52.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 12,295 shares of the company’s stock worth $398,000 after acquiring an additional 4,223 shares during the period. NBC Securities Inc. purchased a new position in Pinterest during the 3rd quarter valued at about $173,000. Finally, Swedbank AB increased its holdings in shares of Pinterest by 21.9% in the 3rd quarter. Swedbank AB now owns 59,539 shares of the company’s stock valued at $1,927,000 after purchasing an additional 10,703 shares during the period. 88.81% of the stock is currently owned by hedge funds and other institutional investors.

Pinterest Trading Up 0.0 %

Shares of Pinterest stock opened at $39.64 on Wednesday. Pinterest, Inc. has a 1 year low of $27.00 and a 1 year high of $45.19. The company’s fifty day simple moving average is $31.61 and its 200-day simple moving average is $31.46. The company has a market cap of $26.79 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 1.72 and a beta of 1.06.

Pinterest (NYSE:PINS) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.30). Pinterest had a return on equity of 9.20% and a net margin of 51.07%. As a group, research analysts forecast that Pinterest, Inc. will post 0.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Jefferies Financial Group restated a “hold” rating and set a $32.00 price target (down from $40.00) on shares of Pinterest in a report on Monday, January 13th. JPMorgan Chase & Co. decreased their target price on shares of Pinterest from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Raymond James upped their price target on shares of Pinterest from $34.00 to $42.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Royal Bank of Canada lifted their price objective on Pinterest from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Roth Mkm dropped their target price on Pinterest from $39.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat, Pinterest currently has a consensus rating of “Moderate Buy” and an average price target of $43.86.

Insider Activity at Pinterest

In other news, Director Gokul Rajaram sold 1,150 shares of Pinterest stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $29.73, for a total transaction of $34,189.50. Following the sale, the director now directly owns 32,536 shares in the company, valued at approximately $967,295.28. The trade was a 3.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wanjiku Juanita Walcott sold 11,862 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $30.82, for a total transaction of $365,586.84. Following the completion of the sale, the insider now directly owns 246,921 shares in the company, valued at approximately $7,610,105.22. The trade was a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,157 shares of company stock worth $589,131 over the last three months. Company 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.