Connor Clark & Lunn Investment Management Ltd. Has $9.24 Million Position in Pinterest, Inc. (NYSE:PINS)

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Pinterest, Inc. (NYSE:PINS – Get Rating) by 51.2% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 380,365 shares of the company’s stock after selling 399,091 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Pinterest worth $9,235,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. KBC Group NV raised its position in shares of Pinterest by 2.1% during the third quarter. KBC Group NV now owns 40,715 shares of the company’s stock valued at $949,000 after buying an additional 828 shares during the last quarter. Apollon Wealth Management LLC bought a new stake in Pinterest in the third quarter valued at about $228,000. State of New Jersey Common Pension Fund D increased its stake in Pinterest by 3.3% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 349,880 shares of the company’s stock valued at $8,495,000 after acquiring an additional 11,102 shares during the period. Nuveen Asset Management LLC increased its stake in Pinterest by 4.6% in the third quarter. Nuveen Asset Management LLC now owns 2,136,387 shares of the company’s stock valued at $49,777,000 after acquiring an additional 94,413 shares during the period. Finally, California Public Employees Retirement System increased its stake in Pinterest by 21.2% in the third quarter. California Public Employees Retirement System now owns 1,319,879 shares of the company’s stock valued at $30,753,000 after acquiring an additional 230,816 shares during the period. Institutional investors and hedge funds own 71.95% of the company’s stock.

Pinterest Price Performance

Shares of NYSE PINS opened at $23.74 on Friday. The company’s 50 day simple moving average is $25.46 and its 200 day simple moving average is $25.17. Pinterest, Inc. has a fifty-two week low of $16.77 and a fifty-two week high of $29.27. The firm has a market capitalization of $16.23 billion, a P/E ratio of -52.76 and a beta of 0.99.

Insiders Place Their Bets

In other Pinterest news, SVP Naveen Gavini sold 11,185 shares of the stock in a transaction on Friday, May 12th. The shares were sold at an average price of $21.29, for a total value of $238,128.65. Following the sale, the senior vice president now directly owns 339,322 shares in the company, valued at $7,224,165.38. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Todd R. Morgenfeld sold 60,537 shares of the stock in a transaction on Monday, March 27th. The shares were sold at an average price of $28.32, for a total transaction of $1,714,407.84. Following the completion of the sale, the chief financial officer now owns 512,820 shares of the company’s stock, valued at $14,523,062.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Naveen Gavini sold 11,185 shares of the stock in a transaction on Friday, May 12th. The stock was sold at an average price of $21.29, for a total transaction of $238,128.65. Following the sale, the senior vice president now directly owns 339,322 shares of the company’s stock, valued at approximately $7,224,165.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,648 shares of company stock worth $4,083,099. Company insiders own 6.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Robert W. Baird lowered their target price on shares of Pinterest from $31.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, April 28th. Loop Capital lowered their target price on shares of Pinterest from $32.00 to $28.00 in a research note on Tuesday, May 2nd. Roth Capital reaffirmed a “neutral” rating on shares of Pinterest in a research note on Tuesday, February 7th. Credit Suisse Group decreased their price objective on shares of Pinterest from $29.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday, April 28th. Finally, Morgan Stanley decreased their price objective on shares of Pinterest from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Friday, April 28th. Twelve investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $28.40.

Pinterest Company Profile

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Pinterest, Inc engages in the operation of a pinboard-style photo-sharing website. It allows users to create and manage theme-based image collections such as events, interests, and hobbies. The company was founded by Benjamin Silbermann, Paul C. Sciarra, and Evan Sharp in October 2008 and is headquartered in San Francisco, CA.