Blue Grotto Capital LLC Takes $30.32 Million Position in Pinterest, Inc. $PINS

Blue Grotto Capital LLC purchased a new stake in shares of Pinterest, Inc. (NYSE:PINS) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 942,554 shares of the company’s stock, valued at approximately $30,322,000. Pinterest makes up approximately 3.5% of Blue Grotto Capital LLC’s investment portfolio, making the stock its 12th biggest position. Blue Grotto Capital LLC owned about 0.14% of Pinterest as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Eschler Asset Management LLP purchased a new position in Pinterest during the third quarter valued at $297,000. Invesco Ltd. grew its position in shares of Pinterest by 2.2% in the 3rd quarter. Invesco Ltd. now owns 985,020 shares of the company’s stock worth $31,688,000 after buying an additional 20,938 shares during the period. Sei Investments Co. increased its stake in shares of Pinterest by 8.2% in the 3rd quarter. Sei Investments Co. now owns 696,912 shares of the company’s stock worth $22,420,000 after acquiring an additional 52,779 shares in the last quarter. RiverPark Advisors LLC increased its stake in shares of Pinterest by 9.2% in the 3rd quarter. RiverPark Advisors LLC now owns 53,201 shares of the company’s stock worth $1,711,000 after acquiring an additional 4,484 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in Pinterest by 174.9% during the 3rd quarter. Mackenzie Financial Corp now owns 334,527 shares of the company’s stock valued at $10,762,000 after acquiring an additional 212,848 shares during the period. 88.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Piper Sandler restated a “neutral” rating and issued a $21.00 price objective (down from $33.00) on shares of Pinterest in a report on Friday, February 13th. Mizuho set a $35.00 price target on Pinterest in a research report on Tuesday, February 3rd. Argus downgraded Pinterest from a “buy” rating to a “hold” rating in a research note on Monday, March 2nd. Wolfe Research set a $33.00 price objective on Pinterest and gave the company an “outperform” rating in a research report on Monday, January 5th. Finally, Evercore set a $25.00 price objective on Pinterest and gave the company an “in-line” rating in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nineteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $25.87.

Pinterest Stock Performance

PINS opened at $18.11 on Friday. The company’s 50-day simple moving average is $21.50 and its two-hundred day simple moving average is $27.49. The stock has a market capitalization of $12.05 billion, a P/E ratio of 29.69, a P/E/G ratio of 1.29 and a beta of 0.93. Pinterest, Inc. has a 52-week low of $13.84 and a 52-week high of $39.93.

Pinterest (NYSE:PINS) last announced its quarterly earnings results on Thursday, February 12th. The company reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.01). Pinterest had a return on equity of 7.95% and a net margin of 9.87%.The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm earned $0.56 earnings per share. The business’s revenue was up 14.3% compared to the same quarter last year. Research analysts forecast that Pinterest, Inc. will post 0.6 EPS for the current fiscal year.

Insider Activity at Pinterest

In other news, CFO Donnelly Julia Brau sold 22,821 shares of the stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $25.86, for a total transaction of $590,151.06. Following the transaction, the chief financial officer directly owned 540,358 shares of the company’s stock, valued at $13,973,657.88. This represents a 4.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Malik Ducard sold 2,293 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $22.06, for a total value of $50,583.58. Following the completion of the transaction, the insider owned 695,187 shares in the company, valued at approximately $15,335,825.22. This trade represents a 0.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 34,457 shares of company stock worth $876,925 in the last 90 days. 7.06% of the stock is currently owned by corporate insiders.

Pinterest Profile

Pinterest, Inc operates a visual discovery platform that helps users find inspiration and ideas for projects ranging from home design and fashion to cooking and travel. Users create and curate “Pins” — images or videos linked to content — organized on thematic boards. The service is available through its website and mobile applications and emphasizes personalized recommendations and visual search to surface relevant content based on user interests.

The company’s primary revenue model is advertising, offering promoted content formats that integrate into user feeds and search results.