Citigroup Boosts Pinterest (NASDAQ:PINS) Price Target to $38.00

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Pinterest (NASDAQ:PINS) had its price target increased by stock analysts at Citigroup from $34.00 to $38.00 in a research note issued on Friday, The Fly reports. The firm currently has a “buy” rating on the stock. Citigroup‘s target price would suggest a potential upside of 14.56% from the stock’s current price.

PINS has been the subject of several other reports. Robert W. Baird initiated coverage on Pinterest in a report on Monday, May 13th. They set an “outperform” rating and a $36.00 price objective for the company. Zacks Investment Research cut Pinterest from a “hold” rating to a “sell” rating in a report on Friday, July 19th. Atlantic Securities initiated coverage on Pinterest in a report on Tuesday, April 9th. They set an “overweight” rating and a $23.00 price objective for the company. Susquehanna Bancshares initiated coverage on Pinterest in a report on Monday, May 6th. They set a “neutral” rating and a $35.00 price objective for the company. Finally, Wedbush initiated coverage on Pinterest in a report on Monday, June 17th. They set an “outperform” rating and a $33.00 price objective for the company. Twelve research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $32.17.

NASDAQ PINS traded down $0.55 on Friday, hitting $33.17. 168,864 shares of the company were exchanged, compared to its average volume of 6,976,470. Pinterest has a 1-year low of $23.05 and a 1-year high of $35.29. The firm’s 50 day simple moving average is $27.59.

Pinterest (NASDAQ:PINS) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.06) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.09) by $0.03. The firm had revenue of $261.20 million for the quarter, compared to the consensus estimate of $237.23 million. Pinterest’s quarterly revenue was up 62.0% on a year-over-year basis.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Zweig DiMenna Associates LLC acquired a new position in shares of Pinterest in the 2nd quarter worth approximately $4,536,000. Legacy Advisors LLC acquired a new position in shares of Pinterest in the second quarter worth about $271,000. Quad Cities Investment Group LLC acquired a new position in shares of Pinterest in the second quarter worth about $27,000. Moors & Cabot Inc. acquired a new position in shares of Pinterest in the second quarter worth about $222,000. Finally, Meridian Wealth Management LLC acquired a new position in shares of Pinterest in the second quarter worth about $313,000.

About Pinterest

There is no company description available for Pinterest Inc

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