American Trust Acquires New Position in Pinterest

American Trust Acquires New Position in Pinterest

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American Trust has purchased 7,400 shares of Pinterest, Inc. stock, valued at approximately $202,000, according to its most recent Form 13F filing with the Securities & Exchange Commission. This move American Trust comes as several other hedge funds have also made changes to their positions in Pinterest.

Vanguard Group Inc. increased its holdings in Pinterest 1.9%, now owning over 50 million shares of the company’s stock. BlackRock Inc. lifted its position in Pinterest 7.4%, while Price T Rowe Associates Inc. and Amundi both saw significant increases in their positions as well. Macquarie Group also boosted its stake in Pinterest 22.7%.

Analysts have set new price targets for Pinterest, with several research firms giving the stock a “buy” rating. Rosenblatt Securities upgraded their rating from “neutral” to “buy” and raised their target price. Morgan Stanley, Wells Fargo, JPMorgan Chase, and Credit Suisse Group have also increased their price targets, among others.

Despite the positive outlook from analysts, Pinterest’s stock has seen a slight decline of 1.2% in trading. The company has a 12-month high of $30.86 and a 12-month low of $20.60.

In terms of financials, Pinterest reported earnings per share of ($0.04) for the quarter, beating analysts’ estimates. The company had revenue of $708.03 million, surpassing expectations. Pinterest had a negative return on equity of 4.59% and a negative net margin of 10.14%.

Insiders have been active in selling Pinterest stock, with SVP Naveen Gavini and CFO Todd R. Morgenfeld both selling shares in recent transactions. In the last 90 days, insiders have sold over 618,000 shares of company stock, amounting to $16.8 million.

Pinterest, Inc. operates as a visual discovery engine, allowing users to find ideas and inspiration. The company provides various tools and recommendations based on users’ preferences, including shoppable product pins.

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