The world of finance is never short of surprises, and in a recent turn of events, Victory Capital Management Inc. has reported the lessening of its holdings in Pinterest, Inc. by a staggering 62.9% during the fourth quarter of the year 2023. This news has taken many investors aback as Pinterest is known to be an innovative pinboard-style photo-sharing website that allows users to create and manage theme-based image collections such as events, interests, and hobbies.
Founded by Benjamin Silbermann, Paul C. Sciarra, and Evan Sharp in October 2008 and headquartered in San Francisco, CA, Pinterest has been garnering attention from users worldwide for its unique concept and seamless user experience. However, with Victory Capital Management Inc.’s latest move to sell 501,099 shares during the quarter, the company now only owns 295,589 shares worth $7,687,000 at the end of the most recent reporting period.
The stock market reflects these developments as well. Shares of PINS opened at $23.74 on Friday with a 12-month high of $29.27 and a low of $16.77. Furthermore, the company has a 50-day moving average price of $25.46 and a 200-day moving average price of $25.17.
While many investors saw this move as unexpected news given Pinterest’s innovative approach towards social media content sharing – particularly in visual-centric niches like beauty tutorials or fashion inspirations – it remains unclear why Victory Capital Management Inc.lessened its holdings so significantly. Nonetheless,this may be an opportune moment for other astute investors to consider investing in Pinterest’s promises.
Given how rapidly our world is changing – infiltrated by new technological advances every day -the markets will always have fluctuations requiring investors to keep their eyes peeled on opportunities that abound among the complicated circumstances that are presented within them.With that said,it will be interesting to see what unfolds for Pinterest, Inc. in the times to come, and how investors may choose to participate in the growing online-based social media platforms of the future.
Institutional Investors Remain Bullish on Pinterest Despite Insider Selling
Pinterest, a social media platform for visual inspiration, has recently gained the attention of several institutional investors. Cohanzick Management LLC acquired a new stake worth $25,000 in the first quarter of 2023, while Manchester Capital Management LLC saw a 2,668.9% increase in its holdings by purchasing an additional 1,201 shares worth $29,000 in the third quarter of the previous year. Stonebridge Capital Advisors LLC also grew its holdings by 5,138.9%, and Clearstead Trust LLC acquired a new stake worth $62,000 during the last quarter of 2022. Lastly, Y.D More Investments Ltd purchased their shares at approximately $64,000. These institutional investors now own 71.95% of Pinterest’s stock.
Equities analysts have given mixed reviews on Pinterest’s performance after its recent mayhem with insiders selling their shares. Credit Suisse Group gave Pinterest a “neutral” rating and lowered their target price from $29 to $28 in April of this year while KeyCorp upgraded their price target from $28 to $32 with an “overweight” rating back in February. Meanwhile UBS Group added that they hold onto purchasing Pinterest’s shares due to negativity surrounding it and decreased their price objective from $35 to $34.
Furthermore,CFO Todd R. Morgenfeld sold around 60 thousand shares valued at approximately $1.7 million on March 27th this year for an average price of $28.32 per share before reducing his stakes on company holding with another transaction regarding sell off for shares valued at around $1 million as well.The director Jeffrey D.Jordan also made headlines as he had sold his shares in a transaction valued roughly around $115k.According to sources Insider selling has lead to the sell-off of over 150K shares totalizing over
$4million since last 90 days . However,Pinterest revealed that the insiders hold 6.85% of the total shares.
Overall, despite mixed analyst reviews and insider selling, Pinterest still seems to be an attractive investment for several institutional investors. The platform continues to provide visual inspiration to millions of users worldwide through their curated Pins and Boards.They continue to focus on building a safe, positive space online for all its users with its evolving policies that meet global standards while resorting to provide maximum security against fraud and hate speech. All remains well in the vibrant corners notwithstanding any logical hitch on its map along the way.
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