Sun Oct 06 22:01:59 UTC 2024: ## Clearbridge Investments Cuts Stake in Pinterest as Institutional Interest Remains High

**Sioux Falls, SD** – Clearbridge Investments LLC trimmed its holdings in Pinterest, Inc. (NYSE: PINS) by 2.1% during the second quarter, selling off 172,562 shares of the social media platform. Despite the reduction, Clearbridge still holds a significant 1.17% stake in Pinterest, valued at $352,876,000.

While Clearbridge reduced its position, other institutional investors and hedge funds showed increased interest in Pinterest during the quarter. Brown Shipley & Co Ltd, Wellington Shields Capital Management LLC, Hexagon Capital Partners LLC, GAMMA Investing LLC, and Rothschild Investment LLC all acquired new stakes or boosted their existing holdings in the company. Institutional investors and hedge funds now own a commanding 88.81% of Pinterest’s outstanding shares.

Despite the mixed signals from institutional investors, analysts remain optimistic about Pinterest’s prospects. Piper Sandler reiterated an “overweight” rating with a $45.00 price target, while Oppenheimer initiated coverage with an “outperform” rating and a $45.00 price objective. However, Stifel Nicolaus cut their target price from $46.00 to $45.00, and Wells Fargo & Company decreased their target price from $49.00 to $41.00.

Overall, Pinterest currently has an average rating of “Moderate Buy” with an average price target of $43.25, according to MarketBeat.

Pinterest’s stock price rose $0.40 during midday trading on Tuesday, reaching $32.77. The company’s second-quarter earnings report, released on July 30th, beat analyst expectations, with earnings per share coming in at $0.29, exceeding the consensus estimate of $0.28.

Despite the mixed sentiment from investors and analysts, Pinterest remains a popular platform for visual search and discovery, with a strong user base and continued revenue growth.

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