Nordea Investment Management AB Boosts Stake in Pinterest, Inc. (NYSE: PINS)
San Francisco-based photo-sharing website, Pinterest, Inc. (NYSE: PINS) has seen a surge in investor interest as Nordea Investment Management AB announced that it increased its stake in the company by 1.5% during the fourth quarter. Reports confirm that Nordea Investment Management AB purchased an additional 6,267 shares bringing their total ownership of Pinterest to 415,648 shares. According to official filings with the Securities & Exchange Commission, Nordea now owns 0.06% of Pinterest’s outstanding shares worth approximately $9,826,000.
Pinterest reported earnings per share of $0.29 for the last quarter of fiscal year 2020 which beat analysts’ estimates by $0.01 and positively impacted investor sentiment towards the company stock. However, they recorded a negative net margin of 10.58% and a negative return on equity of 4.83%. The report revealed that Pinterest’s revenue stood at $877.21 million for the quarter marking a modest rise from last quarterly earnings.
The website boasts over 250 million monthly active users worldwide who use its platform to create personalised image collections based on their experiences and interests such as hobbies or events.
Pinterest founders Benjamin Silbermann, Paul C Sciarra and Evan Sharp conceptualised this platform as a way for people to explore creative ideas through sharing visual content while branding themselves as one-of-a-kind contributors pioneering new trends.
With this latest development in regards to Nordea’s investment into Pinterest, it is clear that investors are recognising the growth potential inherent in social media platforms like Pinterest which enable collaboration and self-expression among individuals globally.
Pinterest Inc. opened on Tuesday with a stock price of $21.59. The company has had a tumultuous year, with its value ranging from a 1-year low of $16.14 to a high of $29.27. Pinterest’s market capitalization currently stands at $14.76 billion, and it operates a pinboard-style photo-sharing website that allows users to create and manage theme-based image collections, including events, interests, and hobbies.
A number of hedge funds and institutional investors have made recent changes to their positions in PINS, including Great West Life Assurance Co. Can, Balentine LLC, KBC Group NV, Apollon Wealth Management LLC, and State of New Jersey Common Pension Fund D. These entities now own roughly 71.95% of the company’s stock.
Equities analysts have issued mixed reports on Pinterest’s stock; KeyCorp lift their target price from $28 to $32 and rated the stock as “overweight,” while Piper Sandler reduced its price projection from $32 to $31 back in April.
In other news related to Pinterest, Director Jeffrey D. Jordan recently sold 5,000 shares of the business’s stock for an average price of $23.04 per share in May 2021 alone. In total, insiders have sold 139,463 shares worth approximately $3.84 million within the last 90 days.
Despite some fluctuations in value and investor actions regarding its shares, Pinterest continues operations under Founders Benjamin Silbermann, Paul C Sciarra, Evan Sharp as well as headquarters based out in San Francisco California. The company has established itself within the industry through social media which makes it known globally by many people.”
Source: https://beststocks.com/nordea-investment-management-ab-increases-stake-in-3/
