As of the latest Form 13F filing with the Securities and Exchange Commission (SEC) on June 3, 2023, Korea Investment Corporation has raised its stake in Pinterest, Inc. by 3.5%. The company now has ownership of approximately 0.07% of Pinterest’s shares worth $10,892,000, after acquiring an additional 14,981 shares during the fourth quarter. Pinterest is a California-based technology company that operates a photo-sharing website allowing users to create image collections based on their interests.
In March 2023, Pinterest’s CFO Todd R. Morgenfeld sold over sixty thousand shares worth $1.7 million at an average price of $28.32 per share according to a legal SEC filing. These sales came just two months after SVP Naveen Gavini sold over eleven thousand Pinterest stocks at an average price of $21.29 per share, costing him $238,128.65.
Despite these insider sales transactions amounting to over $4 million for company insiders selling more than one hundred and fifty thousand stocks in total throughout the last quarter alone, corporate insiders still own nearly seven percent of all outstanding shares.
Pinterest has revolutionized online sharing and curation through its innovative pinboard-style image sharing platform. The company was founded by Benjamin Silbermann, Paul C.Sciarra and Evan Sharp in October 2008 and is headquartered in San Francisco.
Korea Investment Corporation’s increased investment portfolio in Pinterest could be interpreted as an optimistic sign for the tech giant’s shareholders who think the share price may be on the rise soon given the growing demand for social media platforms like Pinterest across various population demographics globally.
Only time will tell what this means for both Korea Investment Corp and its newly increased holdings as well as Pinterest’s shareholders amid rumors of new development products on the horizon from Pinterest management team that are yet disclosed amidst unprecedented market sentiment towards big tech companies.
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Surge in Institutional Investment: Hedge Funds Boost Stake in Pinterest
Pinterest, Inc. has seen a surge in institutional investment over the past few months, as several hedge funds have modified their holdings of the image search and sharing platform. Banco Bilbao Vizcaya Argentaria SA boosted its stake in Pinterest by 73.6% during Q4 2022 and now owns more than 333,000 shares valued at $7.93 million. This increase corresponds with a trend across many financial institutions where they are increasingly beginning to invest in emerging technologies.
Ontario Teachers Pension Plan Board followed suit by increasing its stake in Pinterest by 17.1% during the same period, now owning upwards of 132,000 shares worth around $3.21 million following an additional purchase of 19,339 shares.
Thompson Siegel & Walmsley LLC also lifted its stake in Pinterest by nearly 43% during Q4, netting an additional 6,000 shares that pushed the firm’s overall holding to approximately $486,000. Similarly, Freemont Management S.A., which only recently acquired a position in Pinterest valued at around $444,000.
The institutional investor portfolio for PINS now amounts to an overwhelming 71.95%, with individual investors making up the remaining holders of the company’s stock.
Shares for Pinterest opened at $23.63 on Friday June 2nd ,with a market capitalization currently sitting at $16.16 billion according to recent Bloomberg.com data; this comes after an unhappy previous quarter-end where equities research analysts dropped significantly lower-than-expected target prices on PINS from sourcing institutions such as Rosenblatt Securities and Sanford C Bernstein.
Despite these shortcomings though, bullishness still runs high through major investment banks such as JPMorgan Chase & Co and UBS Group both having buy ratings on PINS shares coupled with long-term predictions which may also serve to entice individual investors into seeking out profitable openings partnering with companies of this nature.
