Andrea Acosta, the Chief Accounting Officer of Pinterest, Inc. (NYSE:PINS), recently sold a portion of her holdings in the company. According to InvestingPro data, Pinterest maintains strong financial health with a market capitalization of $20.5 billion and impressive revenue growth of 17.7% over the last twelve months. According to a filing with the Securities and Exchange Commission, Acosta sold 3,845 shares of Pinterest's Class A Common Stock at a price of $30.88 per share, amounting to a total transaction value of $118,733.
This transaction was conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks. Following this sale, Acosta retains ownership of 158,468 shares, which include restricted stock units subject to vesting requirements.
In other recent news, Pinterest has seen a series of notable developments. The company reported an 18% increase in revenue to $898 million for the third quarter of 2024, alongside an 11% rise in global monthly active users. However, Pinterest's projected fourth-quarter revenue fell short of expectations. KeyBanc responded by reducing Pinterest's price target from $45 to $39, while maintaining an Overweight rating. BMO Capital Markets also lowered its price target from $46 to $40 due to anticipated increases in research and development costs.
Wedbush, on the other hand, upgraded Pinterest's stock rating from Neutral to Outperform, setting a new price target of $38. The firm predicts a compound annual growth rate of about 27% over the next three years for Pinterest's adjusted EBITDA.
In a corporate move, Pinterest changed its registered agent and office in Delaware, an amendment that is now reflected in the company's Amended and Restated Certificate of Incorporation and Bylaws. The new registered agent is The Corporation Trust Company, and the new registered office is located in Wilmington, Delaware.
These are recent developments that investors should be aware of as Pinterest continues to innovate and form strategic partnerships.
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