Pinterest, Inc. (NYSE:PINS) director Jeffrey D. Jordan has recently sold a portion of his holdings in the company. According to a new filing, Jordan sold 20,000 shares of Class A Common Stock at an average price of approximately $35.08, totaling over $700,000.
The transactions were carried out on April 1, 2024, and were executed at prices ranging from $34.54 to $35.42 per share. The sale was conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a time when they are not in possession of material non-public information.
Following the sale, Jordan still holds a substantial number of shares in the company. The filing revealed that after this transaction, he owns 34,215 shares indirectly through the Jordan Family Revocable Trust. Additionally, he has direct ownership of 50,535 shares, which includes 39,805 shares of Class A Common Stock and 10,730 Restricted Stock Units (RSUs). The RSUs represent the right to receive shares of Class A common stock upon vesting.
Investors often monitor insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects. However, it's important to note that these transactions do not necessarily indicate a change in company fundamentals and can be motivated by various personal financial considerations.
InvestingPro Insights
In light of the recent insider transactions at Pinterest, Inc. (NYSE:PINS), the company's financial health and market performance are of particular interest to investors. According to InvestingPro data, Pinterest boasts a robust market capitalization of $23.85 billion, underscoring its significant presence in the social media industry.
One of the notable InvestingPro Tips reveals that Pinterest holds more cash than debt on its balance sheet, indicating a strong financial position that could reassure investors of the company's stability and potential to handle economic fluctuations. Furthermore, analysts are optimistic about the company's future, predicting net income growth this year, with 8 analysts having revised their earnings upwards for the upcoming period.
Despite a challenging P/E ratio of -661.32, reflecting market skepticism about current profitability, the company's revenue growth paints a brighter picture. Over the last twelve months as of Q4 2023, Pinterest's revenue grew by 9.01%, with a quarterly increase of 11.86% in Q4 2023 alone. This growth trajectory aligns with the analysts' positive outlook and may be a contributing factor to the large price uptick of 29.92% over the last six months.
For investors seeking deeper insights and additional metrics, InvestingPro offers a wealth of information, including more tips on Pinterest's valuation multiples and profitability forecasts. Discover more InvestingPro Tips by visiting https://www.investing.com/pro/PINS and use coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 11 additional InvestingPro Tips listed that could further inform your investment decisions regarding Pinterest.
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