Pinterest, Inc. (NYSE:) Chief Accounting Officer Andrea Acosta recently sold some of her stake in the company. Pinterest has a market capitalization of $20.5 billion and maintains strong financial health, with impressive revenue growth of 17.7% over the past 12 months, according to data from InvestingPro. Acosta sold 3,845 shares of Pinterest’s Class A common stock at a price of $30.88 per share, for a total transaction of $118,733, according to a filing with the Securities and Exchange Commission.
The transaction was conducted pursuant to a Rule 10b5-1 trading plan, which allows company insiders to develop a prescribed plan to sell stock. Following this sale, Acosta will retain ownership of 158,468 shares, including 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 for the third quarter of 2024 to $898 million, while global monthly active users also increased by 11%. However, Pinterest’s fourth quarter revenue was lower than expected. KeyBanc responded by lowering Pinterest’s price target from $45 to $39, while maintaining an Overweight rating. BMO Capital Markets also lowered its price target to $40 from $46 due to expected increases in research and development costs.
Meanwhile, Wedbush upgraded Pinterest’s stock rating from “neutral” to “outperform” and set a new price target of $38. The company expects Pinterest’s adjusted EBITDA to grow at a compound annual rate of approximately 27% over the next three years.
In a corporate move, Pinterest has changed its registered agent and office in Delaware. The amendments are 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 investors should be aware of as Pinterest continues to innovate and form strategic partnerships.
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