Cathie Wood Was Buying These 5 Stocks for 2024

3. Pinterest Inc (NYSE:PINS)

Cathie Wood’s Stake: $53,507,224

Cathie Wood increased her stake in Pinterest Inc (NYSE:PINS) by 153% in the fourth quarter of 2023, concluding the year with a stake worth about $54 million.

Pinterest Inc (NYSE:PINS) shares recently fell after Pinterest Inc (NYSE:PINS) posted earnings which showed weak revenue in Q4’2023 and a lackluster guidance. However, Piper Sandler reiterated its Overweight rating on the stock and increased its price target to $48. Piper Sandler highlighted Pinterest’s partnership with Google and Q1 guidance in which the company expects 250-500 basis points of sequential acceleration.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Pinterest, Inc. (NYSE:PINS) in its Q3 2023 investor letter:

“Slightly better were the results of Pinterest, Inc. (NYSE:PINS), an image-based social media company. The second quarter included a slight revenue acceleration and profit margin improvement. Forward guidance calls for further revenue expansion amid signs of recovery in the advertising market. Management’s comments on the Amazon advertising partnership were also encouraging. While Pinterest slid by -1%, that exceeded the index sector average return of -9%.