Is it Safe to Keep on Holding Your Pinterest (PINS) Stake?

ClearBridge Investments, an investment management firm, published its “Mid Cap Growth Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. During the third quarter, the ClearBridge Mid Cap Growth Strategy outperformed the benchmark Russell Midcap Growth Index. On an absolute basis, the Strategy had gains across seven of the 10 sectors in which it was invested during the quarter (out of 11 sectors total), with the IT and health care sectors the leading contributors. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

ClearBridge Mid Cap Growth Strategy, in its Q3 2021 investor letter, mentioned  Pinterest, Inc. (NYSE: PINS) and discussed its stance on the firm. Pinterest, Inc. is a San Francisco, California-based technology company with a $21.6 billion market capitalization. PINS delivered a -8.86% return since the beginning of the year, while its 12-month returns are down by -51.58%. The stock closed at $33.13 per share on January 04, 2022.

Here is what ClearBridge Mid Cap Growth Strategy has to say about Pinterest, Inc.  in its Q3 2021 investor letter:

“A handful of our rapid growers hit tough earnings comparisons over the summer after experiencing a surge in demand in the second quarter of 2020 as companies moved to remote work and consumers were confined to their homes. For Pinterest, whose social bulletin boards were popular as consumers focused on home renovation and redecorating during the pandemic, recent results have yet to establish a clear base of customers and we are holding our position until the company has a better line of sight into future growth.”

Pixabay/Public Domain

Based on our calculations,  Pinterest, Inc. (NYSE: PINS) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. PINS was in 58 hedge fund portfolios at the end of the third quarter of 2021, compared to 63 funds in the previous quarter.  Pinterest, Inc. (NYSE: PINS) delivered a -33.74% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on PINS in another article. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.