Should You Hold Pinterest (PINS)?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Pinterest, Inc. (NYSE:PINS) in the third quarter 2023 investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) operates a visual discovery engine. On December 15, 2023, Pinterest, Inc. (NYSE:PINS) stock closed at $37.37 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was 18.67%, and its shares gained 50.69% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $25.201 billion.

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%.”

A young, stylish woman using her smartphone to find inspiration for her latest DIY project.

Pinterest, Inc. (NYSE:PINS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Pinterest, Inc. (NYSE:PINS) at the end of third quarter which was 62 in the previous quarter.

We discussed Pinterest, Inc. (NYSE:PINS) in another article and shared billionaire Paul Singer’s recent activist targets and top 5 stock picks. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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