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Evan Sharp, co-founder of Pinterest, sold $5.1 million worth of shares in the company last week.
Roger Kisby/Getty Images for Pinterest
Pinterest
shares soared to a one-year high earlier in July, and co-founder and director Evan Sharp and other insiders cashed in.
Wall Street has grown upbeat about Pinterest (ticker: PINS), as analysts look for signs that advertising is improving. The percentage of analysts on FactSet with Buy or equivalent ratings is at 45%, up from 39% at the end of May. The stock rallied 45% in the past 12 months, setting a 52-week high of $30.86 last week before paring gains—and not before Sharp made a sale.
On July 18, Sharp, through a family irrevocable trust and a family LLC, sold 166,239 Pinterest shares for $5.1 million at an average price of $30.70 a share, according to a Securities and Exchange Commission filing.
Naveen Gavini, who is leaving as senior vice president of products in October, sold 52,189 shares for $1.59 million, an average price of $30.55 a share.
Director Jeffrey Jordan sold 2,500 shares for $76,750, an average price of $30.70 a share, and director Gokul Rajaram sold 1,934 shares for $58,871, an average price of $30.44. Pinterest didn’t return a request to make the executives available for comment.
Max Magee, senior analyst at data firm Verity, flagged Sharp’s sales to clients because of timing and price. Sharp’s other automatic sales in the past year took place on the 26th or 27th in the first month of the past four quarters, so the recent trade’s timing doesn’t fit the pattern.
“It’s conveying some information that the sale does end up going off at $30,” says Magee. “That’s where he’s willing to part with those shares.” Pinterest reports second-quarter results on Tuesday.
Write to Connor Smith at connor.smith@barrons.com