Here’s Why Pinterest (PINS) Jumped 37% in Q4
TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was - 14.55%. 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 featured stocks like Pinterest, Inc. (NYSE:PINS) in the fourth quarter 2023 investor letter. Headquartered in San Francisco, California, Pinterest, Inc. (NYSE:PINS) operates a visual discovery engine. On March 27, 2024, Pinterest, Inc. (NYSE:PINS) stock closed at $34.88 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was -3.43%, and its shares gained 31.62% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $23.683 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Pinterest, Inc. (NYSE:PINS) in its fourth quarter 2023 investor letter:
"For the Communication Services sector, we generally prefer to invest in media and services companies that are either well placed from an advertising perspective with a target audience or provide differentiated services. Pinterest, Inc. (NYSE:PINS), an image-based social media company, jumped 37%. The company reported a strong third quarter with an increase in monthly active users. Revenue growth accelerated and profitability was meaningfully better. Their mobile deep linking advertising product is generating positive results, with participant advertisers seeing a substantial improvement in the sales conversion rate."
Photo by Souvik Banerjee on Unsplash
Pinterest, Inc. (NYSE:PINS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Pinterest, Inc. (NYSE:PINS) was held by 66 hedge fund portfolios, compared to 63 in the previous quarter, according to our database.
We discussed Pinterest, Inc. (NYSE:PINS) in another article and shared Alger Mid Cap Growth Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 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.
