Here’s Why Pinterest (PINS) Outperformed in Q4
Fred Alger Management, an investment management company, released its “Alger Mid Cap Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities had a robust run in the fourth quarter, with the S&P Index finishing up 11.69%. The fund underperformed the Russell Midcap Growth Index in the quarter. The real estate and materials sector were the leading contributors while Industrials and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Mid Cap Growth Fund 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 20, 2024, Pinterest, Inc. (NYSE:PINS) stock closed at $34.29 per share. One-month return of Pinterest, Inc. (NYSE:PINS) was -4.72%, and its shares gained 24.19% of their value over the last 52 weeks. Pinterest, Inc. (NYSE:PINS) has a market capitalization of $23.282 billion.
Alger Mid Cap Growth Fund stated the following regarding Pinterest, Inc. (NYSE:PINS) in its fourth quarter 2023 investor letter:
"Pinterest, Inc. (NYSE:PINS) is a social media platform that enables users to search and shop products personalized to their taste, find ideas to do offline, and discover inspiring content. The platform has over approximately 460 million global monthly active users, where over 90 million are in the U.S. We believe the company has the potential to benefit from strong product cycles due to enhanced ad stack improvements and platform optimizations. Furthermore, its new partnership with Amazon.com will tap into Amazon's extensive merchant base. During the quarter, shares contributed to performance after the company reported strong fiscal third quarter results, where company revenues and earnings beat analyst estimates. We believe the revenue beat indicates meaningful traction for their ad stack improvements and lower-funnel ad products, leading management to raise their fiscal fourth quarter revenue outlook."
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. 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 the list of stocks Cathie Wood wasbBuying for 2024. 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.
