Stifel Nicolaus restated their buy rating on shares of Pandora Media, Inc. (NYSE:P) in a research report sent to investors on Tuesday, August 1st. Stifel Nicolaus currently has a $12.00 target price on the Internet radio service’s stock, down from their prior target price of $14.00.
Several other brokerages also recently commented on P. BMO Capital Markets reaffirmed a hold rating and issued a $13.00 target price on shares of Pandora Media in a research note on Monday, April 17th. Cowen and Company lowered their target price on shares of Pandora Media from $9.00 to $8.00 and set a market perform rating for the company in a research note on Tuesday, May 9th. William Blair reaffirmed an outperform rating on shares of Pandora Media in a research note on Tuesday, May 9th. Pacific Crest reaffirmed an underweight rating and issued a $9.00 target price on shares of Pandora Media in a research note on Tuesday, May 9th. Finally, Wedbush reaffirmed an outperform rating and issued a $15.00 target price on shares of Pandora Media in a research note on Tuesday, May 9th. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $12.07.
Pandora Media (P) traded up 1.13% during trading on Tuesday, reaching $8.08. 8,626,631 shares of the company were exchanged. The firm has a 50-day moving average of $8.93 and a 200-day moving average of $10.48. The firm’s market cap is $1.96 billion. Pandora Media has a 52-week low of $6.76 and a 52-week high of $14.98.
Pandora Media (NYSE:P) last posted its quarterly earnings results on Monday, July 31st. The Internet radio service reported ($0.31) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.39) by $0.08. Pandora Media had a negative net margin of 39.90% and a negative return on equity of 58.81%. The business had revenue of $376.83 million during the quarter, compared to the consensus estimate of $367.51 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. Pandora Media’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities analysts forecast that Pandora Media will post ($0.50) EPS for the current year.
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In related news, President Michael S. Herring sold 11,730 shares of Pandora Media stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $9.38, for a total transaction of $110,027.40. Following the sale, the president now directly owns 548,230 shares in the company, valued at approximately $5,142,397.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Stephen G. Bene sold 6,161 shares of Pandora Media stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $9.38, for a total transaction of $57,790.18. Following the sale, the general counsel now owns 272,060 shares in the company, valued at $2,551,922.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,642 shares of company stock worth $381,554. 2.59% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the company. Falcon Point Capital LLC purchased a new position in Pandora Media during the second quarter valued at about $102,000. Two Sigma Securities LLC purchased a new position in Pandora Media during the first quarter valued at about $136,000. Prudential Financial Inc. purchased a new position in Pandora Media during the second quarter valued at about $109,000. Aperio Group LLC purchased a new position in Pandora Media during the second quarter valued at about $115,000. Finally, Virtu Financial LLC purchased a new position in Pandora Media during the second quarter valued at about $121,000.
About Pandora Media
Pandora Media, Inc (Pandora) is a music discovery platform, offering a personalized experience for each of its listeners wherever and whenever they want to listen to music, whether through earbuds, car speakers or live on stage. The Company delivers targeted messages to its listeners using a combination of audio, display and video advertisements.
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