Wells Fargo & Co reaffirmed their market perform rating on shares of Pandora Media Inc (NYSE:P) in a report issued on Tuesday, May 9th. Wells Fargo & Co currently has a $12.00 target price on the Internet radio service’s stock, down from their previous target price of $13.00.
Several other research firms have also commented on P. B. Riley reissued a buy rating and issued a $15.00 price target on shares of Pandora Media in a research report on Tuesday, May 9th. Instinet reduced their target price on Pandora Media from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Tuesday, May 9th. William Blair reaffirmed an outperform rating on shares of Pandora Media in a research report on Tuesday, May 9th. Pacific Crest reaffirmed an underweight rating and set a $9.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. Finally, Cowen and Company reduced their target price on Pandora Media from $9.00 to $8.00 and set a market perform rating on the stock in a research report on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $13.53.
Pandora Media (NYSE:P) traded up 0.21% during mid-day trading on Tuesday, hitting $9.44. 3,834,926 shares of the stock traded hands. Pandora Media has a 1-year low of $8.92 and a 1-year high of $14.98. The firm’s market capitalization is $2.27 billion. The company has a 50-day moving average of $10.72 and a 200 day moving average of $11.95.
Pandora Media (NYSE:P) last issued its earnings results on Monday, May 8th. The Internet radio service reported ($0.37) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.50) by $0.13. Pandora Media had a negative return on equity of 40.86% and a negative net margin of 24.77%. The business had revenue of $316 million during the quarter, compared to analysts’ expectations of $318.15 million. During the same period in the prior year, the business earned ($0.20) EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, equities research analysts anticipate that Pandora Media will post ($0.53) EPS for the current year.
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In related news, General Counsel Stephen G. Bene sold 6,161 shares of Pandora Media stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $9.38, for a total value of $57,790.18. Following the completion of the transaction, the general counsel now directly owns 272,060 shares in the company, valued at $2,551,922.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Douglas Martin sold 3,000 shares of Pandora Media stock in a transaction on Tuesday, February 28th. The shares were sold at an average price of $13.06, for a total value of $39,180.00. Following the completion of the transaction, the insider now owns 303,311 shares of the company’s stock, valued at $3,961,241.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,384 shares of company stock valued at $746,943. Company insiders own 6.64% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Matrix Capital Management Company LP acquired a new stake in shares of Pandora Media during the third quarter worth about $325,962,000. Omega Advisors Inc. acquired a new stake in shares of Pandora Media during the third quarter worth about $39,019,000. Glenhill Advisors LLC acquired a new stake in shares of Pandora Media during the fourth quarter worth about $27,915,000. Alliancebernstein L.P. increased its stake in shares of Pandora Media by 44.0% in the first quarter. Alliancebernstein L.P. now owns 5,660,574 shares of the Internet radio service’s stock worth $66,851,000 after buying an additional 1,729,354 shares during the period. Finally, York Capital Management Global Advisors LLC acquired a new stake in shares of Pandora Media during the first quarter worth about $20,025,000.
Pandora Media Company Profile
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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