Pandora Media Inc. (P) Upgraded to Conviction-Buy by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Pandora Media Inc. (NYSE:P) from a buy rating to a conviction-buy rating in a report released on Tuesday morning. They currently have $19.00 target price on the Internet radio service’s stock, up from their previous target price of $17.00.
A number of other equities research analysts also recently weighed in on the stock. B. Riley restated a buy rating and issued a $18.00 price target on shares of Pandora Media in a research note on Sunday. Vetr upgraded shares of Pandora Media from a buy rating to a strong-buy rating and set a $16.06 price target on the stock in a research note on Thursday, September 29th. JPMorgan Chase & Co. restated a buy rating and issued a $19.00 price target on shares of Pandora Media in a research note on Tuesday, September 27th. Needham & Company LLC restated a buy rating and issued a $16.00 price target on shares of Pandora Media in a research note on Monday, September 26th. Finally, Wells Fargo & Co. restated a hold rating on shares of Pandora Media in a research note on Wednesday, September 21st. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Pandora Media has an average rating of Buy and an average target price of $15.91.
Shares of Pandora Media (NYSE:P) traded up 0.07% on Tuesday, reaching $14.68. 430,626 shares of the company were exchanged. The company’s market cap is $3.39 billion. Pandora Media has a 12 month low of $7.10 and a 12 month high of $21.37. The company’s 50-day moving average price is $13.95 and its 200 day moving average price is $11.86.
Pandora Media (NYSE:P) last announced its quarterly earnings data on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. The firm had revenue of $343 million for the quarter, compared to the consensus estimate of $351.48 million. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. On average, equities research analysts expect that Pandora Media will post ($0.39) EPS for the current year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $13.60, for a total value of $27,200.00. Following the transaction, the insider now directly owns 344,470 shares of the company’s stock, valued at $4,684,792. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher W. Phillips sold 12,274 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $12.15, for a total value of $149,129.10. Following the completion of the transaction, the insider now directly owns 288,878 shares in the company, valued at $3,509,867.70. The disclosure for this sale can be found here. Corporate insiders own 6.64% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC purchased a new position in shares of Pandora Media during the first quarter valued at about $600,000. Seven Eight Capital LLC bought a new position in Pandora Media during the first quarter worth $272,000. LPL Financial LLC boosted its position in Pandora Media by 8.6% in the first quarter. LPL Financial LLC now owns 146,558 shares of the Internet radio service’s stock worth $1,316,000 after buying an additional 11,630 shares during the last quarter. Sterling Ridge Capital Management LP bought a new position in Pandora Media during the first quarter worth $419,000. Finally, Natixis bought a new position in Pandora Media during the first quarter worth $159,000.
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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