Pandora Media Inc. (P) Earns “Outperform” Rating from Wedbush
Pandora Media Inc. (NYSE:P)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a report released on Wednesday. They presently have a $15.00 price target on the Internet radio service’s stock. Wedbush’s target price indicates a potential upside of 20.00% from the company’s current price.
A number of other research firms have also commented on P. B. Riley reissued a “buy” rating and issued a $15.00 price objective on shares of Pandora Media in a research note on Thursday, June 23rd. Morgan Stanley raised Pandora Media from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $11.00 to $15.00 in a research note on Monday, June 27th. Vetr raised Pandora Media from a “sell” rating to a “strong-buy” rating and set a $13.64 price target on the stock in a research note on Monday, June 27th. Macquarie reaffirmed an “outperform” rating and set a $15.00 price target on shares of Pandora Media in a research note on Thursday, July 7th. Finally, Albert Fried & Company reaffirmed a “buy” rating on shares of Pandora Media in a research note on Friday, July 8th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $15.80.
Shares of Pandora Media (NYSE:P) traded up 2.48% during trading on Wednesday, reaching $12.81. The company had a trading volume of 6,919,740 shares. Pandora Media has a 52-week low of $7.10 and a 52-week high of $19.59. The company has a 50 day moving average of $13.91 and a 200-day moving average of $12.12. The firm’s market capitalization is $2.96 billion.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. Pandora Media had a negative return on equity of 25.53% and a negative net margin of 23.04%. The firm had revenue of $343 million for the quarter, compared to analysts’ expectations of $351.48 million. Equities analysts expect that Pandora Media will post ($0.39) earnings per share for the current year.
In other Pandora Media news, insider Christopher W. Phillips sold 12,274 shares of Pandora Media stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $12.15, for a total transaction of $149,129.10. Following the transaction, the insider now directly owns 288,878 shares of the company’s stock, valued at approximately $3,509,867.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher Douglas Martin sold 2,000 shares of Pandora Media 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 in the company, valued at $4,684,792. The disclosure for this sale can be found here. Corporate insiders own 6.64% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Nomura Holdings Inc. bought a new position in shares of Pandora Media during the second quarter valued at approximately $169,000. Public Employees Retirement System of Ohio increased its position in shares of Pandora Media by 6.6% in the second quarter. Public Employees Retirement System of Ohio now owns 45,961 shares of the Internet radio service’s stock valued at $572,000 after buying an additional 2,860 shares during the last quarter. Freshford Capital Management LLC bought a new position in shares of Pandora Media during the second quarter valued at approximately $6,163,000. Amalgamated Bank increased its position in shares of Pandora Media by 35.7% in the second quarter. Amalgamated Bank now owns 33,936 shares of the Internet radio service’s stock valued at $452,000 after buying an additional 8,933 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Pandora Media by 4.5% in the second quarter. Legal & General Group Plc now owns 15,023 shares of the Internet radio service’s stock valued at $187,000 after buying an additional 650 shares during the last quarter.
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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