Pandora Media Inc. (P) Given New $19.59 Price Target at Morgan Stanley
Pandora Media Inc. (NYSE:P) had its price objective lifted by research analysts at Morgan Stanley from $7.10 to $19.59 in a report issued on Wednesday. The firm currently has an “overweight” rating on the Internet radio service’s stock. Morgan Stanley’s target price suggests a potential upside of 56.72% from the stock’s current price.
Several other research firms also recently issued reports on P. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Pandora Media in a research note on Monday, September 26th. Macquarie reaffirmed an “outperform” rating and issued a $17.00 price objective (up previously from $16.00) on shares of Pandora Media in a research note on Monday, August 29th. MKM Partners upped their price objective on Pandora Media from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 25th. FBR & Co reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Pandora Media in a research note on Tuesday, August 23rd. Finally, Vetr raised Pandora Media from a “buy” rating to a “strong-buy” rating and set a $16.06 price objective for the company in a research note on Thursday, September 29th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $15.80.
Shares of Pandora Media (NYSE:P) opened at 12.50 on Wednesday. The company’s 50 day moving average is $13.91 and its 200-day moving average is $12.12. Pandora Media has a 12 month low of $7.10 and a 12 month high of $19.59. The firm’s market cap is $2.89 billion.
Pandora Media (NYSE:P) last posted its earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.04. The firm earned $343 million during the quarter, compared to analysts’ expectations of $351.48 million. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. Equities research analysts predict that Pandora Media will post ($0.39) EPS for the current year.
In other news, insider Christopher Douglas Martin sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $13.60, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher W. Phillips sold 12,274 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $12.15, for a total value of $149,129.10. Following 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. 6.64% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of P. Jackson Square Partners LLC boosted its position in Pandora Media by 83.2% in the first quarter. Jackson Square Partners LLC now owns 11,291,361 shares of the Internet radio service’s stock valued at $101,057,000 after buying an additional 5,127,147 shares during the period. Emerald Acquisition Ltd. acquired a new position in Pandora Media during the second quarter valued at about $27,108,000. Tiger Management L.L.C. acquired a new position in Pandora Media during the second quarter valued at about $18,191,000. Point72 Asset Management L.P. acquired a new position in Pandora Media during the second quarter valued at about $17,226,000. Finally, Cornerstone Capital Management LLC boosted its position in Pandora Media by 17.5% in the second quarter. Cornerstone Capital Management LLC now owns 5,051,243 shares of the Internet radio service’s stock valued at $62,888,000 after buying an additional 753,567 shares during the period.
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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