Pandora Media Inc. (P) Downgraded by Vetr Inc. to Buy
Vetr lowered shares of Pandora Media Inc. (NYSE:P) from a strong-buy rating to a buy rating in a report released on Monday morning. Vetr currently has $12.52 price objective on the Internet radio service’s stock.
A number of other equities analysts have also recently commented on P. Needham & Company LLC reiterated a buy rating and set a $16.00 price target on shares of Pandora Media in a report on Monday, September 26th. Macquarie reiterated an outperform rating and set a $17.00 price target (up previously from $16.00) on shares of Pandora Media in a report on Monday, August 29th. Zacks Investment Research cut Pandora Media from a hold rating to a sell rating in a report on Tuesday, November 1st. MKM Partners lifted their price target on Pandora Media from $23.00 to $25.00 and gave the stock a buy rating in a report on Thursday, August 25th. Finally, Stifel Nicolaus lifted their price target on Pandora Media from $15.00 to $16.00 and gave the stock a buy rating in a report on Monday, October 24th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Pandora Media has a consensus rating of Hold and a consensus target price of $14.90.
Pandora Media (NYSE:P) traded down 0.45% during mid-day trading on Monday, hitting $11.09. The company had a trading volume of 468,512 shares. The company’s 50 day moving average price is $12.09 and its 200-day moving average price is $12.52. Pandora Media has a one year low of $7.10 and a one year high of $16.23. The company’s market cap is $2.59 billion.
Pandora Media (NYSE:P) last released its quarterly earnings results on Tuesday, October 25th. The Internet radio service reported ($0.07) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. Pandora Media had a negative net margin of 20.50% and a negative return on equity of 30.45%. The firm earned $351.90 million during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business earned $0.10 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities research analysts anticipate that Pandora Media will post ($0.62) EPS for the current fiscal year.
In related news, insider Christopher Douglas Martin sold 6,667 shares of the firm’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $14.32, for a total value of $95,471.44. Following the completion of the transaction, the insider now directly owns 347,236 shares of the company’s stock, valued at approximately $4,972,419.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 6.64% of the company’s stock.
Several hedge funds have recently bought and sold shares of P. Matrix Capital Management Company LP acquired a new position in shares of Pandora Media during the third quarter worth approximately $325,962,000. Vanguard Group Inc. boosted its position in shares of Pandora Media by 3.2% in the second quarter. Vanguard Group Inc. now owns 15,383,890 shares of the Internet radio service’s stock worth $191,529,000 after buying an additional 474,859 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Pandora Media by 2.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 5,406,186 shares of the Internet radio service’s stock worth $77,471,000 after buying an additional 143,748 shares during the last quarter. Cornerstone Capital Management LLC boosted its position in shares of 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 worth $62,888,000 after buying an additional 753,567 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Pandora Media by 3.1% in the second quarter. Alliancebernstein L.P. now owns 4,621,806 shares of the Internet radio service’s stock worth $57,541,000 after buying an additional 137,383 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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