Piper Jaffray Companies Analysts Give Pandora Media, Inc. (P) a $13.00 Price Target
Piper Jaffray Companies set a $13.00 target price on Pandora Media, Inc. (NYSE:P) in a research report released on Friday morning. The brokerage currently has a buy rating on the Internet radio service’s stock.
Other research analysts have also recently issued research reports about the stock. FBR & Co raised shares of Pandora Media from a market perform rating to an outperform rating and cut their price objective for the company from $14.00 to $11.00 in a report on Monday, June 12th. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and issued a $13.00 price objective (down previously from $16.00) on shares of Pandora Media in a report on Monday, June 12th. Zacks Investment Research cut shares of Pandora Media from a hold rating to a sell rating in a report on Thursday, October 5th. Aegis cut their price objective on shares of Pandora Media from $15.00 to $13.00 and set a buy rating for the company in a report on Wednesday, June 21st. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $16.00 price objective on shares of Pandora Media in a report on Monday, June 12th. Four research analysts have rated the stock with a sell rating, twenty have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $11.76.
Shares of Pandora Media (NYSE:P) opened at 8.19 on Friday. The stock’s 50 day moving average is $8.18 and its 200-day moving average is $9.17. Pandora Media has a 12 month low of $6.76 and a 12 month high of $14.10. The company’s market cap is $1.99 billion.
Pandora Media (NYSE:P) last issued its earnings results on Monday, July 31st. The Internet radio service reported ($0.31) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.08. Pandora Media had a negative net margin of 39.90% and a negative return on equity of 58.81%. The firm had revenue of $376.83 million during the quarter, compared to analysts’ expectations of $367.51 million. During the same quarter last year, the company posted ($0.12) earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. On average, equities analysts forecast that Pandora Media will post ($0.50) EPS for the current year.
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In other Pandora Media news, General Counsel Stephen G. Bene sold 6,538 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $8.42, for a total transaction of $55,049.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO John Trimble sold 10,547 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $8.42, for a total transaction of $88,805.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,366 shares of company stock worth $564,822. 2.59% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio grew its holdings in Pandora Media by 24.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 69,741 shares of the Internet radio service’s stock worth $622,000 after acquiring an additional 13,742 shares in the last quarter. Highlander Capital Management LLC grew its holdings in Pandora Media by 100.0% during the 2nd quarter. Highlander Capital Management LLC now owns 26,000 shares of the Internet radio service’s stock worth $228,000 after acquiring an additional 13,000 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Pandora Media by 68.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 42,270 shares of the Internet radio service’s stock worth $377,000 after acquiring an additional 17,231 shares in the last quarter. PineView Asset Management LP grew its holdings in Pandora Media by 24.5% during the 2nd quarter. PineView Asset Management LP now owns 1,324,024 shares of the Internet radio service’s stock worth $11,810,000 after acquiring an additional 260,495 shares in the last quarter. Finally, Alpine Global Management LLC acquired a new position in Pandora Media during the 2nd quarter worth approximately $892,000.
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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