Needham & Company LLC Reiterates “Buy” Rating for Pandora Media Inc. (P)
Pandora Media Inc. (NYSE:P)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued on Thursday. They currently have a $16.00 price target on the Internet radio service’s stock. Needham & Company LLC’s price target indicates a potential upside of 18.96% from the company’s current price.
A number of other research firms have also recently weighed in on P. Northland Securities reiterated a “buy” rating on shares of Pandora Media in a research report on Wednesday, May 18th. B. Riley upgraded shares of Pandora Media from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $10.00 to $15.00 in a research report on Monday, May 23rd. Vetr cut shares of Pandora Media from a “hold” rating to a “sell” rating and set a $10.74 price objective on the stock. in a research report on Thursday, May 26th. Citigroup Inc. reiterated a “buy” rating and set a $16.00 price objective on shares of Pandora Media in a research report on Wednesday, June 8th. Finally, Axiom Securities upgraded shares of Pandora Media from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Thursday, June 9th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Pandora Media currently has a consensus rating of “Buy” and an average target price of $16.08.
Pandora Media (NYSE:P) opened at 13.45 on Thursday. The company’s market capitalization is $3.11 billion. Pandora Media has a 52 week low of $7.10 and a 52 week high of $22.60. The company has a 50 day moving average of $13.71 and a 200 day moving average of $11.45.
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, topping the consensus estimate of ($0.16) by $0.04. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. The company had revenue of $343 million for the quarter, compared to analysts’ expectations of $351.48 million. On average, equities analysts forecast that Pandora Media will post ($0.39) EPS for the current fiscal year.
In related news, 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 transaction of $149,129.10. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Douglas Martin sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $13.21, for a total value of $26,420.00. Following the sale, the insider now directly owns 342,896 shares of the company’s stock, valued at $4,529,656.16. The disclosure for this sale can be found here. 6.64% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the company. Gruss & Co. Inc. acquired a new stake in shares of Pandora Media during the second quarter worth about $125,000. Osterweis Capital Management Inc. acquired a new stake in shares of Pandora Media during the second quarter worth about $125,000. Passport Capital LLC acquired a new stake in shares of Pandora Media during the second quarter worth about $127,000. Legal & General Group Plc increased its stake in shares of Pandora Media by 46.1% in the first quarter. Legal & General Group Plc now owns 14,373 shares of the Internet radio service’s stock worth $129,000 after buying an additional 4,534 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Pandora Media during the second quarter worth about $144,000.
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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