Pandora Media Inc. (P) PT Raised to $18.00 at Canaccord Genuity
Pandora Media Inc. (NYSE:P) had its price target lifted by Canaccord Genuity from $14.00 to $18.00 in a report issued on Wednesday. Canaccord Genuity currently has a buy rating on the Internet radio service’s stock.
A number of other research analysts also recently issued reports on P. MKM Partners restated a hold rating and set a $11.50 price target on shares of Pandora Media in a report on Saturday, July 9th. B. Riley restated a buy rating and set a $15.00 price target on shares of Pandora Media in a report on Thursday, June 23rd. Vetr upgraded Pandora Media from a sell rating to a buy rating and set a $12.64 price target on the stock in a report on Wednesday, June 1st. Northland Securities restated a buy rating on shares of Pandora Media in a report on Wednesday, May 18th. Finally, Pacific Crest restated a sell rating on shares of Pandora Media in a report on Monday, September 12th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $16.08.
Shares of Pandora Media (NYSE:P) opened at 13.49 on Wednesday. The company’s 50 day moving average price is $13.74 and its 200-day moving average price is $11.56. The stock’s market capitalization is $3.12 billion. Pandora Media has a 12 month low of $7.10 and a 12 month high of $22.20.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) 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 company had revenue of $343 million for the quarter, compared to the consensus estimate of $351.48 million. Equities analysts predict that Pandora Media will post ($0.39) earnings per share for the current year.
In related news, insider Christopher Douglas Martin sold 2,000 shares of the company’s stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $13.21, for a total value of $26,420.00. Following the completion of the transaction, the insider now owns 342,896 shares of the company’s stock, valued at approximately $4,529,656.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher W. Phillips sold 12,274 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 288,878 shares of the company’s stock, valued at approximately $3,509,867.70. The disclosure for this sale can be found here. 6.64% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC increased its position in Pandora Media by 8.6% in the first quarter. LPL Financial LLC now owns 146,558 shares of the Internet radio service’s stock valued at $1,316,000 after buying an additional 11,630 shares during the period. Sterling Ridge Capital Management LP bought a new position in Pandora Media during the first quarter valued at approximately $419,000. Natixis bought a new position in Pandora Media during the first quarter valued at approximately $159,000. Legal & General Group Plc increased its position in 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 valued at $129,000 after buying an additional 4,534 shares during the period. Finally, Bayesian Capital Management LP bought a new position in Pandora Media during the first quarter valued at approximately $172,000.
Pandora Media Company Profile
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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