Pandora Media, Inc. (P) Receives “Buy” Rating from Citigroup Inc.
Pandora Media, Inc. (NYSE:P)‘s stock had its “buy” rating reaffirmed by Citigroup Inc. in a research report issued on Saturday. They presently have a $16.00 price objective on the Internet radio service’s stock. Citigroup Inc.’s target price points to a potential upside of 25.39% from the company’s previous close.
Several other equities research analysts have also weighed in on the stock. FBR & Co reiterated an “outperform” rating and issued a $16.00 target price on shares of Pandora Media in a report on Friday, September 16th. B. Riley reiterated a “buy” rating and issued a $18.00 target price on shares of Pandora Media in a report on Saturday, September 17th. Axiom Securities reiterated a “buy” rating on shares of Pandora Media in a report on Monday, September 19th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $18.00 target price on shares of Pandora Media in a report on Tuesday, September 20th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Pandora Media in a report on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Pandora Media presently has an average rating of “Hold” and a consensus target price of $14.45.
Pandora Media (NYSE:P) opened at 12.76 on Friday. Pandora Media has a 12-month low of $7.10 and a 12-month high of $14.98. The stock’s 50 day moving average is $12.82 and its 200 day moving average is $12.91. The stock’s market capitalization is $2.98 billion.
Pandora Media (NYSE:P) last announced its quarterly earnings data on Tuesday, October 25th. The Internet radio service reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business earned $351.90 million during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business posted $0.10 earnings per share. Pandora Media’s revenue was up 12.9% compared to the same quarter last year. Analysts forecast that Pandora Media will post ($0.63) EPS for the current year.
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In related news, insider Christopher Douglas Martin sold 2,000 shares of the stock in a transaction on Friday, December 16th. The shares were sold at an average price of $13.02, for a total transaction of $26,040.00. Following the transaction, the insider now directly owns 326,668 shares of the company’s stock, valued at $4,253,217.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 6.64% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in P. Matrix Capital Management Company LP acquired a new position in Pandora Media during the third quarter valued at $325,962,000. Omega Advisors Inc. acquired a new position in Pandora Media during the third quarter valued at $39,019,000. Tiger Management L.L.C. acquired a new position in Pandora Media during the second quarter valued at $18,191,000. Point72 Asset Management L.P. acquired a new position in Pandora Media during the second quarter valued at $17,226,000. Finally, Sumitomo Mitsui Asset Management Company LTD acquired a new position in Pandora Media during the third quarter valued at $18,979,000.
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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