Pandora Media Inc. (P) Downgraded by Zacks Investment Research to Sell
Pandora Media Inc. (NYSE:P) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Pandora Media, Inc. operates as a provider of Internet radio in the United States. It provides services to traditional computers, smartphones, such as Android phones, Blackberry phones and the iPhone. When a listener enters a single song, artist, composer or genre to start a station, its mathematical algorithms combine the genes cataloged with individual and collective feedback to suggest songs and build personalized playlists. The Company also offers advertising solutions addressing advertising markets: online display, rich media and video, mobile and broadcast radio. Pandora Media, Inc., formerly known as Savage Beast Technologies Incorporated, is based in Oakland, California. “
Several other research firms have also recently weighed in on P. B. Riley reaffirmed a “buy” rating and set a $18.00 target price on shares of Pandora Media in a research note on Wednesday, September 7th. Pacific Crest reaffirmed a “sell” rating on shares of Pandora Media in a research note on Monday, September 12th. Vetr raised shares of Pandora Media from a “buy” rating to a “strong-buy” rating and set a $16.27 target price for the company in a research note on Monday, September 12th. Piper Jaffray Cos. reiterated a “buy” rating on shares of Pandora Media in a research report on Tuesday, September 13th. Finally, Goldman Sachs Group Inc. upgraded shares of Pandora Media from a “buy” rating to a “conviction-buy” rating and increased their price objective for the company from $17.00 to $19.00 in a research report on Tuesday, October 4th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Pandora Media presently has a consensus rating of “Buy” and a consensus target price of $15.91.
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Pandora Media (NYSE:P) opened at 14.09 on Tuesday. The stock’s market cap is $3.26 billion. The company’s 50 day moving average is $14.10 and its 200 day moving average is $11.98. Pandora Media has a 12 month low of $7.10 and a 12 month high of $20.64.
Pandora Media (NYSE:P) last posted its earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. The company earned $343 million during the quarter, compared to analysts’ expectations of $351.48 million. Pandora Media had a negative net margin of 23.04% and a negative return on equity of 25.53%. On average, analysts anticipate 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 business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $12.15, for a total value of $149,129.10. Following the completion of the sale, the insider now owns 288,878 shares of the company’s stock, valued at approximately $3,509,867.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christopher Douglas Martin sold 6,667 shares of the business’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $14.32, for a total transaction of $95,471.44. Following the completion of the sale, the insider now directly owns 347,236 shares of the company’s stock, valued at approximately $4,972,419.52. The disclosure for this sale can be found here. 6.64% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Nomura Holdings Inc. acquired a new stake in Pandora Media during the second quarter worth about $169,000. Public Employees Retirement System of Ohio raised its stake in Pandora Media by 6.6% in the second quarter. Public Employees Retirement System of Ohio now owns 45,961 shares of the Internet radio service’s stock worth $572,000 after buying an additional 2,860 shares during the last quarter. Freshford Capital Management LLC acquired a new stake in Pandora Media during the second quarter worth about $6,163,000. Amalgamated Bank raised its stake in Pandora Media by 35.7% in the second quarter. Amalgamated Bank now owns 33,936 shares of the Internet radio service’s stock worth $452,000 after buying an additional 8,933 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Pandora Media by 4.5% in the second quarter. Legal & General Group Plc now owns 15,023 shares of the Internet radio service’s stock worth $187,000 after buying an additional 650 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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