Pandora Media Inc. (P) Rating Lowered to Sell at Zacks Investment Research
Pandora Media Inc. (NYSE:P) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “
A number of other research analysts have also issued reports on P. Vetr lowered shares of Pandora Media from a “strong-buy” rating to a “buy” rating and set a $12.97 target price on the stock. in a research report on Monday, June 13th. Albert Fried & Company restated a “buy” rating on shares of Pandora Media in a research report on Monday, June 13th. Scotiabank upgraded shares of Pandora Media from an “underperform” rating to a “sector perform” rating in a research report on Tuesday, June 14th. Canaccord Genuity restated a “buy” rating and set a $14.00 target price on shares of Pandora Media in a research report on Tuesday, June 14th. Finally, Axiom Securities restated a “buy” rating and set a $16.00 target price on shares of Pandora Media in a research report on Wednesday, June 15th. Two 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 issued a strong buy rating to the company. The stock currently has an average 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 has a 50 day moving average of $14.10 and a 200-day moving average of $11.98. Pandora Media has a 1-year low of $7.10 and a 1-year high of $20.64. The company’s market cap is $3.26 billion.
Pandora Media (NYSE:P) last announced its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) EPS for the quarter, beating the Zacks’ 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 business had revenue of $343 million for the quarter, compared to analyst estimates of $351.48 million. On average, equities research analysts predict that Pandora Media will post ($0.39) earnings per share for the current year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of Pandora Media stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $13.60, for a total transaction of $27,200.00. Following the completion of the sale, the insider now directly owns 344,470 shares in the company, valued at $4,684,792. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher W. Phillips sold 12,274 shares of Pandora Media stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $12.15, for a total transaction of $149,129.10. Following the sale, the insider now owns 288,878 shares of the company’s stock, valued at $3,509,867.70. The disclosure for this sale can be found here. Corporate insiders own 6.64% of the company’s stock.
Large investors have recently made changes to their positions in the stock. BlackRock Institutional Trust Company N.A. raised its stake in shares of Pandora Media by 2.2% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,032,903 shares of the Internet radio service’s stock worth $45,044,000 after buying an additional 110,180 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Pandora Media by 18.9% in the second quarter. UBS Asset Management Americas Inc. now owns 182,998 shares of the Internet radio service’s stock worth $2,279,000 after buying an additional 29,098 shares during the last quarter. Westpac Banking Corp raised its stake in shares of Pandora Media by 13.7% in the second quarter. Westpac Banking Corp now owns 82,760 shares of the Internet radio service’s stock worth $1,030,000 after buying an additional 10,000 shares during the last quarter. LPL Financial LLC raised its stake in shares of Pandora Media by 8.6% in the first quarter. LPL Financial LLC now owns 146,558 shares of the Internet radio service’s stock worth $1,316,000 after buying an additional 11,630 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of Pandora Media by 308.2% in the first quarter. BlackRock Inc. now owns 25,287 shares of the Internet radio service’s stock worth $227,000 after buying an additional 19,093 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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