Pandora Media Inc. (P) Trading Down 2.9% on Analyst Downgrade
Pandora Media Inc. (NYSE:P) shares were down 2.9% on Monday after Credit Suisse Group AG lowered their price target on the stock from $16.00 to $14.00. Credit Suisse Group AG currently has a neutral rating on the stock. Pandora Media traded as low as $12.25 and last traded at $12.46, with a volume of 7,769,544 shares changing hands. The stock had previously closed at $12.83.
Several other research firms have also recently weighed in on P. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price target on shares of Pandora Media in a report on Friday, July 15th. Mizuho restated a “neutral” rating and set a $11.00 target price on shares of Pandora Media in a research report on Thursday, August 4th. Vetr lowered shares of Pandora Media from a “strong-buy” rating to a “buy” rating and set a $14.89 target price on the stock. in a research report on Monday, August 22nd. Needham & Company LLC restated a “buy” rating and set a $16.00 target price on shares of Pandora Media in a research report on Thursday, September 15th. Finally, Macquarie increased their target price on shares of Pandora Media from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 19th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $15.81.
In other news, insider Christopher Douglas Martin sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $13.60, for a total value of $27,200.00. Following the sale, the insider now owns 344,470 shares of the company’s stock, valued at $4,684,792. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Christopher W. Phillips sold 12,274 shares of the business’s 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 completion of the sale, the insider now directly owns 288,878 shares in the company, 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 company insiders.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/17/pandora-media-inc-p-trading-down-2-9-on-analyst-downgrade.html
Several hedge funds have recently bought and sold shares of P. Jackson Square Partners LLC raised its stake in Pandora Media by 83.2% in the first quarter. Jackson Square Partners LLC now owns 11,291,361 shares of the Internet radio service’s stock valued at $101,057,000 after buying an additional 5,127,147 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Pandora Media during the second quarter valued at about $27,108,000. Tiger Management L.L.C. acquired a new stake in Pandora Media during the second quarter valued at about $18,191,000. Point72 Asset Management L.P. acquired a new stake in Pandora Media during the second quarter valued at about $17,226,000. Finally, Cornerstone Capital Management LLC raised its stake in Pandora Media by 17.5% in the second quarter. Cornerstone Capital Management LLC now owns 5,051,243 shares of the Internet radio service’s stock valued at $62,888,000 after buying an additional 753,567 shares during the period.
The stock’s 50 day moving average is $14.02 and its 200-day moving average is $12.04. The firm’s market cap is $2.88 billion.
Pandora Media (NYSE:P) last issued its quarterly earnings results on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. The company earned $343 million during the quarter, compared to analyst estimates 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, equities research analysts expect that Pandora Media Inc. will post ($0.39) EPS for the current year.
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.
Receive News & Ratings for Pandora Media Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pandora Media Inc. and related companies with MarketBeat.com's FREE daily email newsletter.