FBR & Co Upgrades Pandora Media, Inc. (P) to “Outperform”
Pandora Media, Inc. (NYSE:P) was upgraded by research analysts at FBR & Co from a “market perform” rating to an “outperform” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has a $11.00 price target on the Internet radio service’s stock, down from their prior price target of $14.00. FBR & Co’s price target points to a potential upside of 39.77% from the stock’s previous close.
A number of other research analysts have also weighed in on the company. Piper Jaffray Companies set a $18.00 price objective on Pandora Media and gave the stock a “buy” rating in a report on Saturday. Macquarie reaffirmed a “hold” rating and set a $11.00 price objective on shares of Pandora Media in a report on Tuesday, June 6th. MKM Partners reissued a “neutral” rating and issued a $10.00 target price (down previously from $12.00) on shares of Pandora Media in a report on Tuesday, May 23rd. Aegis reissued a “buy” rating and issued a $15.00 target price on shares of Pandora Media in a report on Friday, May 19th. Finally, SunTrust Banks, Inc. reissued a “buy” rating and issued a $10.50 target price (down previously from $16.00) on shares of Pandora Media in a report on Friday, May 19th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $13.36.
Pandora Media (P) traded down 7.63% during trading on Monday, hitting $7.87. The stock had a trading volume of 31,016,370 shares. Pandora Media has a 12-month low of $7.81 and a 12-month high of $14.98. The company’s market capitalization is $1.89 billion. The stock has a 50 day moving average price of $9.75 and a 200 day moving average price of $11.76.
Pandora Media (NYSE:P) last announced its quarterly earnings data on Monday, May 8th. The Internet radio service reported ($0.37) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.50) by $0.13. Pandora Media had a negative return on equity of 45.15% and a negative net margin of 25.66%. The firm had revenue of $316 million for the quarter, compared to analyst estimates of $318.15 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Pandora Media’s quarterly revenue was up 6.3% on a year-over-year basis. Equities research analysts forecast that Pandora Media will post ($0.51) earnings per share for the current year.
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In other news, insider Christopher Douglas Martin sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $9.18, for a total value of $27,540.00. Following the transaction, the insider now directly owns 257,921 shares in the company, valued at approximately $2,367,714.78. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Michael S. Herring sold 11,730 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $9.38, for a total value of $110,027.40. Following the completion of the transaction, the president now owns 548,230 shares in the company, valued at $5,142,397.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,384 shares of company stock worth $735,303. Company insiders own 6.64% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. AlphaOne Investment Services LLC bought a new stake in Pandora Media during the fourth quarter worth about $958,000. Oribel Capital Management LP bought a new stake in Pandora Media during the fourth quarter worth about $1,110,000. Pacad Investment Ltd. bought a new stake in Pandora Media during the fourth quarter worth about $451,000. Manikay Partners LLC bought a new stake in Pandora Media during the fourth quarter worth about $6,520,000. Finally, Asset Management One Co. Ltd. raised its stake in Pandora Media by 224.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 30,758 shares of the Internet radio service’s stock worth $401,000 after buying an additional 21,283 shares during the period.
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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