Aegis Reaffirms “Buy” Rating for Pandora Media, Inc. (P)
Pandora Media, Inc. (NYSE:P)‘s stock had its “buy” rating restated by Aegis in a report issued on Friday. They presently have a $13.00 price objective on the Internet radio service’s stock. Aegis’ price target indicates a potential upside of 42.08% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. B. Riley reiterated a “buy” rating and issued a $15.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. Nomura reduced their target price on shares of Pandora Media from $14.00 to $12.00 and set a “hold” rating for the company in a research report on Tuesday, May 9th. Piper Jaffray Companies set a $18.00 target price on shares of Pandora Media and gave the company a “buy” rating in a research report on Saturday, June 10th. Pacific Crest reiterated an “underweight” rating and issued a $9.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. Finally, Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $7.00 target price (down from $12.00) on shares of Pandora Media in a research report on Sunday, June 18th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.26.
Pandora Media (NYSE:P) traded down 2.350% during trading on Friday, reaching $8.935. 3,395,227 shares of the company traded hands. Pandora Media has a 52 week low of $6.76 and a 52 week high of $14.98. The firm has a 50-day moving average price of $8.63 and a 200-day moving average price of $11.31. The company’s market capitalization is $2.15 billion. Pandora Media also saw unusually large options trading activity on Tuesday. Traders acquired 1,400 put options on the company. This represents an increase of 135% compared to the average daily volume of 596 put options.
Pandora Media (NYSE:P) last issued its earnings results on Monday, May 8th. The Internet radio service reported ($0.37) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.13. The business had revenue of $316 million during the quarter, compared to analysts’ expectations of $318.15 million. Pandora Media had a negative net margin of 25.66% and a negative return on equity of 45.15%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.20) earnings per share. Analysts forecast that Pandora Media will post ($0.51) earnings per share for the current fiscal year.
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In other news, General Counsel Stephen G. Bene sold 6,161 shares of Pandora Media stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $9.38, for a total transaction of $57,790.18. Following the completion of the transaction, the general counsel now owns 272,060 shares of the company’s stock, valued at approximately $2,551,922.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Douglas Martin sold 3,000 shares of Pandora Media stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $9.91, for a total value of $29,730.00. Following the transaction, the insider now directly owns 272,569 shares of the company’s stock, valued at approximately $2,701,158.79. The disclosure for this sale can be found here. Insiders have sold a total of 43,642 shares of company stock worth $411,284 over the last 90 days. Insiders own 6.64% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Perigon Wealth Management increased its position in Pandora Media by 2.2% in the third quarter. Perigon Wealth Management now owns 64,970 shares of the Internet radio service’s stock valued at $1,386,000 after buying an additional 1,402 shares during the period. J. Goldman & Company increased its position in Pandora Media by 18.8% in the third quarter. J. Goldman & Company now owns 950,000 shares of the Internet radio service’s stock valued at $20,273,000 after buying an additional 150,000 shares during the period. Segantii Capital Management Ltd purchased a new position in Pandora Media during the fourth quarter valued at about $2,710,000. Nordea Investment Management AB purchased a new position in Pandora Media during the fourth quarter valued at about $4,616,000. Finally, Kopernik Global Investors LLC increased its position in Pandora Media by 183.7% in the fourth quarter. Kopernik Global Investors LLC now owns 1,676,805 shares of the Internet radio service’s stock valued at $22,486,000 after buying an additional 1,085,844 shares during the period.
Pandora Media Company Profile
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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