B. Riley Downgrades Pandora Media, Inc. (P) to Neutral
Pandora Media, Inc. (NYSE:P) was downgraded by stock analysts at B. Riley from a “buy” rating to a “neutral” rating in a research report issued on Friday. They presently have a $8.00 price target on the Internet radio service’s stock, down from their prior price target of $11.00. B. Riley’s price objective would suggest a potential upside of 7.96% from the stock’s current price.
Several other research firms have also recently issued reports on P. SunTrust Banks, Inc. cut Pandora Media from a “buy” rating to a “hold” rating in a report on Friday. Stifel Nicolaus cut Pandora Media from a “buy” rating to a “hold” rating and dropped their price target for the company from $12.00 to $8.00 in a report on Friday. FBR & Co reaffirmed a “buy” rating and issued a $11.00 price target on shares of Pandora Media in a report on Tuesday. Zacks Investment Research raised Pandora Media from a “sell” rating to a “hold” rating in a report on Friday. Finally, Wedbush set a $15.00 price target on Pandora Media and gave the company a “buy” rating in a report on Monday. Three equities research analysts have rated the stock with a sell rating, twenty-four have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $11.45.
Pandora Media (NYSE:P) last announced its earnings results on Thursday, November 2nd. The Internet radio service reported ($0.06) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.02. Pandora Media had a negative return on equity of 58.81% and a negative net margin of 39.90%. The firm had revenue of $378.60 million for the quarter, compared to analysts’ expectations of $380.54 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The firm’s quarterly revenue was up 7.6% compared to the same quarter last year.
In related news, CRO John Trimble sold 10,547 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $8.42, for a total value of $88,805.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Gerbitz sold 30,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $8.34, for a total transaction of $250,200.00. Following the completion of the transaction, the executive vice president now directly owns 335,607 shares of the company’s stock, valued at approximately $2,798,962.38. The disclosure for this sale can be found here. Insiders have sold 67,366 shares of company stock valued at $564,822 in the last ninety days. 2.59% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Quinn Opportunity Partners LLC raised its position in Pandora Media by 17.9% in the second quarter. Quinn Opportunity Partners LLC now owns 559,262 shares of the Internet radio service’s stock worth $4,989,000 after purchasing an additional 85,000 shares in the last quarter. Vanguard Group Inc. raised its position in Pandora Media by 4.8% in the second quarter. Vanguard Group Inc. now owns 18,059,537 shares of the Internet radio service’s stock worth $161,092,000 after purchasing an additional 829,682 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Pandora Media in the second quarter worth about $10,047,000. SG Americas Securities LLC acquired a new position in Pandora Media in the second quarter worth about $3,141,000. Finally, Principal Financial Group Inc. acquired a new position in Pandora Media in the first quarter worth about $446,000.
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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