Pandora Media, Inc. (P) Downgraded by J P Morgan Chase & Co
Pandora Media, Inc. (NYSE:P) was downgraded by stock analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a report released on Friday, Marketbeat reports. They presently have a $9.00 price objective on the Internet radio service’s stock. J P Morgan Chase & Co’s price target would suggest a potential upside of 61.00% from the stock’s current price.
Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Pandora Media from a “hold” rating to a “sell” rating in a report on Thursday, October 5th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Pandora Media in a report on Thursday, July 6th. Piper Jaffray Companies set a $13.00 target price on shares of Pandora Media and gave the stock a “buy” rating in a research note on Friday, October 6th. KeyCorp reaffirmed a “hold” rating on shares of Pandora Media in a research note on Thursday, September 7th. Finally, ValuEngine downgraded shares of Pandora Media from a “sell” rating to a “strong sell” rating in a research note on Friday, September 22nd. Three research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $11.24.
Shares of Pandora Media (P) traded down $1.82 during trading hours on Friday, hitting $5.59. 73,680,805 shares of the company traded hands, compared to its average volume of 5,954,956. The company has a debt-to-equity ratio of 1.65, a current ratio of 3.02 and a quick ratio of 3.02. Pandora Media has a fifty-two week low of $5.35 and a fifty-two week high of $14.10.
Pandora Media (NYSE:P) last issued its quarterly earnings results on Thursday, November 2nd. The Internet radio service reported ($0.06) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.02. Pandora Media had a negative net margin of 39.49% and a negative return on equity of 63.80%. The business had revenue of $378.60 million during the quarter, compared to the consensus estimate of $380.54 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. research analysts expect that Pandora Media will post -1.04 earnings per share for the current year.
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In related news, CRO John Trimble sold 10,547 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $8.42, for a total transaction of $88,805.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP David Gerbitz sold 30,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $8.34, for a total value of $250,200.00. Following the sale, the executive vice president now directly owns 335,607 shares in the company, valued at $2,798,962.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,366 shares of company stock worth $564,822. Insiders own 2.59% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Pandora Media by 4.8% during the second quarter. Vanguard Group Inc. now owns 18,059,537 shares of the Internet radio service’s stock valued at $161,092,000 after buying an additional 829,682 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Pandora Media by 51.9% during the second quarter. First Trust Advisors LP now owns 7,183,485 shares of the Internet radio service’s stock valued at $64,077,000 after buying an additional 2,454,296 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in Pandora Media by 0.7% in the second quarter. Ontario Teachers Pension Plan Board now owns 7,046,899 shares of the Internet radio service’s stock valued at $62,858,000 after acquiring an additional 46,899 shares during the period. Marshall Wace North America L.P. lifted its holdings in Pandora Media by 789.9% in the second quarter. Marshall Wace North America L.P. now owns 3,084,210 shares of the Internet radio service’s stock valued at $27,758,000 after acquiring an additional 2,737,635 shares during the period. Finally, State Street Corp lifted its holdings in Pandora Media by 2.0% in the second quarter. State Street Corp now owns 3,009,871 shares of the Internet radio service’s stock valued at $26,850,000 after acquiring an additional 59,948 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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