BMO Capital Markets reissued their market perform rating on shares of Pandora Media, Inc. (NYSE:P) in a research report sent to investors on Tuesday morning. BMO Capital Markets currently has a $11.00 price target on the Internet radio service’s stock, down from their previous price target of $12.00.
Several other brokerages also recently issued reports on P. Stifel Nicolaus reissued a buy rating and set a $15.00 price objective on shares of Pandora Media in a research report on Wednesday, April 19th. Cowen and Company decreased their target price on shares of Pandora Media from $9.00 to $8.00 and set a market perform rating for the company in a research report on Tuesday, May 9th. William Blair reaffirmed an outperform rating on shares of Pandora Media in a research report on Tuesday, May 9th. Pacific Crest reaffirmed an underweight rating and issued a $9.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. Finally, Wedbush reaffirmed an outperform rating and issued a $15.00 target price on shares of Pandora Media in a research report on Tuesday, May 9th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and an average target price of $12.07.
Shares of Pandora Media (NYSE:P) traded up 1.31% during midday trading on Tuesday, hitting $8.48. 3,834,777 shares of the company’s stock were exchanged. Pandora Media has a 52 week low of $6.76 and a 52 week high of $14.98. The firm’s market cap is $2.06 billion. The company has a 50-day moving average of $8.70 and a 200-day moving average of $10.70.
Pandora Media (NYSE:P) last issued its quarterly earnings data on Monday, July 31st. The Internet radio service reported ($0.31) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.39) by $0.08. Pandora Media had a negative net margin of 39.90% and a negative return on equity of 58.81%. The company had revenue of $376.83 million during the quarter, compared to the consensus estimate of $367.51 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. The firm’s revenue was up 9.9% compared to the same quarter last year. Equities research analysts expect that Pandora Media will post ($0.52) EPS for the current fiscal year.
In related news, EVP David Gerbitz sold 8,103 shares of Pandora Media stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $9.38, for a total transaction of $76,006.14. Following the sale, the executive vice president now directly owns 255,943 shares of the company’s stock, valued at approximately $2,400,745.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Douglas Martin sold 3,000 shares of Pandora Media stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $9.91, for a total transaction of $29,730.00. Following the sale, the insider now directly owns 272,569 shares in the company, valued at $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 ninety days. 2.59% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Commerzbank Aktiengesellschaft FI raised its position in shares of Pandora Media by 13.7% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 146,807 shares of the Internet radio service’s stock valued at $1,734,000 after buying an additional 17,633 shares during the period. Stoneridge Investment Partners LLC raised its position in shares of Pandora Media by 54.1% in the first quarter. Stoneridge Investment Partners LLC now owns 89,225 shares of the Internet radio service’s stock valued at $1,054,000 after buying an additional 31,339 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Pandora Media by 50.4% in the first quarter. Daiwa Securities Group Inc. now owns 383,555 shares of the Internet radio service’s stock valued at $4,529,000 after buying an additional 128,604 shares during the period. Usca Ria LLC purchased a new position in shares of Pandora Media during the first quarter valued at $393,000. Finally, Profund Advisors LLC raised its position in shares of Pandora Media by 27.3% in the first quarter. Profund Advisors LLC now owns 99,201 shares of the Internet radio service’s stock valued at $1,172,000 after buying an additional 21,256 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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