Parametric Portfolio Associates LLC reduced its position in shares of Pandora Media Inc (NYSE:P) by 54.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,498 shares of the Internet radio service’s stock after selling 100,463 shares during the period. Parametric Portfolio Associates LLC’s holdings in Pandora Media were worth $745,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB bought a new position in shares of Pandora Media during the 2nd quarter worth approximately $14,821,000. California Public Employees Retirement System raised its stake in shares of Pandora Media by 2.2% during the second quarter. California Public Employees Retirement System now owns 468,500 shares of the Internet radio service’s stock valued at $4,179,000 after acquiring an additional 10,200 shares during the last quarter. Vanguard Group Inc. raised its stake 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 acquiring an additional 829,682 shares during the last quarter. Northern Trust Corp raised its stake in shares of Pandora Media by 3.7% during the second quarter. Northern Trust Corp now owns 1,105,624 shares of the Internet radio service’s stock valued at $9,862,000 after acquiring an additional 39,333 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in shares of Pandora Media by 27.7% during the second quarter. UBS Asset Management Americas Inc. now owns 198,757 shares of the Internet radio service’s stock valued at $1,773,000 after acquiring an additional 43,120 shares during the last quarter.
Pandora Media Inc (NYSE:P) traded up $0.07 during mid-day trading on Wednesday, hitting $4.82. 8,371,524 shares of the company were exchanged, compared to its average volume of 9,838,614. Pandora Media Inc has a 52-week low of $4.44 and a 52-week high of $14.10. The company has a debt-to-equity ratio of 1.58, a current ratio of 4.18 and a quick ratio of 4.18.
In related news, General Counsel Stephen G. Bene sold 7,967 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $5.11, for a total transaction of $40,711.37. Following the completion of the transaction, the general counsel now owns 330,865 shares in the company, valued at approximately $1,690,720.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christopher W. Phillips sold 9,988 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $5.11, for a total transaction of $51,038.68. Following the sale, the insider now directly owns 413,884 shares in the company, valued at approximately $2,114,947.24. The disclosure for this sale can be found here. Insiders have sold a total of 37,682 shares of company stock valued at $192,555 in the last quarter. 2.59% of the stock is currently owned by company insiders.
P has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Pandora Media from a “hold” rating to a “sell” rating in a research note on Thursday, October 5th. Stifel Nicolaus set a $12.00 price objective on shares of Pandora Media and gave the stock a “buy” rating in a report on Tuesday, October 31st. Canaccord Genuity restated a “buy” rating and issued a $14.00 price objective on shares of Pandora Media in a report on Monday, October 30th. FBR & Co reiterated a “buy” rating and set a $11.00 price target on shares of Pandora Media in a report on Tuesday, October 31st. Finally, BMO Capital Markets upgraded shares of Pandora Media from a “market perform” rating to an “outperform” rating and cut their price target for the company from $11.00 to $7.00 in a report on Thursday, November 16th. Three research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $10.94.
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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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