Pandora Media Inc. (P) Trading Up 3.1%
Pandora Media Inc. (NYSE:P)’s share price was up 3.1% during mid-day trading on Friday . The company traded as high as $13.44 and last traded at $13.33, with a volume of 2,205,222 shares traded. The stock had previously closed at $12.93.
Several equities analysts have recently weighed in on P shares. Albert Fried & Company reaffirmed a “buy” rating on shares of Pandora Media in a report on Friday, July 8th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $13.00 target price on shares of Pandora Media in a report on Monday, July 25th. Macquarie reaffirmed an “outperform” rating and set a $15.00 target price on shares of Pandora Media in a report on Thursday, July 7th. MKM Partners lifted their price target on shares of Pandora Media from $11.50 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, August 4th. Finally, Mizuho reissued a “neutral” rating and issued a $11.00 price target on shares of Pandora Media in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $15.12.
The stock has a 50-day moving average of $13.04 and a 200-day moving average of $10.82. The firm’s market capitalization is $3.10 billion.
Pandora Media (NYSE:P) last posted its quarterly earnings data on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.04. The business had revenue of $343 million for the quarter, compared to analysts’ expectations of $351.48 million. On average, equities analysts expect that Pandora Media Inc. will post ($0.39) EPS for the current fiscal year.
In other news, CTO Christopher Douglas Martin sold 24,235 shares of the business’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $11.12, for a total value of $269,493.20. Following the completion of the sale, the chief technology officer now directly owns 357,830 shares in the company, valued at approximately $3,979,069.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Crosslink Capital Inc purchased 250,000 shares of the stock in a transaction dated Thursday, May 26th. The stock was purchased at an average price of $11.33 per share, with a total value of $2,832,500.00. Following the completion of the acquisition, the director now directly owns 725,351 shares in the company, valued at approximately $8,218,226.83. The disclosure for this purchase can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in the stock. Stephens Inc. AR raised its position in Pandora Media by 56.4% in the fourth quarter. Stephens Inc. AR now owns 99,246 shares of the Internet radio service’s stock worth $1,331,000 after buying an additional 35,790 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Pandora Media by 60.7% in the fourth quarter. BNP Paribas Arbitrage SA now owns 266,388 shares of the Internet radio service’s stock worth $3,572,000 after buying an additional 100,621 shares in the last quarter. Finally, BlackRock Advisors LLC raised its position in Pandora Media by 37.6% in the fourth quarter. BlackRock Advisors LLC now owns 1,314,368 shares of the Internet radio service’s stock worth $17,626,000 after buying an additional 359,432 shares in the last quarter.
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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