Pandora Media Inc. (P) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “Pandora Media, Inc. operates as a provider of Internet radio in the United States. It provides services to traditional computers, smartphones, such as Android phones, Blackberry phones and the iPhone. When a listener enters a single song, artist, composer or genre to start a station, its mathematical algorithms combine the genes cataloged with individual and collective feedback to suggest songs and build personalized playlists. The Company also offers advertising solutions addressing advertising markets: online display, rich media and video, mobile and broadcast radio. Pandora Media, Inc., formerly known as Savage Beast Technologies Incorporated, is based in Oakland, California. “
P has been the subject of several other research reports. Needham & Company LLC restated a buy rating and set a $16.00 price target on shares of Pandora Media in a research note on Monday, September 26th. Macquarie restated an outperform rating and set a $17.00 price target (up previously from $16.00) on shares of Pandora Media in a research note on Monday, August 29th. MKM Partners upped their price target on Pandora Media from $23.00 to $25.00 and gave the stock a buy rating in a research note on Thursday, August 25th. FBR & Co restated an outperform rating and set a $16.00 price target on shares of Pandora Media in a research note on Tuesday, August 23rd. Finally, Axiom Securities restated a buy rating on shares of Pandora Media in a research note on Monday, September 19th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $15.91.
Shares of Pandora Media (NYSE:P) traded down 2.587% on Tuesday, reaching $13.365. The company’s stock had a trading volume of 1,994,603 shares. Pandora Media has a 1-year low of $7.10 and a 1-year high of $20.55. The company has a 50 day moving average of $14.10 and a 200 day moving average of $12.00. The stock’s market capitalization is $3.09 billion.
Pandora Media (NYSE:P) last issued its quarterly earnings data on Thursday, July 21st. The Internet radio service reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.04. Pandora Media had a negative return on equity of 25.53% and a negative net margin of 23.04%. The company earned $343 million during the quarter, compared to analysts’ expectations of $351.48 million. Equities research analysts expect that Pandora Media will post ($0.39) earnings per share for the current fiscal year.
In other Pandora Media news, insider Christopher Douglas Martin sold 2,000 shares of Pandora Media stock in a transaction on Monday, August 1st. The stock was sold at an average price of $13.60, for a total transaction of $27,200.00. Following the sale, the insider now owns 344,470 shares of the company’s stock, valued at approximately $4,684,792. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher W. Phillips sold 12,274 shares of Pandora Media stock in a transaction on Monday, July 25th. The shares were sold at an average price of $12.15, for a total value of $149,129.10. Following the sale, the insider now directly owns 288,878 shares in the company, valued at approximately $3,509,867.70. The disclosure for this sale can be found here. 6.64% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Gruss & Co. Inc. acquired a new stake in shares of Pandora Media during the second quarter valued at $125,000. Osterweis Capital Management Inc. acquired a new stake in shares of Pandora Media during the second quarter valued at $125,000. Passport Capital LLC acquired a new stake in shares of Pandora Media during the second quarter valued at $127,000. Legal & General Group Plc increased its stake in shares of Pandora Media by 46.1% in the first quarter. Legal & General Group Plc now owns 14,373 shares of the Internet radio service’s stock valued at $129,000 after buying an additional 4,534 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Pandora Media during the second quarter valued at $144,000.
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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