Blue Sky Asset Management LLC bought a new position in Pandora Media, Inc. (NYSE:P) during the second quarter, Holdings Channel reports. The institutional investor bought 64,800 shares of the Internet radio service’s stock, valued at approximately $578,000.

Several other hedge funds also recently modified their holdings of the company. Global X Management Co. LLC increased its stake in shares of Pandora Media by 42.5% in the second quarter. Global X Management Co. LLC now owns 257,437 shares of the Internet radio service’s stock worth $2,296,000 after buying an additional 76,779 shares during the period. IPG Investment Advisors LLC increased its stake in shares of Pandora Media by 84.4% in the second quarter. IPG Investment Advisors LLC now owns 88,620 shares of the Internet radio service’s stock worth $790,000 after buying an additional 40,570 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Pandora Media by 47.2% in the second quarter. Daiwa Securities Group Inc. now owns 564,728 shares of the Internet radio service’s stock worth $5,037,000 after buying an additional 181,173 shares during the period. Public Employees Retirement Association of Colorado increased its stake in shares of Pandora Media by 0.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 49,301 shares of the Internet radio service’s stock worth $440,000 after buying an additional 125 shares during the period. Finally, Locust Wood Capital Advisers LLC bought a new stake in shares of Pandora Media during the second quarter worth about $12,574,000.

Pandora Media, Inc. (NYSE:P) opened at 8.65 on Wednesday. The firm’s 50-day moving average price is $8.70 and its 200 day moving average price is $10.70. Pandora Media, Inc. has a 52-week low of $6.76 and a 52-week high of $14.98. The firm’s market cap is $2.10 billion.

Pandora Media (NYSE:P) last released its earnings results on Monday, July 31st. The Internet radio service reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.08. Pandora Media had a negative return on equity of 58.81% and a negative net margin of 39.90%. The company had revenue of $376.83 million for the quarter, compared to the consensus estimate of $367.51 million. During the same quarter last year, the business posted ($0.12) EPS. Pandora Media’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts forecast that Pandora Media, Inc. will post ($0.50) EPS for the current year.

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A number of analysts have issued reports on the company. BidaskClub downgraded Pandora Media from a “hold” rating to a “sell” rating in a research note on Saturday. MKM Partners reaffirmed a “neutral” rating and issued a $10.00 target price on shares of Pandora Media in a research note on Wednesday, August 2nd. Barrington Research reaffirmed a “market perform” rating on shares of Pandora Media in a research note on Wednesday, August 2nd. Credit Suisse Group reaffirmed a “neutral” rating and issued a $8.95 target price (up from $8.55) on shares of Pandora Media in a research note on Tuesday, August 1st. Finally, Bank of America Corporation reaffirmed an “underperform” rating and issued a $7.50 target price (down from $9.00) on shares of Pandora Media in a research note on Tuesday, August 1st. Three investment analysts have 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 company. The company has a consensus rating of “Hold” and a consensus price target of $12.07.

In other news, insider Christopher Douglas Martin sold 11,648 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $9.46, for a total transaction of $110,190.08. Following the sale, the insider now directly owns 269,569 shares in the company, valued at approximately $2,550,122.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David Gerbitz sold 8,103 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $9.38, for a total value of $76,006.14. Following the sale, the executive vice president now owns 255,943 shares in the company, valued at $2,400,745.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,642 shares of company stock worth $381,554. 2.59% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for Pandora Media (NYSE:P)

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